CATL(SZ:300750) Tebon Securities·2024-08-01 01:00Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company achieved a revenue of 166.77 billion yuan in H1 2024, representing a year-on-year increase of 11.88%, and a net profit of 22.87 billion yuan, up 10.37% year-on-year [5] - The company's global market share for power batteries reached 37.5% in the first five months of 2024, an increase of 2.3 percentage points year-on-year, while the domestic market share was 46.4%, up 3 percentage points year-on-year [5] - The company continues to innovate with new products, including the "Shenxing Plus" battery and the "Kirin" high-power battery, enhancing its competitive edge in both passenger and commercial vehicle segments [5][6] - The company has a robust production schedule for H2 2024, with an expected increase in capacity utilization [6] - Revenue forecasts for 2024-2026 have been adjusted to 417.6 billion, 484.9 billion, and 540.4 billion yuan, respectively, with net profit estimates of 50.9 billion, 59.6 billion, and 70.5 billion yuan, corresponding to P/E ratios of 16x, 14x, and 12x [6] Financial Performance - The company reported a gross margin of 27% in H1 2024, an increase of 5 percentage points year-on-year [5] - The total market capitalization is approximately 832.91 billion yuan, with a total asset value of 715.25 billion yuan [7] - The company’s net profit margin for 2023 is projected at 11.7%, increasing to 13.9% by 2026 [8] Market Comparison - The company's stock performance has shown relative strength against the CSI 300 index, with a 2.35% absolute increase over the past month [3] - The report indicates that the company is expected to outperform the market, with a target price reflecting a significant upside potential [12]