According to data from the China Association of Automobile Manufacturers, my country's production and sales of new energy vehicles will reach 12.888 million and 12.866 million respectively in 2024, and the sales of new energy vehicles will reach 40.9% of the total sales of new vehicles.
During the reporting period, United Power's revenue was approximately RMB 2.9 billion, RMB 5.027 billion, RMB 9.365 billion and RMB 6.055 billion, respectively. The compound growth rate of operating income from 2021 to 2023 was close to 80%; the corresponding net profits were RMB -250 million, RMB -180 million, RMB 186 million and RMB 285 million, respectively. The company turned losses into profits in 2023.
From 2021 to the first half of 2024, the gross profit margins bosnia and herzegovina telegram data of United Power's main business products were 12.02%, 13.57%, 14.64% and 15.96% respectively , showing an overall upward trend.
It is worth noting that new energy vehicles have a simpler overall design than traditional fuel vehicles, the number of parts has been greatly reduced, the threshold for vehicle manufacturing has been lowered, the market competition is fierce, and sales are often increased through price cuts and promotions. At the same time, the price reduction of vehicle sales tends to be transmitted upstream, which may also lead to the squeezing of profit margins of new energy vehicle parts suppliers such as United Power.