CATL(SZ:300750) Xin Lang Cai Jing·2025-08-05 10:34Core Insights - The company reported stable improvement in profitability for H1 2025, achieving revenue of 178.886 billion yuan, a year-on-year increase of 7%, and a net profit attributable to shareholders of 30.485 billion yuan, up 33% year-on-year [1] - The company continues to innovate in technology and expand its product offerings across various scenarios, including advancements in solid-state batteries and energy storage systems [2] - The company is expected to achieve significant net profit growth from 2025 to 2027, with projected profits of 65.302 billion yuan, 77.819 billion yuan, and 92.931 billion yuan respectively [3] Financial Performance - In H1 2025, the company achieved a net profit margin of 18.09%, an increase of 3.17 percentage points year-on-year [1] - For Q2 2025, revenue reached 94.182 billion yuan, a year-on-year increase of 8%, with a net profit of 16.523 billion yuan, up 34% [1] - The company’s gross profit margin and net profit margin for Q2 were 25.58% and 18.59%, respectively, both showing improvement compared to Q1 [1] Business Segments - In the power battery segment, the company shipped approximately 220 GWh, a year-on-year increase of about 35%, contributing 1,315.73 billion yuan in revenue, a 17% increase year-on-year [1] - The energy storage segment achieved a shipment volume of 55 GWh, a year-on-year growth of about 20%, with revenue of 28.4 billion yuan, a slight decrease of 1.47% year-on-year, but with an improved gross profit margin of 25.52% [1] Technological Advancements - The company is advancing in the passenger vehicle sector with the development of the second-generation battery, sodium-ion batteries, and dual-core installations [2] - The company plans to achieve small-scale industrialization of solid-state batteries by 2027 and enter the mature market around 2030 [2] - New products in the energy storage sector include a 587Ah high-capacity cell and a 9MWh TENER Stack system, showcasing global leadership in energy density and safety [2] International Expansion - The company’s overseas revenue reached 61.2 billion yuan, accounting for 34.2% of total revenue, with profitability achieved at the German factory [2] - The company is progressing with its battery production in Hungary and joint projects in Spain and Indonesia [2] - The company raised approximately 5.29 billion USD through H-share listing, focusing on building local capacity in Europe [2] Future Projections - The company is projected to achieve earnings per share (EPS) of 14.32 yuan, 17.07 yuan, and 20.38 yuan for the years 2025, 2026, and 2027 respectively, with price-to-earnings (PE) ratios of 18, 15, and 13 [3]