Great Power(300438) 华夏时报·2025-04-26 10:34Company Overview - Penghui Energy reported a total revenue of 7.961 billion yuan in 2024, a year-on-year increase of 14.83%, but faced a net loss of 252 million yuan, a significant decline of 685.72% compared to the previous year [1][3] - In Q1 2025, the company continued to incur losses with total revenue of 1.690 billion yuan, a year-on-year growth of 5.83%, but a net loss of 45 million yuan, a decrease of 375.01% year-on-year [1][3] - The company's lithium battery business accounted for 92.5% of its main revenue in 2024, with a revenue growth of 15.11% [3] Financial Performance - The gross profit margin for lithium batteries in 2024 was 11.4%, down 4.35 percentage points from 2023 [3][5] - Asset impairment losses increased from 207 million yuan in 2023 to 412 million yuan in 2024, significantly impacting overall profitability [3][5] - The cost of lithium batteries rose by 21.05% year-on-year in 2024, primarily due to inventory impairment and raw material price fluctuations [1][3] Market Dynamics - The global energy storage battery market experienced explosive growth in 2024, with a shipment scale of 314.7 GWh, a year-on-year increase of 60% [7] - The competitive landscape is intense, with the top ten companies holding a market share of 90.9%, making it challenging for new entrants [7] - The price of battery-grade lithium carbonate decreased from 96,900 yuan per ton at the beginning of 2024 to 75,000 yuan per ton by year-end, a decline of 23% [5][6] Industry Challenges - The first quarter of 2025 saw a rare decline in new energy storage project installations, with a year-on-year decrease of 1.5% in capacity [9] - The competitive pressure on pricing is evident, as companies are forced to lower prices to win bids, impacting their profit margins [8][9] - Seasonal factors may have contributed to the decline in new installations, as the first quarter typically sees fewer bids compared to the fourth quarter [9]