CATL(SZ:300750) Guoxin Securities·2024-10-23 01:03Investment Rating - The investment rating for the company is "Outperform the Market" [3][13]. Core Views - The company achieved a net profit of 13.136 billion yuan in Q3 2024, representing a year-on-year increase of 26%. For the first three quarters of 2024, the total revenue was 259.045 billion yuan, down 12% year-on-year, while the net profit was 36.001 billion yuan, up 16% year-on-year. The gross margin was 28.19% and the net margin was 14.95% [1][4]. - The battery shipment volume showed a steady growth trend, with an estimated shipment of over 125 GWh for energy storage batteries in Q3 2024, a year-on-year increase of over 22% and a quarter-on-quarter increase of over 15%. The total expected shipment for 2024 is projected to exceed 480 GWh, with a year-on-year growth of over 23% [1][8]. - The company has adjusted its asset impairment losses due to the decline in lithium salt prices, with a total impairment loss of 4.738 billion yuan in Q3 2024, which is an increase of 3.332 billion yuan from Q2 2024 [1][7]. Financial Performance Summary - In Q3 2024, the company reported revenue of 92.278 billion yuan, down 12% year-on-year but up 6% quarter-on-quarter. The net profit for the same period was 13.136 billion yuan, up 26% year-on-year and 6% quarter-on-quarter. The gross margin improved to 31.17%, an increase of 8.75 percentage points year-on-year [4][8]. - The company’s operating expenses ratio for the first three quarters of 2024 was 10.76%, a year-on-year increase of 0.52 percentage points. In Q3 2024, the operating expenses ratio was 9.84%, a year-on-year decrease of 1.81 percentage points [7][8]. - The company’s earnings per share (EPS) for 2024-2026 are projected to be 11.72 yuan, 14.20 yuan, and 16.49 yuan respectively, with a dynamic price-to-earnings (PE) ratio of 22, 18, and 15 times [13][14]. Product Development and Market Position - The company continues to enhance its product lineup, launching new battery brands and products, including the Tianxing battery and the 6C ultra-fast charging lithium iron phosphate battery, which is expected to start mass production in 2025 [1][12]. - The company maintains a leading position in the global battery market, with a market share of 37.1% in the global power battery market and 45.9% in the domestic market for the first three quarters of 2024 [8][9].