CATL(300750) 华创证券·2024-11-04 06:23Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 320.90 CNY, compared to the current price of 246.20 CNY [5]. Core Insights - The company reported Q3 2024 revenue of 259.045 billion CNY, a year-on-year decrease of 12.09%, while net profit attributable to shareholders was 36.001 billion CNY, an increase of 15.59% year-on-year [1]. - The company's global market share in the power battery sector reached 37.1% from January to August 2024, up 1.6% year-on-year, with a dominant share of 64.9% in the commercial power battery market, an increase of 4.6 percentage points [1]. - The gross margin improved due to a decrease in raw material costs, particularly lithium carbonate, and the introduction of new technologies and products, which have been well-received by mainstream automotive clients [2]. - The company is steadily advancing its global expansion plans, with a production capacity utilization rate increasing by over 10% quarter-on-quarter in Q3 2024 [2]. Financial Summary - The company’s total revenue for 2023 is projected at 400.917 billion CNY, with a year-on-year growth rate of 22.0%. For 2024, revenue is expected to decrease by 3.2% to 388.127 billion CNY, followed by a recovery with growth rates of 19.7% and 19.0% in 2025 and 2026, respectively [4]. - The net profit attributable to shareholders is forecasted to be 44.121 billion CNY in 2023, increasing to 51.823 billion CNY in 2024, with growth rates of 17.5%, 23.9%, and 21.9% for the subsequent years [4]. - The earnings per share (EPS) is expected to rise from 10.02 CNY in 2023 to 11.77 CNY in 2024, and further to 14.59 CNY and 17.78 CNY in 2025 and 2026, respectively [4].