CATL(300750) 交银国际·2025-01-24 01:00Investment Rating - The report maintains a "Buy" rating for the company, Ningde Times (300750 CH), with a target price raised to RMB 314.11, indicating a potential upside of 21.7% from the current closing price of RMB 258.00 [1][4][6]. Core Insights - Ningde Times is expected to continue its strong profitability, supported by new technologies and international expansion, which will help sustain its market position [2]. - The company anticipates a revenue forecast for 2024 of RMB 361 billion, reflecting a year-on-year decline of 10% due to falling raw material prices, while net profit is projected to grow by 11.1% to 20.1% [6][10]. - The market share in the domestic power battery sector is expected to increase to 45.1% in 2024, marking a 1.9 percentage point rise, reversing a trend of declining market share [6][10]. - The company is actively expanding its battery swapping business, planning to establish 1,000 battery swap stations by 2025, with a long-term goal of 30,000 to 40,000 stations [6][10]. - Internationally, Ningde Times aims for its German factory to break even in 2024, with plans for a joint venture factory in Spain with Stellantis to start production by the end of 2026 [6][10]. Financial Summary - Revenue (in million RMB) is projected to be RMB 361,000 in 2024, RMB 441,723 in 2025, and RMB 477,305 in 2026, with respective year-on-year growth rates of -10.0%, 22.4%, and 8.1% [3][15]. - Net profit (in million RMB) is expected to reach RMB 50,004 in 2024, RMB 61,857 in 2025, and RMB 67,358 in 2026, with growth rates of 13.3%, 23.7%, and 8.9% respectively [3][15]. - The company’s price-to-earnings ratio is projected to decrease from 36.0 in 2022 to 14.3 by 2026, indicating improved valuation as earnings grow [3][15]. - The report highlights a significant increase in gross profit margin from 20.3% in 2022 to 27.8% in 2025, reflecting enhanced operational efficiency [16].