CATL(SZ:300750) Shenwan Hongyuan Securities·2025-07-31 08:12Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance is in line with expectations, showing steady profit growth. In Q2, the company achieved revenue of 94.18 billion yuan, a year-on-year increase of 8.3% and a quarter-on-quarter increase of 11.2%. The net profit attributable to shareholders was 16.52 billion yuan, up 33.7% year-on-year and 18.3% quarter-on-quarter [7] - The company is expected to ship approximately 600 GWh of batteries in 2025, representing a year-on-year increase of 27%, with power batteries and energy storage batteries expected to ship 480 GWh and 120 GWh, respectively [7] - The company has a high capacity utilization rate of 90% and a significant increase in inventory, indicating a strong demand outlook for the second half of 2025 [7] - The company has solidified its competitive position globally, with a market share of 38.1% in the global power market and 29.8% in overseas markets as of May 2025 [7] Financial Data and Profit Forecast - For the first half of 2025, the company reported total revenue of 178.89 billion yuan, a year-on-year increase of 7.3%, and a net profit of 30.49 billion yuan, up 33.3% year-on-year [4] - The projected net profit for 2025-2027 is 65.22 billion yuan, 79.35 billion yuan, and 91.99 billion yuan, respectively, with corresponding PE ratios of 19, 16, and 14 [6][7] - The gross profit margin for the first half of 2025 was 25.0%, with a net profit margin of 18.1% [7]