CATL(SZ:300750) INDUSTRIAL SECURITIES·2024-10-21 03:43Investment Rating - The report maintains a "Buy" rating for the company [6][20]. Core Insights - The company reported a revenue of 259.04 billion yuan for the first three quarters of 2024, a year-on-year decrease of 12.1%, while net profit attributable to shareholders increased by 15.6% to 36 billion yuan [6][8]. - The gross margin improved to 28.2%, up 6.3 percentage points year-on-year, indicating stable profitability despite revenue decline [6][8]. - In Q3 2024, the company achieved a revenue of 92.28 billion yuan, down 12.5% year-on-year, but net profit attributable to shareholders rose by 26.0% to 13.14 billion yuan [6][8]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a gross margin of 28.2% and a net profit margin of 13.9%, reflecting a year-on-year increase of 6.3 percentage points and 3.3 percentage points, respectively [6][8]. - In Q3 2024, the gross margin reached 31.2%, up 8.7 percentage points year-on-year, driven by an increase in the shipment of fast-charging new products [11][13]. Research and Development - The company maintained high R&D investment, with quarterly R&D expenses reaching 4.48 billion yuan, while other expense ratios remained stable [6][13]. Market Position - The company held a global market share of 37.1% from January to August 2024, an increase of 1.6 percentage points year-on-year, maintaining its leading position [17][18]. - In the overseas market, the company’s market share was 26.3%, a slight decrease of 1.1 percentage points year-on-year, but still leading [19][18]. Profit Forecast - The company’s net profit forecasts for 2024, 2025, and 2026 are 50.565 billion yuan, 61.535 billion yuan, and 71.272 billion yuan, respectively, with corresponding PE ratios of 21.8, 17.9, and 15.4 [20][6].