CATL(SZ:300750) Changjiang Securities·2025-08-14 15:30Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 178.886 billion yuan for the first half of 2025, representing a year-on-year growth of 7.27%. The net profit attributable to shareholders was 30.485 billion yuan, up 33.33% year-on-year, while the net profit excluding non-recurring items was 27.197 billion yuan, an increase of 35.62% year-on-year [2][4]. Financial Performance - For the second quarter of 2025, the company achieved a revenue of 94.182 billion yuan, with a year-on-year growth of 8.26%. The net profit attributable to shareholders was 16.523 billion yuan, reflecting a year-on-year increase of 33.73%, and the net profit excluding non-recurring items was 15.368 billion yuan, up 42.21% year-on-year [2][4]. - In the first half of 2025, the revenue from power batteries was 131.57 billion yuan, showing a year-on-year growth of 16.80%, while the gross margin was 22.41%, a decrease of 1.07 percentage points year-on-year. The revenue from energy storage batteries was 28.4 billion yuan, down 1.47% year-on-year, with a gross margin of 25.52%, an increase of 1.11 percentage points year-on-year [10]. - The company’s lithium battery shipments approached 150 GWh in the second quarter of 2025, with a year-on-year growth of over 30%, indicating a faster growth rate in power battery shipments compared to the industry [10]. Business Outlook - The company is expected to benefit from the ongoing expansion of its factory in Hungary and the planned factory in Spain, which will enhance its market share in Europe. The company is also extending its business into downstream system integration, with projects in the Middle East and Australia contributing to profitability [10]. - The long-term value of new businesses, such as battery swapping and energy storage for data centers, is not yet reflected in the current market valuation. Successful implementation of these initiatives could significantly enhance market share and profitability [10].