CATL(300750) 国泰君安·2024-03-17 16:00Investment Rating - The report maintains a "Buy" rating for the company, with a target price raised to 255.50 yuan, reflecting a 25 times PE for 2024 [4][2]. Core Insights - The company demonstrates strong profitability with a high dividend payout, emphasizing shareholder returns. The gross margin in H2 2023 increased against the trend, showcasing robust earnings capability [2]. - The company achieved a revenue of 400.92 billion yuan in 2023, a year-on-year increase of 22.0%, and a net profit of 44.12 billion yuan, up 43.6% year-on-year [2][3]. - The company continues to lead in the battery industry, with a 36.8% global market share in power batteries and a 40% share in energy storage batteries, maintaining its position as the world's largest supplier for seven and three consecutive years, respectively [2]. Financial Summary - Revenue for 2023 was 400,917 million yuan, with a growth rate of 22% compared to 2022. The operating profit (EBIT) was 51,183 million yuan, reflecting a 63% increase year-on-year [3]. - The net profit attributable to shareholders reached 44,121 million yuan, a 44% increase from the previous year, with an EPS of 10.03 yuan for 2023 [3]. - The company plans to distribute a cash dividend of 22.06 billion yuan, resulting in a dividend payout ratio of 50% [2]. Profitability and Valuation Metrics - The operating profit margin for 2023 was 12.8%, and the return on equity (ROE) was 22.3% [3]. - The company’s PE ratio for 2023 was 18.05, with an expected PE of 17.71 for 2024 [3][9]. - The gross margin for 2023 was 22.9%, with projections for 2024 indicating a slight increase to 23.9% [3]. Market Position and Growth - The company launched several new battery products in 2023, including the Kirin battery and M3P battery, contributing to a 34.95% increase in lithium battery sales, totaling 390 GWh [2]. - The company’s strong cash flow and commitment to shareholder returns are evident in its high dividend payout and ongoing investment in product innovation [2][3].