Zhiguang Electric Projects 2024 Revenue of 2.596 Billion Yuan, Focuses on High-Quality Energy Storage Development

Zhi Guang Electric: Projected Revenue of 2.596 billion yuan in 2024 with Continued Focus on High-Quality Development of Energy Storage

On April 24, Zhi Guang Electric (002169) released its annual report for 2024. The company achieved a revenue of 2.596 billion yuan, reflecting a slight decrease of approximately 5% year-on-year. Its net profit attributable to the parent company was -326 million yuan, while the net operating cash flow was 110 million yuan, marking a year-on-year increase of 61.22%.

In its first-quarter report for 2025, Zhi Guang Electric reported a revenue of 657 million yuan, which represents a year-on-year growth of 24.76%. The non-recurring net profit stood at -35.8265 million yuan, up 23.81% year-on-year, indicating positive trends across various metrics.

Data shows that the company’s energy storage equipment sales and system integration business generated 1.063 billion yuan in revenue for 2024, reflecting an increase of around 15% year-on-year. The share of energy storage business in total revenue rose to 40.96%, up approximately 7 percentage points compared to the previous year. Considering that the average price of energy storage systems dropped by nearly 50% in 2024, the shipment volume of Zhi Guang Electric’s energy storage systems is expected to have increased by over 200%.

The annual report indicates that the company has completed the first phase of its energy storage manufacturing base in the Yonghe Economic Zone of Huangpu District, Guangzhou, with a capacity of 3 GWh. The second phase, also with a capacity of 3 GWh, was completed in the first quarter of 2025. During 2024, the new base supported the production and delivery of large-scale energy storage projects, including those in Hainan Prefecture, Gansu, Xinjiang, Jiangsu, and Qinghai.

Additionally, the independent energy storage station in Qingyuan City was successfully commissioned. By the end of 2024, construction will begin on phases two (200 MWh) and three (416 MWh) of the Qingyuan independent energy storage station, as well as projects in Pingyuan (400 MWh) and Gaoming (416 MWh). All these stations will utilize Zhi Guang Electric’s self-developed liquid-cooled cascade high-voltage direct storage systems.

In 2022, Zhi Guang Electric established energy storage as a strategic focus and has continued to invest significantly in this area, resulting in rapid business growth. At the same time, guided by this strategic focus, the company has streamlined its non-core operations, completing the restructuring of subsidiaries in Foshan and Nanning in 2023, and reaching preliminary agreements regarding the treatment of Pinglu Ruiyuan in 2024.

Financial data shows that while Zhi Guang Electric’s revenue has increased since 2022, its profits have struggled due to impairments from non-core business disposals and rising financial costs associated with increased energy storage capacity and investments in independent energy storage stations. As energy storage capacity is gradually released and independent stations come online, new profit growth opportunities are likely to emerge.

On February 10, 2025, the Ministry of Industry and Information Technology, the National Development and Reform Commission, and the National Energy Administration, among other departments, jointly issued the High-Quality Development Action Plan for New Energy Storage Manufacturing Industry. The second part of the plan, focusing on “Implementing Innovative Actions for New Energy Storage Technologies,” emphasizes developing high-efficiency, high-energy-utilization cascade technologies for applications above 1500V. The cascade high-voltage direct storage system is a technology pioneered and promoted by Zhi Guang Electric.

With a solid foundation built through continuous investment in capacity development, it remains to be seen how Zhi Guang Electric will leverage favorable policies to achieve further advancements.