CATL(300750) 华创证券·2025-04-23 06:03Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [2][20]. Core Insights - The company's performance in Q1 2025 met expectations, with total revenue of 84.7 billion and a year-on-year increase of 6%. The net profit attributable to shareholders reached 14 billion, reflecting a 33% increase year-on-year [7]. - The company is expected to significantly expand its battery exchange network in 2025, with plans to build 1,000 battery swap stations and partnerships with major companies to enhance its market presence [7]. - The commercial vehicle battery sector shows substantial growth potential, with the company holding over 70% market share in this area [7]. - The report forecasts net profits for 2025-2027 to be 65.03 billion, 78.54 billion, and 93.08 billion respectively, with corresponding P/E ratios of 16, 13, and 11 [7]. Financial Summary - Key financial metrics for the company include: - Total revenue projected to grow from 362.01 billion in 2024 to 656.67 billion in 2027, with a CAGR of 18% [3]. - Net profit attributable to shareholders expected to increase from 50.75 billion in 2024 to 93.08 billion in 2027, with a CAGR of 18.5% [3]. - Earnings per share (EPS) projected to rise from 11.52 yuan in 2024 to 21.14 yuan in 2027 [3]. - The company’s market capitalization is approximately 1,015.82 billion yuan, with a current share price of 230.69 yuan and a target price of 369.25 yuan [4][3].