CATL(SZ:300750) Caixin Securities·2025-03-20 02:30Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% compared to the CSI 300 index [7][11]. Core Insights - The company achieved a total revenue of 362.01 billion yuan in 2024, a decrease of 9.7% year-on-year, while the net profit attributable to shareholders was 50.75 billion yuan, reflecting a growth of 15.01% year-on-year [7][8]. - The company has maintained its leading position in the power battery sector, ranking first globally in both power battery usage and energy storage battery shipments for eight and four consecutive years, respectively [7][8]. - The company has a robust research and development framework, with over 20,000 R&D personnel and a total of 43,354 patents and patent applications, ensuring a comprehensive and advanced product matrix [7][8]. Financial Performance Summary - Revenue Forecasts: - 2023: 400.92 billion yuan - 2024: 362.01 billion yuan - 2025: 448.87 billion yuan - 2026: 544.16 billion yuan - 2027: 640.14 billion yuan [4][10] - Net Profit Forecasts: - 2023: 44.12 billion yuan - 2024: 50.75 billion yuan - 2025: 66.42 billion yuan - 2026: 81.44 billion yuan - 2027: 96.01 billion yuan [4][10] - Earnings Per Share (EPS): - 2023: 10.02 yuan - 2024: 11.52 yuan - 2025: 15.08 yuan - 2026: 18.49 yuan - 2027: 21.80 yuan [4][10] - Price-to-Earnings (P/E) Ratio: - 2023: 26.15 - 2024: 22.74 - 2025: 17.37 - 2026: 14.17 - 2027: 12.02 [4][10] - Price-to-Book (P/B) Ratio: - 2023: 5.84 - 2024: 4.67 - 2025: 3.92 - 2026: 3.27 - 2027: 2.74 [4][10]