Financial Association News on October 25th (Reporter: Liu Mengran) - Against the backdrop of stable growth in energy storage demand, GCL Energy Technology (002015.SZ) reported a 20% year-on-year increase in Q3 net income. According to the company's disclosure, as of September 30, the total installed capacity connected to the grid was 5976.36MW, with the proportion of renewable energy installed capacity in the total power generation capacity further increasing to 57.81%.

The financial report disclosed today shows that the company achieved an operating income of 7.552 billion yuan in the first three quarters, a 15.70% year-on-year decrease; net income attributable to shareholders of the listed company was 0.606 billion yuan, a 36.43% year-on-year decrease; and net income after deducting non-recurring gains and losses was 0.462 billion yuan, a 60.10% year-on-year increase.

However, looking at a quarterly breakdown, GCL Energy Technology achieved an operating income of 2.849 billion yuan in the third quarter, a 7.98% year-on-year decrease; net income attributable to shareholders of the listed company was 0.195 billion yuan, a 22.34% year-on-year increase; and net income after deducting non-recurring items was 0.186 billion yuan, a 183.74% year-on-year increase.

Benefiting from the accelerated implementation of new energy projects, the scale of China's new energy storage installation continues to grow, and in some domestic and international applications, it has already proven to be economical. According to data from the National Energy Administration, as of the first half of this year, the accumulated installed capacity of newly completed new energy storage projects has reached 44.44 million kilowatts / 99.06 million kilowatt-hours, an increase of over 40% from the end of 2023.

In the first three quarters of this year, the net cash flow generated from operating activities reached 1.732 billion yuan, a 10.35% year-on-year increase. As of the end of September, total assets reached 41.22 billion yuan, a 21.37% increase from the end of the previous year.

As of the end of September, GCL Energy Technology's independently recorded energy storage projects total 9.14GW/17.89GWh, with projects included in provincial power plans totaling 2.35GW/4.7GWh. At the same time, in cities such as Suzhou, Wuxi, Nanjing, Nantong, Xuzhou, Chongqing, 12 independently operated energy storage stations have been put into operation at load centers, with a total grid-connected capacity of 0.7GW/1.4GWh.

Additionally, the company has reserved commercial and industrial energy storage projects in the Yangtze River Delta and Pearl River Delta regions. As of the end of September 2024, the cumulatively recorded commercial and industrial energy storage projects of the company exceeded 15MW/38MWh.

However, although the energy storage track is in a high prosperity development stage, under the influence of factors such as the upstream lithium carbonate price driving down the cell price, the price of energy storage products continues to probe downward. According to CNESA statistics, the average winning bid price of new energy storage systems in China in the first half of this year was 0.676 yuan/Wh, a year-on-year decrease of 49%.

Industry analysts believe that the competition in the energy storage sector has shifted from single-product or technological competition to a competition of comprehensive capabilities. GCL Energy Technology believes that in terms of project construction, operation mode, and operation strategy, integrating innovative business models such as bundled electricity sales, demand management, demand response, virtual power plants, user-side energy storage, and carbon asset management can enhance operational efficiency.

In addition, in terms of computing power, as of the end of September, GCL Energy Technology has deployed over a thousand P of computing resources. The company stated that it has reserved a certain amount of inventory computing power and in-transit computing power to meet the needs of the company's energy plus computing power coordinated development.