CATL(SZ:300750) ZHONGTAI SECURITIES·2024-07-31 01:30Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% within the next 6 to 12 months compared to the benchmark index [1][6]. Core Insights - The company's performance in the first half of 2024 met expectations, with stable unit gross margins and a notable increase in battery shipments, achieving a total of 205 GWh, which is a year-on-year increase of approximately 20.6% [2][3]. - The average gross profit per watt-hour (wh) for the company's power and energy storage batteries remained stable at around 0.19 to 0.20 yuan/wh over the past years, indicating consistent profitability [2]. - The company has seen an increase in its market share in both domestic and global power battery installations, with a domestic market share of 46.4% in the first half of 2024, up by 3.0 percentage points year-on-year [2]. Financial Summary - The company's revenue for the first half of 2024 was reported at 166.77 billion yuan, reflecting a year-on-year decrease of 11.9% [1]. - The net profit attributable to the parent company for the same period was 22.87 billion yuan, which is a year-on-year increase of 10.4% [1]. - The company is projected to achieve net profits of 52.67 billion yuan in 2024, 64.88 billion yuan in 2025, and 77.37 billion yuan in 2026, with corresponding P/E ratios of 15, 13, and 10 times [3].