CATL(300750) 交银国际证券·2025-01-24 00:29Investment Rating - The report maintains a "Buy" rating for the company [2][4][13]. Core Views - The company exhibits strong profitability, with new technologies and international expansion supporting continued growth [2]. - The target price has been raised to RMB 314.11, reflecting a potential upside of 21.7% from the current price of RMB 258.00 [1][6][8]. Financial Summary - Revenue projections for 2024 are set at RMB 361 billion, a decrease of 10% year-on-year, primarily due to falling raw material prices [6][15]. - Net profit for 2024 is expected to be between RMB 49 billion and RMB 53 billion, representing a year-on-year growth of 11.1% to 20.1% [6][15]. - The company anticipates a net profit margin of 14.1% for 2024, an increase of 3.1 percentage points year-on-year [6][15]. - The company’s market share in the domestic power battery installation market is projected to rise to 45.1% in 2024, up 1.9 percentage points from the previous year [6][15]. - The company plans to establish 1,000 battery swap stations by 2025, with a long-term goal of 30,000 to 40,000 stations [6][15]. Financial Data Overview - Revenue (in million RMB): - 2022: 328,594 - 2023: 400,917 - 2024E: 361,000 - 2025E: 441,723 - 2026E: 477,305 [3][15]. - Net Profit (in million RMB): - 2022: 30,729 - 2023: 44,121 - 2024E: 50,004 - 2025E: 61,857 - 2026E: 67,358 [3][15]. - Earnings per Share (in RMB): - 2022: 7.18 - 2023: 11.79 - 2024E: 13.36 - 2025E: 16.53 - 2026E: 18.00 [3][15]. Market Position and Strategy - The company is enhancing its competitive edge through the introduction of new products and technologies in various sectors, including commercial vehicles and energy storage [6][15]. - International production capacity is being established, with the German factory expected to break even in 2024 and the Hungarian factory set to commence production in 2025 [6][15].