CATL(SZ:300750) Huachuang Securities·2024-08-02 07:01Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 231.18 CNY, compared to the current price of 180.30 CNY [2]. Core Insights - The company's revenue for H1 2024 reached 166.77 billion CNY, a year-on-year increase of 11.88%, while the net profit attributable to shareholders was 22.865 billion CNY, up 10.37% year-on-year [2]. - The company continues to lead in the global market share for power batteries, achieving a global market share of 37.5% in the first five months of 2024, an increase of 2.3 percentage points year-on-year [2]. - The company is actively promoting sustainable development through new product iterations and has established nine zero-carbon factories [2]. Financial Performance - For Q2 2024, the company reported revenue of 86.996 billion CNY, a quarter-on-quarter increase of 9.06%, and a net profit of 12.355 billion CNY, up 17.56% quarter-on-quarter [2]. - The company’s domestic market share for power batteries reached 46.4% in the first half of 2024, an increase of 3 percentage points year-on-year [2]. - The company’s projected net profits for 2024-2026 are adjusted to 50.85 billion CNY, 61.03 billion CNY, and 73.40 billion CNY respectively [2]. Production Capacity and Expansion - The company is accelerating capacity construction to meet global demand, with 153 GWh of capacity under construction and an investment of 27.3 billion CNY in ongoing projects [2]. - The construction of production bases in Xiamen and Guiyang has progressed smoothly, with some production lines already operational [2]. - The overseas factory in Germany is ramping up production capacity, and the construction of the Hungary factory is proceeding as planned [2].