CATL(300750) 东莞证券·2025-03-17 03:16Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [2][8]. Core Views - The company is experiencing steady growth in global market share and robust performance, with a projected increase in earnings per share (EPS) to 14.37 yuan and 17.33 yuan for 2025 and 2026, respectively [5][7]. - The demand for lithium batteries is expected to grow significantly due to the increasing penetration of new energy vehicles and the rising need for energy storage solutions driven by renewable energy development and new data centers [7][8]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 3620.13 billion yuan, a year-on-year decrease of 9.70%. The lithium battery shipment volume reached 475 GWh, a year-on-year increase of 21.79% [5]. - The net profit attributable to shareholders was 507.45 billion yuan, reflecting a year-on-year growth of 15.01% [5]. - The operating cash flow for 2024 was 969.9 billion yuan, an increase of 4.49% year-on-year, with cash reserves reaching 3035.12 billion yuan, up 14.83% [5]. Profitability - The company's gross margin for 2024 was 24.44%, up 1.53 percentage points year-on-year, while the net margin was 14.92%, an increase of 3.26 percentage points [5]. - The unit profit for batteries remained resilient at 0.11 yuan/Wh [5]. Research and Development - R&D expenses for 2024 were 186.07 billion yuan, a year-on-year increase of 1.37%, with an R&D expense ratio of 5.14% [5]. - The company maintains a leading position in the market with a 37.9% share in power batteries and a 36.5% share in energy storage batteries [5]. Capacity and Expansion - The company's production capacity utilization rate increased significantly in the second half of 2024, reaching 76.33% by year-end, with ongoing construction of additional capacity both domestically and internationally [5][6]. - The company is planning to issue H-shares to further its global expansion strategy, aiming to enhance its international competitiveness [7].