Guoxuan Hi-Tech expects third-quarter net profit to increase by 319%-394% year-on-year

Guoxuan Hi-Tech announced today that the net profit in the first three quarters is expected to be 147 million yuan to 162 million yuan, a year-on-year increase of 116.68% to 138.56. The third quarter net profit is 82.352 million yuan to 97.1933 million yuan, a year-on-year increase of 318.9%-394.4%.

Guoxuan Hi-Tech said that under the premise that the price of raw materials for power lithium batteries fluctuated at a high level and the company continued to increase R&D investment, the company's performance in the first three quarters of 2022 still achieved substantial growth compared with the same period of the previous year. The main reasons are:

  • The company seizes the development opportunity of the power lithium battery industry and accelerates the layout of the entire industry chain. In the third quarter of 2022, the Jiangxi Yichun lithium mine project is progressing smoothly
  • The new production line of the company's power lithium battery has entered the stage of mass production, the scale of production capacity has continued to increase, and the production cost has been continuously reduced
  • The company continues to optimize the customer structure and further develop the energy storage business. The company's shipment scale has grown rapidly, and its operating performance has shown substantial growth

The top 15 companies in domestic power battery installations in September announced by the China Automotive Power Battery Industry Innovation Alliance. Among them, CATL ranked first with a proportion of 47.80%, BYD, China Innovation Aviation, Guoxuan Hi-Tech, and LG New Energy ranked 2-5 with 22.44%, 6.16%, 4.33%, and 2.96% respectively.

On October 8, the groundbreaking ceremony of the second phase of the Yichun Guoxuan battery 20GWh project was held in Yichun City, Jiangxi Province. The Yichun Guoxuan battery project is planned to be constructed in two phases. The first phase of the 10GWh project was officially put into operation in May this year. The second phase of the project, which started on the 8th, is planned to be 20GWh. It is expected to be fully completed and put into operation in October 2023. First-class vehicle companies and leading companies in the energy storage field supply lithium battery products.

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