CATL(300750) 东方证券·2025-03-21 10:23Investment Rating - The report maintains a "Buy" rating for the company with a target price of 358.32 CNY, based on a projected PE of 24 times for 2025 [3][7]. Core Views - The company's performance in 2024 is in line with expectations, with a revenue forecast 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 the company introducing innovative battery series that are expected to increase their market share in the LFP and NCM product lines [8]. Financial Summary - The company's revenue is projected to grow from 400.92 billion CNY in 2023 to 675.01 billion CNY in 2027, with a compound annual growth rate (CAGR) of 17.9% [5][11]. - The net profit attributable to the parent company is expected to rise from 44.12 billion CNY in 2023 to 95.15 billion CNY in 2027, indicating a CAGR of 19.1% [5][11]. - The gross margin is forecasted to stabilize around 24% by 2027, while the net margin is expected to remain around 14% [5][11].