CATL(SZ:300750) Donghai Securities·2024-08-01 11:00Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company reported a revenue of 166.77 billion yuan for H1 2024, a year-on-year decrease of 11.88% and a quarter-on-quarter decrease of 21.21%. However, the net profit attributable to shareholders was 22.87 billion yuan, a year-on-year increase of 10.37% [7] - The company's energy storage revenue increased by 3.00% year-on-year in H1 2024, while the average price of batteries remained stable at approximately 0.70 yuan/Wh [7] - The company achieved a lithium battery shipment of over 205 GWh in H1 2024, with a global market share of approximately 37.5% in the first five months of 2024, marking a year-on-year increase of 2.3 percentage points [7] - The product matrix continues to expand, with significant advancements in both the power and energy storage segments, enhancing project profitability [7] Financial Summary - For 2024E, the company is expected to achieve a revenue of 416.17 billion yuan, a year-on-year growth of 3.81%, and a net profit of 50.08 billion yuan, reflecting a year-on-year increase of 13.51% [9] - The gross profit margin is projected to be 23.45% in 2024, with an EPS of 11.39 yuan [9] - The company is expected to ship over 480 GWh of batteries by 2024, with a corresponding net profit forecast of 72.15 billion yuan by 2026, indicating a growth trajectory [8][9]