CATL(SZ:300750) Orient Securities·2025-03-21 13:59Investment Rating - The report maintains a "Buy" rating for the company with a target price of 358.32 CNY based on a 24x PE for 2025 [3][7]. Core Insights - The company's performance in 2024 is in line with expectations, with a projected revenue of 362.01 billion CNY and a net profit of 50.75 billion CNY, reflecting a year-on-year growth of 15.01% [8]. - The company has significantly improved its capacity utilization, reaching 76.3% for the year, and is making steady progress in its overseas expansion, including factories in Germany, Hungary, Spain, and Indonesia [8]. - New product launches are progressing well, with expectations that the share of new battery types in total shipments will increase from 30%-40% in 2024 to 60%-70% in 2025 [8]. Financial Performance Summary - Revenue for 2023 is reported at 400.92 billion CNY, with a projected decline of 9.7% in 2024, followed by a recovery with a growth of 35.5% in 2025 [5][11]. - The company's net profit for 2023 is 44.12 billion CNY, with forecasts of 50.75 billion CNY in 2024 and 65.75 billion CNY in 2025, indicating a growth rate of 15.0% and 29.6% respectively [5][11]. - The gross margin is expected to improve slightly from 19.2% in 2023 to 24.0% in 2027, while the net margin is projected to stabilize around 14% [5][11].