CATL(SZ:300750) Guoxin Securities·2025-03-17 13:47Investment Rating - The investment rating for the company is "Outperform the Market" [5][33]. 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 was 24.44%, up by 5.25 percentage points year-on-year, and the net margin was 14.92%, an increase of 3.26 percentage points year-on-year [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 year-on-year [2][20]. - The company is accelerating its global expansion, with a total production capacity of 676 GWh and an additional 219 GWh under construction as of the end of 2024. The total planned capacity is 895 GWh, an increase of 96 GWh from the end of the first half of 2024 [3][24]. Summary by Sections Financial Performance - In 2024, the company reported revenue of 362.013 billion yuan, down 10% year-on-year, and a net profit of 50.745 billion yuan, up 15% year-on-year. 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%, an increase of 1.1 percentage points year-on-year. In the domestic market, its share reached 45.1%, up by 2.0 percentage points [20][26]. - The company also holds a strong position in the energy storage battery market, with a sales volume of 94 GWh in 2024, a year-on-year increase of 36%, maintaining its status as the global leader for four consecutive years [2][26]. Capacity Expansion - The company is rapidly expanding its production capacity, with a total capacity of 676 GWh and 219 GWh under construction as of the end of 2024. The company is also actively building new facilities in Germany, Hungary, Spain, and Indonesia [3][24]. - The company plans to finalize the establishment of a fourth battery factory in Europe by 2025, further enhancing its global production capabilities [24]. Future Outlook - The profit forecast for 2025-2027 has been raised, with expected net profits of 66.202 billion yuan, 81.466 billion yuan, and 96.820 billion yuan, respectively, reflecting year-on-year growth rates of 31%, 23%, and 19% [33].