CATL(SZ:300750) HTSC·2025-04-22 05:15Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company continues to strengthen its technological leadership in the new energy industry, showcasing innovations in fast charging, sodium-ion batteries, and multi-core technology during its Technology Day event [1] - The second-generation Shenxing battery offers a range of 800 km and ultra-fast charging capabilities, addressing concerns about range and charging anxiety in electric vehicles [2] - The newly launched "Sodium New" sodium-ion battery brand demonstrates significant improvements in performance and safety, with a lifecycle cost reduction of 61% compared to traditional lead-acid batteries [3] - The introduction of the Xiaoyao dual-core battery integrates advanced technologies to enhance energy density and reduce costs, which is beneficial for the next generation of battery technologies [4] Financial Projections and Valuation - The company is projected to achieve net profits of RMB 66.62 billion, RMB 80.20 billion, and RMB 92.56 billion for the years 2025 to 2027, respectively, with corresponding EPS of RMB 15.13, RMB 18.21, and RMB 21.02 [5][20] - The target price for the company is set at RMB 314.49, based on a PE ratio of 20.79 times for 2025 [5][9] - Revenue forecasts indicate a growth trajectory with expected revenues of RMB 446.46 billion, RMB 548.60 billion, and RMB 631.39 billion from 2025 to 2027, reflecting a compound annual growth rate [7][20]