CATL(300750) 国信证券·2025-03-18 00:30Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company achieved a net profit of 50.745 billion yuan in 2024, representing a year-on-year increase of 15%. However, revenue decreased by 10% to 362.013 billion yuan. The gross margin improved to 24.44%, up by 5.25 percentage points year-on-year, while the net margin increased to 14.92%, up by 3.26 percentage points [1][8] - The company maintained its leading position in the global power battery market, with a sales volume of 381 GWh in 2024, a year-on-year increase of 19%. The gross margin for power batteries was 23.94%, up by 5.81 percentage points [2][20] - The company is accelerating its capacity expansion and global layout, with a total planned capacity of 895 GWh by the end of 2024, an increase of 96 GWh from the first half of 2024 [3][24] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 362.013 billion yuan, down 10% year-on-year, and a net profit of 50.745 billion yuan, up 15%. The gross margin was 24.44%, and the net margin was 14.92% [1][8] - For Q4 2024, the company achieved revenue of 1029.68 billion yuan, a decrease of 3% year-on-year but an increase of 12% quarter-on-quarter. The net profit for Q4 was 147.44 billion yuan, up 14% year-on-year and 12% quarter-on-quarter [1][8] Market Position - The company continues to lead the global power battery market with a market share of 37.9%, and it has maintained its position as the top supplier for eight consecutive years [2][20] - The company also leads the global energy storage battery market, achieving a sales volume of 94 GWh in 2024, a year-on-year increase of 36% [2][26] Capacity Expansion - The company’s battery production capacity reached 676 GWh by the end of 2024, with an additional 219 GWh under construction, totaling a planned capacity of 895 GWh [3][24] - The company is actively expanding its global footprint, with production facilities in Germany, Hungary, Spain, and Indonesia [3][24] Future Outlook - The company has raised its profit forecast, expecting net profits of 66.202 billion yuan, 81.466 billion yuan, and 96.820 billion yuan for 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 31%, 23%, and 19% [33]