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CALB Group Co Ltd Class H 03931

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Stock XHKG Rating as of
HKD 14.90 +0.40 (2.76%)
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As of Delayed Price Closed
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Company Report

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China’s Third Largest Battery Maker CALB Playing Catch-Up

Vincent Sun

CALB is one of the leading producers of lithium-ion rechargeable batteries for electric vehicles, or EVs, in China. According to China Automotive Battery Innovation Alliance and SNE Research, CALB is ranked third in China, after Contemporary Amperex Technology Co. Limited, or CATL, and BYD, with a market share of 8% as measured by EV battery installed capacity in 2023 and sixth globally with 5% market share. CALB’s major customers include leading automakers such as Guangzhou Automobile, Xpeng, and Chang’an.

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Price vs Fair Value

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03931 is trading at a 47% premium.
Price
HKD 14.90
Fair Value
HKD 37.00
Uncertainty
Very High
1-Star Price
HKD 84.00
5-Star Price
HKD 6.00
Economic Moat
Twy
Capital Allocation
Hzzrflz

Bulls Say, Bears Say

Bulls

EV battery demand will remain resilient driven by the global vehicle electrification trend. As one of the leading players, CALB will benefit from the robust demand growth.

Bears

Given low pricing power, fluctuation in the raw materials prices will significantly affect CALB’s profitability, resulting in volatility and uncertainty in earnings forecast.

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Trading Information

Previous Close Price
HKD 14.50
Day Range
HKD 14.48–15.16
52-Week Range
HKD 11.06–20.65
Bid/Ask
HKD 14.90 / HKD 15.08
Market Cap
HKD 26.41 Bil
Volume/Avg
410,000 / 553,305

Key Statistics

Price/Earnings (Normalized)
23.40
Price/Sales
0.88
Dividend Yield (Trailing)
—
Dividend Yield (Forward)
—
Total Yield
—

Company Profile

Headquartered in Changzhou, Jiangsu Province, CALB a leading new energy technology company specializing in the development, production, sales, and market application of lithium-ion batteries, battery management systems and related integrated products, and lithium battery materials. The company’s products mainly include electric vehicle, or EV, batteries and energy storage system, or ESS, products. Established in 2015 via a spinoff from its parent company, which was ultimately controlled by Aviation Industry Corporation of China, or AVIC, CALB has become one of the leading EV battery companies. With 5% market share in 2023 in terms of installed capacity, CALB ranked sixth among global EV battery companies and third in China with 8% market share.
Sector
Industrials
Industry
Electrical Equipment & Parts
Stock Style Box
Mid Growth
Total Number of Employees
16,962
Website
https://www.calb-tech.com

Competitors

Valuation

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Metric
03931
006400
300750
Price/Earnings (Normalized)
 23.4013.6117.31
Price/Book Value
 0.691.504.31
Price/Sales
 0.881.221.95
Price/Cash Flow
 10.429.127.61
Price/Earnings
03931
006400
300750

Financial Strength

Metric
03931
006400
300750
Quick Ratio
 0.60——
Current Ratio
 0.871.02—
Interest Coverage
 1.909.78—
Quick Ratio
03931
006400
300750

Profitability

Metric
03931
006400
300750
Return on Assets (Normalized)
 1.18%6.53%6.11%
Return on Equity (Normalized)
 3.37%12.10%22.01%
Return on Invested Capital (Normalized)
 1.90%9.35%11.60%
Return on Assets
03931
006400
300750
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