CATL(SZ:300750) Minsheng Securities·2025-04-15 08:23Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 224.00 yuan [5]. Core Insights - The company's Q1 2025 performance met expectations, with revenue of 847 billion yuan, a year-on-year increase of 6.18%, and a net profit of 139.6 billion yuan, up 32.85% year-on-year. The shipment volume exceeded 120 GWh, representing a growth rate of approximately 26% compared to the same period last year [1]. - The company is expanding its presence in emerging markets, with significant growth in regions like the Middle East and Australia, driven by strong demand for energy storage batteries. The company has secured large storage projects in these markets [2]. - The company is developing a battery swapping business in collaboration with China Petroleum, aiming to establish a nationwide battery swapping network with plans to build at least 500 stations by 2025, eventually expanding to 10,000 stations [3]. Financial Performance Summary - For 2025, the company is projected to achieve revenues of 4,415 billion yuan, with a year-on-year growth rate of 22%. The net profit is expected to reach 669 billion yuan, reflecting a growth rate of 31.8% [4]. - The company's gross margin for Q1 2025 was 24.41%, an increase of 9.37 percentage points from the previous quarter, while the net margin was 17.55%, up 2.72 percentage points [1]. - The earnings per share (EPS) for 2025 is estimated at 15.19 yuan, with a price-to-earnings (PE) ratio of 15 [4].