-- Contemporary Amperex Technology's (SHE:300750, HKG:3750) net profit attributable to shareholders in the first quarter rose 49% to 20.74 billion yuan from the year-ago profit of 13.96 billion yuan, according to a Wednesday filing with the Hong Kong bourse.
The growth rate is higher than the estimated 21% rise in a poll of three analysts compiled by LSEG, Reuters reported Wednesday.
Earnings per share at the world's largest battery maker climbed 44% year on year to 4.58 yuan from 3.18 yuan.
The rise highlights the company's market dominance despite a slowdown in demand for electric vehicles in China, Reuters reported Wednesday.
However, the war in Iran could boost demand for EVs elsewhere, the Wall Street Journal reported the same day, citing analysts at HSBC (HKG:0005).
Operating revenue jumped 52% to 129.13 billion yuan from 84.70 billion yuan in the previous year.
Analysts expected a 36% increase in revenue, Reuters said.
CATL directors also approved the creation of a new energy mineral resource subsidiary with a capital of 30 billion yuan, according to a separate disclosure to the Shenzhen bourse on Wednesday.
The planned subsidiary, to be named Times Resources Group (Xiamen), will explore mineral resources, process metal, and sell chemical products.
The unit will act as the battery giant's investment and operations platform for the new-energy minerals, CATL said in its disclosure.
CATL could be among those well-positioned to capture the next phase of growth in energy storage due to the battery giant's expanding energy storage system exposure, the Wall Street Journal said, citing HSBC.
The company earlier tapped Zijin Mining Group (HKG:2899, SHA:601899) founder and former chairman Chen Jinghe to advise the battery giant on its mining business, Bloomberg reported April 7, citing people familiar with the matter.
Meanwhile, CATL is also looking to have itself removed from the Pentagon's blacklist, or those with ties to China's military, to increase its U.S. prospects, Bloomberg reported separately Wednesday.