On April 25, CATL announced its annual results for 2019. According to the annual report, CATL achieved revenue of RMB 45.78 billion last year, a year-on-year increase of 54.63%, attributable to The net profit of shareholders of listed companies was 4.56 billion yuan, a year-on-year increase of 34.64%; the net profit after non-deduction was 3.915 billion yuan, a year-on-year increase of 25.15%.
Compared with 2018, CATL’s revenue growth has picked up, but its net profit growth rate after non-deductions is declining. In 2018, the company’s net profit after non-deductions increased by 31.68%, a high In 2019 it was 25.15%. Judging from the current market, the domestic new energy vehicle market is generally affected by the decline, but the Ningde era has not been affected. Among them, the main business power battery system sales revenue is ?38.58 billion, a year-on-year increase of ?57.38%. In addition, CATL achieved sales of 40.25GWh, an increase of 90.04% over the previous year.
At present, CATL is equipped with power batteries for more than 1,900 models, accounting for approximately 41.5%. According to statistics from SNE Research, CATL still ranks first in global power battery shipments, followed by Panasonic and LG Chemical.
However, due to the increase in raw material prices, resulting in increased costs, the gross profit margin of CATL's power battery system fell by 5.65% to 28.45%. In addition to its leading business, power batteries, BYD's energy storage system and lithium battery materials businesses also performed well. Last year, their revenue was ?610 million and ?4.305 billion respectively, a year-on-year increase of ?221.95% and ?11.51 respectively. %.
CATL Patent
In addition to the ternary lithium battery NCM811, thanks to the domestic Tesla Model 3, lithium iron phosphate batteries may continue to usher in a new round of development. Regarding dividends, CATL is also stepping up its pace. According to the Western Securities Research Report, the technological dividends of CATL's NCM811 and CTP will become the main driving force for CATL's growth in the next stage.
However, CATL also has the hidden danger of high customer concentration. Its top five customers contributed 41.88% of its revenue, which was basically the same as in 2018. The company's performance was significantly affected by the top five customers. Affected by the epidemic and the continued efforts of rival BYD, CATL's leading position will also be endangered. According to the first quarter performance forecast, the company expects the net profit attributable to listed companies to range from RMB 733 million to RMB 838 million, a year-on-year decrease of 20% to 30%.
This article comes from the author of Autohome Chejiahao and does not represent the views and positions of Autohome.