CATL(SZ:300750) Ge Long Hui·2025-06-05 17:27Core Viewpoint - CATL has maintained its leading position in the global power battery industry since 2017, with a projected market share of 37.9% in 2024, significantly ahead of competitors [1] Group 1: Market Position - CATL's power battery installation volume is expected to reach 339.3 GWh in 2024, reinforcing its dominance in the industry [1] - The company has a strong market influence due to its extensive customer base and global market expansion efforts [1] Group 2: Supply Chain Integration - CATL has established a comprehensive lithium battery supply chain through self-built, equity participation, and joint ventures, securing significant control over raw material supply [1] - The company actively invests in key mineral resources like lithium and collaborates with various enterprises to develop essential battery materials [1] - CATL's integrated park model promotes a circular economy, enhancing its resource recovery capabilities and competitive edge in the supply chain [1] Group 3: Research and Development - The company places a high emphasis on R&D, with a consistent investment rate of around 5%, amounting to 4.814 billion yuan in Q1 2025 [1] - Continuous R&D efforts have led to the launch of competitive products such as the Kirin battery and Tianheng energy storage system, which excel in performance, safety, and cost control [1] Group 4: Financial Projections - Revenue forecasts for CATL are 460.9 billion yuan, 570.9 billion yuan, and 676.9 billion yuan for 2025-2027, with corresponding net profits of 55.8 billion yuan, 73.1 billion yuan, and 87.3 billion yuan [1] - A DCF valuation model suggests a target price of 382 HKD for CATL [1]