CATL(SZ:300750) Donghai Securities·2024-10-24 00:31Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company achieved a revenue of 259.045 billion yuan in Q1-Q3 2024, a year-on-year decrease of 12.09%, while the net profit attributable to shareholders was 36.001 billion yuan, an increase of 15.59% year-on-year [6] - The company’s battery shipments saw a significant increase, with Q3 shipments reaching approximately 125 GWh, a year-on-year increase of 25% and a quarter-on-quarter increase of 15% [6] - The company’s gross margin improved to 31.17% in Q3 2024, with a net profit margin of 15.01% [6] - The company’s cash flow from operations reached 22.74 billion yuan in Q3, a year-on-year increase of 45.9% [6] Summary by Sections Financial Performance - In Q3 2024, the company reported a 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 net profit for Q3 was 13.136 billion yuan, a year-on-year increase of 25.97% and a quarter-on-quarter increase of 6.32% [6] - The company’s total revenue for 2024 is projected to be 400.917 billion yuan, with a year-on-year growth rate of 22.01% [8] Market Position - The company holds a global market share of approximately 37.1% in the power battery sector as of the end of August 2024 [6] - The company is expected to maintain a total shipment volume exceeding 480 GWh for the year [6] Profitability and Cash Flow - The company’s unit net profit for Q3 was 0.105 yuan/Wh, with a significant improvement in profitability metrics [6] - The cash flow ratio of net profit reached 173% in Q3, indicating strong cash generation capabilities [6] Investment Recommendations - The report revises the company's net profit forecasts for 2024-2026 to 50.590 billion yuan, 61.033 billion yuan, and 74.302 billion yuan respectively, reflecting growth rates of 14.66%, 20.64%, and 21.74% [7] - The current P/E ratios for the forecasted years are 22x, 18x, and 15x respectively [7]