Sunwoda Electronic (300207) H1 2024 earnings summary

Executive summary

• Revenue for H1 2024 reached ¥23.92 billion, up 7.57% year-over-year, with net profit attributable to shareholders at ¥824 million, up 87.89% year-over-year.

• Operating cash flow increased 267.28% year-over-year to ¥1.72 billion, and adjusted net profit (excluding non-recurring items) rose 119.27% year-over-year to ¥810 million.

• Core businesses in consumer batteries, EV batteries, and energy storage all achieved growth, with significant expansion in overseas and domestic production capacity.

• The company maintained strong R&D investment and advanced its global layout, with new projects in Vietnam and ongoing expansion in India, Hungary, and Morocco.

• No interim dividend, bonus shares, or capital increase from reserves was proposed for the half-year period.

Financial highlights

• H1 2024 revenue: ¥23.92 billion (+7.57% year-over-year); net profit attributable to shareholders: ¥824 million (+87.89% year-over-year).

• Adjusted net profit (excluding non-recurring items): ¥810 million (+119.27% year-over-year).

• Basic and diluted EPS: ¥0.44 (+83.33% year-over-year).

• Operating cash flow: ¥1.72 billion (+267.28% year-over-year).

• Total assets at period end: ¥81.89 billion (+3.32% from year-end 2023); net assets attributable to shareholders: ¥23.54 billion (+1.83%).

Segment performance

• Consumer battery revenue: ¥13.20 billion, gross margin 18.07%, slight margin improvement year-over-year.

• EV battery revenue: ¥6.20 billion, gross margin 11.66%, revenue up 19.58% year-over-year.

• Energy storage system revenue: ¥595 million, gross margin 28.12%, revenue up 31.49% year-over-year.

• Overseas sales accounted for 40.5% of total revenue, with strong growth in Vietnam and other international markets.