CATL(300750) 搜狐财经·2025-03-27 05:54Core Viewpoint - CATL reported a complex financial performance in 2024, with total revenue of 362 billion yuan, a year-on-year decline of 9.7%, marking the first annual revenue decrease in the company's history. However, net profit increased by 15.01% to 50.7 billion yuan, demonstrating strong profitability despite revenue challenges [1][3]. Revenue and Profit Analysis - Total revenue for 2024 was 362 billion yuan, down from 401 billion yuan in 2023 [2]. - The revenue breakdown shows that the electric machinery and equipment manufacturing sector contributed 356.5 billion yuan (98.48% of total revenue), while the mining and smelting sector contributed 5.5 billion yuan (1.52%) [2]. - The average selling price of CATL's power battery systems decreased by 25.26% from 0.889 yuan/Wh in 2023 to 0.664 yuan/Wh in 2024, despite an 18.85% increase in sales volume to 381 GWh [3]. Market Position - CATL maintained its position as the global leader in power and energy storage batteries, with a market share of 37.9% in the power battery sector and 36.5% in the energy storage sector in 2024 [2]. Cost Control and Innovation - The increase in net profit was attributed to effective cost control and technological innovation, with CATL leveraging lower raw material prices to enhance profitability [4]. - The company has implemented strategies such as controlling upstream enterprises and adjusting raw material inventory cycles to mitigate risks [4]. Research and Development - CATL has launched several innovative battery products, including the Kirin, Shenxing, and Xiaoyao batteries, aimed at enhancing energy density and fast charging capabilities [5]. Growth Strategies - CATL is actively pursuing a second growth curve focusing on battery swapping, energy storage, and international markets. The company plans to build a significant battery swapping network in collaboration with NIO [6]. - The energy storage battery segment saw a 34.32% increase in sales volume to 93 GWh in 2024, becoming the largest profit contributor for the company [6]. International Expansion - CATL is expanding its international presence with six R&D centers and thirteen manufacturing bases globally, including operational factories in Germany and Hungary [7]. - The company plans to raise approximately 50 billion yuan through a Hong Kong IPO to support overseas capacity expansion and international business development [7].