Zhongbi Energy's Q1 net revenue was US$58.8 million, up 38.7% year on year, falling short of market expectations; net profit attributable to the company's shareholders was US$9.8 million, and net loss for the same period last year was US$1.4 million.
Zhitong Finance App learned that before the US stock market on May 10 (Friday), CBAT.US announced the results for the first quarter and full year of 2024. According to financial reports, the company's Q1 net revenue was US$58.8 million, up 38.7% year on year, falling short of market expectations; net profit attributable to the company's shareholders was US$9.8 million, net loss for the same period last year was US$1.4 million; and diluted earnings per share were US$0.11, exceeding market expectations. The loss per share for the same period last year was $0.02.
Net revenue from battery sales was $44.8 million, up 51.5% year over year. In terms of breakdown, revenue from batteries used in light electric vehicles was US$1.5 million, down 23.3% year on year; revenue from electric vehicle batteries was US$500,000, down 73.6% year on year; and revenue from residential energy supply and uninterrupted supply business was US$42.8 million, up 66.0% year on year.
The gross margin of the battery business was 41.2%, up 30.3 percentage points from 10.9% in the same period in 2023. The battery business had a net profit of $11.7 million, compared to $100,000 for the same period in 2023.
For the full year of 2024, Zhongbi Energy expects the net profit of the battery business to reach between 220 million yuan (about 30.5 million US dollars) and 250 million yuan (about 34.6 million US dollars). The company said it will continue to invest prudently while maintaining cost discipline to ensure long-term sustainable growth.