CATL(300750) 群益证券·2024-12-25 06:26Investment Rating - The report assigns a "Buy" rating to the company, with a target price of RMB 308 [17][18]. Core Insights - The company has officially launched the "Pan Stone" chassis, emphasizing safety features that prevent fire and explosion during collisions at speeds of 120 km/h. This chassis integrates battery, motor, and thermal management systems, supporting L4 level autonomous driving and achieving a range of 1000 km [3][7]. - The company is accelerating its European expansion by establishing a joint venture with Stellantis in Spain to build a battery factory with an annual capacity of 50 GWh, expected to start production by the end of 2026 [4][8]. - The company is transitioning from a Tier 1 battery supplier to a Tier 0.5 supplier, providing solutions for automakers with weaker R&D capabilities, which may increase collaboration opportunities amid industry consolidation [19]. Financial Projections - The company is projected to achieve net profits of RMB 51.7 billion, RMB 62.3 billion, and RMB 73.5 billion for the years 2024, 2025, and 2026, respectively, with year-over-year growth rates of 17%, 20.4%, and 18% [20][22]. - Earnings per share (EPS) are expected to be RMB 11.8, RMB 14.1, and RMB 16.7 for the same years, with corresponding P/E ratios of 23, 19, and 16 [20][22]. - The company’s revenue is forecasted to grow from RMB 400.9 billion in 2023 to RMB 521.7 billion in 2026, reflecting a strong demand for power and energy storage batteries [22].