CATL(SZ:300750) Tai Ping Yang·2024-08-05 00:30Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [7][8]. Core Insights - The company achieved a revenue of 166.76 billion yuan in the first half of 2024, a year-on-year decrease of 11.88%, while the net profit attributable to shareholders was 22.865 billion yuan, an increase of 10.37% year-on-year [4][5]. - The company’s battery sales reached approximately 205 GWh in the first half of 2024, with a market share increase both domestically and internationally [4][5]. - The company is accelerating capacity expansion, with a total capacity of 323 GWh and an additional 153 GWh under construction, aiming to maintain its competitive edge through product differentiation [4][5]. Financial Performance Summary - Revenue projections for 2024, 2025, and 2026 are 383.4 billion yuan, 461 billion yuan, and 611.7 billion yuan respectively, with growth rates of -4.38%, +20.25%, and +32.69% [5]. - The net profit attributable to shareholders is projected to be 50.51 billion yuan in 2024, 59.23 billion yuan in 2025, and 75.71 billion yuan in 2026, with growth rates of 14.48%, 17.26%, and 27.83% respectively [5]. - The earnings per share (EPS) are expected to be 11.48 yuan, 13.46 yuan, and 17.21 yuan for the years 2024, 2025, and 2026 respectively [5]. Market Position and Product Development - The company’s global market share for power batteries was 37.5% in the first five months of 2024, an increase of 2.3% year-on-year, with a domestic market share of 46.4%, up 3% year-on-year [4][5]. - New product launches include the Shenzhou Plus battery for passenger vehicles and the Tianxing L ultra-fast charging battery for commercial vehicles, enhancing the company's competitive advantage [4][5].