Investment Rating - The report maintains an investment rating of "Buy - A" for Contemporary Amperex Technology Co., Limited (CATL) [40] Core Viewpoints - The new energy vehicle lithium battery industry is entering a mature phase, with annual growth rates narrowing and industry valuations reaching historical lows, with a TTM price-to-earnings ratio of 19.2 times as of September 19, 2024 [33] - The midstream battery sector remains stable, while upstream raw material prices are expected to continue declining due to oversupply [12][21] Summary by Sections 1. Financial Analysis - In the first half of 2024, the SW battery sector achieved revenue of 5,114.4 billion yuan, a year-on-year decrease of 9.3%, and a net profit attributable to shareholders of 343.1 billion yuan, down 11.4% year-on-year [6][9] - The sales and management expense ratios have increased in recent years, while gross and net profit margins have shown a recovery after a decline [6] - Operating cash flow for the battery sector was 500.7 billion yuan, down 1.2% year-on-year, while investment cash flow was negative at -957.3 billion yuan, a decrease of 23.0% year-on-year [9] 2. Midstream Stability and Downstream Demand - The domestic power battery production from January to August 2024 reached 623.1 GWh, with a year-on-year increase of 36.3%. The market concentration has slightly decreased compared to 2023 [12][14] - Exports of power batteries have increased steadily, with CATL's overseas revenue proportion rising to 30.3% by mid-2024 [12][14] 3. Investment Recommendations - The report recommends focusing on CATL as a key stock, with additional attention to companies such as Enjie, Huayou Cobalt, and others in the lithium battery supply chain [35][40]
锂电行业中报总结：24H1行业增速收窄，中游电池格局稳定，原材料价格将保持低位
Shanxi Securities·2024-10-07 02:00