CATL(SZ:300750) KAIYUAN SECURITIES·2024-10-28 06:01Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The release of the "Xiao Yao" super hybrid battery enhances the product lineup, allowing users to achieve over 400 kilometers of pure electric range and 4C fast charging capability, addressing the concerns of traditional hybrid vehicle users [4] - The company has adjusted its net profit forecasts for 2024-2025 to 52.2 billion and 61.7 billion respectively, with a new forecast for 2026 set at 74.6 billion, reflecting a strong competitive advantage and potential market share growth in hybrid vehicles [4] - The company is expected to see rapid adoption of its new products, with a significant increase in the acceptance of its "Xiao Yao" battery among various automotive brands [6] Financial Summary - Revenue projections for 2024, 2025, and 2026 are 392.9 billion, 453.9 billion, and 548.3 billion respectively, with year-over-year growth rates of -2.0%, 15.5%, and 20.8% [7] - Net profit forecasts for the same years are 52.2 billion, 61.7 billion, and 74.6 billion, with year-over-year growth rates of 18.4%, 18.1%, and 21.1% [7] - The company's gross margin is expected to improve from 25.8% in 2024 to 26.1% in 2026, indicating enhanced profitability [7] Product Development - The company has successfully integrated sodium-ion battery technology into its super hybrid battery, achieving operational capabilities in extreme cold conditions, which is a significant technological advancement [5] - The "Xiao Yao" battery is expected to be equipped in nearly 30 hybrid models from various manufacturers by 2025, indicating strong market penetration [6]