CATL’s 1st-Half Profits Slid 8% as Covid Dented NEV Sales

China's largest new energy vehicle battery maker Contemporary Amperex Technology swallowed an 8-percent decline in its first-half net profits as the Covid-19 pandemic pummeled the macro economy, triggering a decline in NEV sales volume.

CATL reported CNY18.8 billion (USD2.7 billion) in first-half operating revenue in an annual 7.08 percent drop, and realized net profit of CNY1.9 billion, according to the company's half-year earnings report it issued yesterday. The Ningde, Fujian province-based firm did not issue its customary first-half and third-quarter forecasts this year.

China produced 350,000 NEVs and sold 336,000 units domestically in the first six months, down a respective 42 percent and 44 percent on the year. CATL's operating revenue from power battery sales plummeted 21 percent to CNY13.5 billion over the period in consequence. Shipments have increased markedly as the pestilence eases and the macro economy gradually recovers, it added.

The news came as no great surprise. CATL [SHE:300750] closed up 6.73 percent at CNY207.48 (USD29.89) at lunch today on the firm's future prospects and a report yesterday it is mulling embarking on a CNY300 million (USD43.22 million) joint venture to produce magnesium and aluminum alloys.

Sales from the firm's energy storage business surged 136.41 percent on the year to CNY567million (USD82.3 million), and its first energy storage project overseas landed in the US state of California. The coronavirus slashed China's power battery installed capacity by 42 percent annually in the first half to 17.5-gigawatt hours, with CATL's sales from lithium-ion battery material down 46.53 percent on the year at CNY1.2 billion.

With a first-half market share of 24.6 percent worldwide, LG Chemicals ranked first among electric vehicle battery makers, followed by CATL at 23.5 percent, a report from renewable energy market tracker SNE Research shows.

In addition to the supply deals reached with NEV makers as typified by Tesla, CATL plans to invest up to CNY19.1 billion in high-quality listed companies in the upstream and downstream of the industrial chain at home and abroad, it said recently, but with overseas investments totaling no more than USD2.5 billion.

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