CATL(SZ:300750) Shanxi Securities·2024-10-21 10:01Investment Rating - The report maintains a "Buy-A" investment rating for the company [2][3]. Core Views - The company has seen a significant increase in its global market share, driven by strong demand and capacity expansion, with a global power battery market share of 37.1% in the first eight months of 2024, up 1.6 percentage points year-on-year [1]. - The company's actual profitability in battery production has exceeded expectations, leading to upward revisions of net profit forecasts for 2024 to 2026 [2][3]. Summary by Sections Market Performance - As of October 21, 2024, the company's closing price was 253.36 CNY, with a year-to-date high of 301.50 CNY and a low of 140.40 CNY [1]. - The circulating A-shares amount to 39.01 billion, with a total market capitalization of 1,115.39 billion CNY [1]. Financial Data - For Q3 2024, the company reported a revenue of 922.8 billion CNY, a year-on-year decrease of 12.5%, but a net profit of 131.4 billion CNY, which is a 26.0% increase year-on-year [2]. - The gross margin for Q3 2024 was 31.17%, an increase of 4.53 percentage points from the previous quarter [2]. Production and Capacity - The company has an estimated annualized battery production capacity exceeding 650 GWh, with ongoing construction projects valued at approximately 252 billion CNY [1]. - The company’s Q3 2024 sales volume reached approximately 125 GWh, with a significant portion attributed to energy storage [3]. Profitability Forecast - The projected net profits for 2024, 2025, and 2026 are 521.8 billion CNY, 613.0 billion CNY, and 728.2 billion CNY, respectively, with corresponding P/E ratios of 21.1, 17.9, and 15.1 [2][3].