CALB Group Co Ltd Class H

03931: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HK$53.90	Pgb	Mstndcpqm

CALB Earnings: Revenue and Net Profit Missed; Rising Operating Expenses Eased Margin Gain

Vincent Sun

Aug 30, 2024

No-moat CALB’s respective first-half revenue and net profit growths of 1.3% and 70% year on year were weaker than we expected due to a decline in electric vehicle battery selling prices and a surge in operating expenses. The company posted muted year-over-year revenue growth for the period, with shipment increase offset by sluggish battery prices. Gross margin beat with 6 percentage points gain year over year, but operating expenses more than doubled from a year ago.

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