CATL(SZ:300750) CAITONG SECURITIES·2025-03-18 06:44Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved revenue of 362.01 billion yuan in 2024, a year-on-year decrease of 9.7%, while net profit attributable to shareholders was 50.75 billion yuan, an increase of 15.0% year-on-year [7][10] - Battery sales increased significantly, with a total of 475 GWh sold in 2024, representing a year-on-year growth of 22% [7][10] - The company is focusing on overseas capacity expansion and has a strong cash flow, with a cash dividend amounting to 19.976 billion yuan, resulting in a dividend yield of 2% [7][38] - The company is expected to maintain a strong market position with projected revenues of 444.78 billion yuan, 541.78 billion yuan, and 621.90 billion yuan for 2025, 2026, and 2027 respectively [7][10] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 362.01 billion yuan, down 9.7% year-on-year, while net profit attributable to shareholders was 50.75 billion yuan, up 15.0% year-on-year [7][10] - The average battery price in 2024 was 0.65 yuan/Wh, down from 0.89 yuan/Wh in 2023 [7][10] - The company’s net profit margin improved, with a net profit margin of 14.3% in Q4 2024, up 2.1 percentage points quarter-on-quarter [7][10] Capacity and Inventory - The company has ongoing construction projects worth 29.8 billion yuan in Q4 2024, a 19.0% increase year-on-year, to meet market demand [7][28] - Inventory at the end of 2024 was 59.8 billion yuan, reflecting an increase due to expanded sales and longer shipping times for some products [7][32] Market Position - The company’s global installed capacity reached 339.3 GWh in 2024, a year-on-year increase of 31.7%, capturing a market share of 37.9% [7][43] - In the domestic market, the company maintained a market share of 45.08% with an installed capacity of 246.01 GWh in 2024 [7][41] Cash Flow and Dividends - The operating cash flow for 2024 was 97 billion yuan, with a free cash flow of 60.2 billion yuan, up 46% year-on-year [7][38] - The company distributed cash dividends amounting to 19.976 billion yuan, representing 39% of net profit attributable to shareholders [7][38]