CATL(300750) 国联证券·2024-10-19 13:03Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported Q3 results that met expectations, with a continuous increase in market share for energy storage [4][6] - In the first three quarters of 2024, the company achieved revenue of 259.045 billion yuan, a year-on-year decrease of 12.09%, while net profit attributable to shareholders was 36.001 billion yuan, an increase of 15.59% year-on-year [6][7] - The company maintained a leading position in the global power battery market, with a market share of 37.1% in the first eight months of 2024, and 45.9% in China for the first nine months [7][8] Financial Performance Summary - For Q3 2024, the company reported revenue of 92.278 billion yuan, a year-on-year decrease of 12.48%, but a quarter-on-quarter increase of 6.07% [6] - The gross margin for Q3 2024 was 31.17%, an increase of 8.75 percentage points year-on-year, while the net profit margin was 15.01%, an increase of 4.54 percentage points year-on-year [7] - The company’s operating cash flow for the first three quarters was 67.444 billion yuan, a year-on-year increase of 28.09%, indicating strong profit quality [7] Product Development and Market Position - The company launched the commercial power battery brand "Ningde Times Tianxing" in July 2024, which offers advantages such as ultra-safety and ultra-fast charging [8] - Innovative products like the Shenxing and Qilin batteries have been widely adopted, with the Shenxing Plus battery achieving energy density over 200Wh/kg and a range of 1000km [8] Earnings Forecast and Valuation - The company is expected to generate revenues of 383.5 billion yuan, 452.7 billion yuan, and 525.0 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of -4.3%, +18.0%, and +16.0% [9] - The forecasted net profit for the same years is 50.802 billion yuan, 60.313 billion yuan, and 70.436 billion yuan, with growth rates of 15.1%, 18.7%, and 16.8% respectively [9]