CATL(SZ:300750) SINOLINK SECURITIES·2025-04-15 06:59Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [1]. Core Insights - The company reported a revenue of 84.7 billion yuan for Q1 2025, with a year-on-year increase of 6% but a quarter-on-quarter decrease of 18%. The net profit attributable to shareholders was 14 billion yuan, reflecting a year-on-year increase of 33% and a quarter-on-quarter decrease of 5% [1]. - The gross margin was 24.4%, showing a year-on-year decrease of 2 percentage points but a quarter-on-quarter increase of 9 percentage points. The net margin was 17.6%, with a year-on-year increase of 4% and a quarter-on-quarter increase of 3% [1]. - The company expects to maintain a shipment growth rate of 25%-30% for 2025, driven by increased demand in Europe and contributions from commercial vehicles and data center storage batteries [2]. Summary by Sections Performance Analysis - The company achieved a shipment of 125 GWh in Q1 2025, with a year-on-year increase of 30% but a quarter-on-quarter decrease of 13%. The slower revenue recognition is attributed to an increased proportion of energy storage on the AC side, which has a longer revenue recognition cycle [2]. - The unit battery price for Q1 was 0.6 yuan/Wh, reflecting a year-on-year decrease of 17% and a quarter-on-quarter decrease of 5%, primarily due to lower raw material costs [2]. - The estimated unit operating and net profit for Q1 were 0.084 yuan/Wh and 0.099 yuan/Wh, respectively, both showing a nearly 10% increase compared to the previous periods [2]. Future Outlook - The company has a full production schedule for April and Q2 2025, with minimal exposure to U.S. tariffs. The tariff impact is expected to be in the low single digits, and other countries' tariff policies remain stable [2]. - The company anticipates a significant increase in shipments to Europe, with an expected growth rate exceeding 20% due to favorable market conditions [2]. Research and Development - The company is committed to high levels of R&D investment, significantly exceeding industry standards. New products such as the "Shenxing" ultra-fast charging battery and "Tianxing" heavy-duty commercial vehicle battery are being developed, along with innovations in battery swapping technology [3]. - The company is also enhancing manufacturing efficiency through automation technologies like robotic arms and AGVs, aimed at improving production capabilities [3]. Financial Projections - The company is projected to achieve revenues of 700 billion yuan and 839 billion yuan in 2025 and 2026, respectively, with corresponding P/E ratios of 14x and 12x [4].