CATL(300750) Tebon Securities·2024-12-12 14:23Investment Rating - The report maintains a "Buy" rating for the company [2][5]. Core Views - The company is expected to achieve significant revenue growth, with projected revenues of 398.7 billion, 459.6 billion, and 513.1 billion yuan for 2024, 2025, and 2026 respectively, alongside net profits of 50.1 billion, 59.6 billion, and 70.4 billion yuan for the same years [5]. - The company has signed a joint venture agreement with Stellantis to establish a battery factory in Spain, with a total investment of 40.38 billion euros, which will enhance its strategic partnership in the electric vehicle sector [3][4]. Summary by Sections Market Performance - The current stock price is 273.71 yuan, with a historical price range of 137.38 to 299.00 yuan over the past 52 weeks [7]. - The company has shown a relative performance increase of 4.81% over one month and 20.28% over three months compared to the market index [2]. Financial Data and Forecasts - The company’s projected operating income for 2024 is 400.9 billion yuan, with a gross margin expected to rise to 25.6% [10]. - The net profit margin is forecasted to be 13.4% in 2024, with a net profit growth rate of 13.6% [9]. - The company’s total assets are projected to reach 782.6 billion yuan by 2024, with a debt-to-asset ratio of 64.8% [11]. Investment Highlights - The company is recognized as an industry leader with strong supply chain integration capabilities and accelerated product iteration [5]. - The joint venture with Stellantis aims to produce up to 50 GWh of power batteries annually, targeting Stellantis as the primary customer [4].