CATL(SZ:300750) Guoxin Securities·2024-07-29 10:00Investment Rating - The investment rating for the company is "Outperform the Market" [3][28]. Core Views - The company's energy storage battery business is experiencing rapid growth, with a stable performance in profitability. In H1 2024, the company achieved a net profit attributable to shareholders of 22.865 billion yuan, a year-on-year increase of 10%. However, revenue decreased by 12% to 166.767 billion yuan [1][4]. - The company maintains its leading position in the global power battery market, with a market share of 37.5% in the first five months of 2024. The power battery revenue in H1 2024 was 112.649 billion yuan, down 19% year-on-year, but the shipment volume increased by approximately 15% [1][16]. - The energy storage battery segment showed a strong growth trend, with revenue of 28.825 billion yuan in H1 2024, up 3% year-on-year, and an estimated shipment volume exceeding 45 GWh, a year-on-year increase of about 43% [1][16]. Summary by Sections Financial Performance - In H1 2024, the company reported a total revenue of 166.767 billion yuan, a decrease of 12% year-on-year, and a net profit of 22.865 billion yuan, an increase of 10% year-on-year. The gross margin was 26.53%, up 4.90 percentage points year-on-year [1][4]. - For Q2 2024, the company achieved revenue of 86.996 billion yuan, down 13% year-on-year but up 9% quarter-on-quarter, with a net profit of 12.355 billion yuan, an increase of 13% year-on-year and 18% quarter-on-quarter [1][4]. Market Position - The company is the global leader in power battery shipments, with an estimated shipment volume of nearly 160 GWh in H1 2024, and a market share of 37.5% in the global power battery market [1][16]. - The energy storage battery business is also growing rapidly, with a shipment volume of approximately 26 GWh in Q2 2024, representing a quarter-on-quarter increase of over 36% [1][16]. Product Innovation and Global Expansion - The company continues to innovate, launching new products such as the Shenxing Plus battery and the next-generation Kirin high-power battery, enhancing its competitive edge in both passenger and commercial vehicle markets [1][26]. - The company is expanding its global footprint, with ongoing projects in Germany and Hungary, and has established strategic partnerships with major clients in both power and energy storage sectors [1][27]. Profit Forecast - The company maintains its profit forecast, expecting net profits attributable to shareholders to reach 49.77 billion yuan, 57.09 billion yuan, and 65.10 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 11.31 yuan, 12.98 yuan, and 14.80 yuan [1][28].