CATL(300750) 中邮证券·2025-03-24 06:41Investment Rating - The report maintains an "Overweight" investment rating for the company [1][6]. Core Insights - In 2024, the company achieved revenue of 362.01 billion yuan, a year-on-year decrease of 9.70%, while net profit attributable to shareholders was 50.75 billion yuan, an increase of 15.01% year-on-year [4]. - The company continues to lead the global market in battery sales, with lithium battery sales reaching 475 GWh in 2024, a year-on-year increase of 22% [4]. - The company has a robust production capacity, with a utilization rate of 76.33% in 2024 and plans for additional capacity of 219 GWh [5]. - The company is expected to see significant growth in revenue and net profit from 2025 to 2027, with projected revenues of 431.12 billion yuan, 514.89 billion yuan, and 612.93 billion yuan, respectively [6]. Company Overview - The latest closing price of the company's stock is 256.00 yuan, with a total market capitalization of 112.73 billion yuan [3]. - The company has a debt-to-asset ratio of 69.3% and a price-to-earnings ratio of 21.71 [3]. - The largest shareholder is Xiamen Ruiting Investment Co., Ltd. [3]. Financial Projections - The company is projected to achieve a net profit of 64.93 billion yuan in 2025, representing a year-on-year growth of 27.95% [6]. - The expected earnings per share (EPS) for 2025 is 14.74 yuan, with a price-to-earnings (P/E) ratio of 17.36 [9].