CATL(SZ:300750)2024-03-18 16:00Investment Rating - The report maintains a Buy rating for the company, supported by its strong performance and market leadership [1][2] Core Views - The company's 2023 full-year profit reached RMB 44.121 billion, a year-on-year increase of 43.58%, aligning with expectations [1] - The company's leading position in the industry remains solid, with a significant market share in both domestic and international markets [1] - A high dividend payout plan has been proposed, with a cash dividend of RMB 50.28 per 10 shares, totaling RMB 22.06 billion [1] Financial Performance - 2023 Revenue: RMB 400.917 billion, up 22.0% year-on-year [2] - 2023 Net Profit: RMB 44.121 billion, up 43.6% year-on-year [2] - 2023 EPS: RMB 10.03, up 43.6% year-on-year [2] - 2024-2026 Forecasted EPS: Adjusted to RMB 10.81/12.12/14.32, with P/E ratios of 17.7x/15.8x/13.3x [1][2] Business Segments - Lithium-ion Battery Sales: 390GWh in 2023, up 34.95% year-on-year, with 321GWh from power battery systems and 69GWh from energy storage systems [1] - Power Battery System Revenue: RMB 2852.53 billion, up 20.57%, with a gross margin of 22.27%, up 5.10 percentage points [1] - Energy Storage Battery System Revenue: RMB 599.01 billion, up 33.17%, with a gross margin of 23.79%, up 6.78 percentage points [1] - Battery Materials and Recycling Revenue: RMB 336.02 billion, up 29.08%, with a gross margin of 11.38%, down 9.85 percentage points [1] - Battery Mineral Resources Revenue: RMB 77.34 billion, up 71.54%, with a gross margin of 19.86%, up 7.62 percentage points [1] Market Position - Domestic Market Share: 44.5% in 2023, maintaining the top position for 7 consecutive years [1] - Overseas Market Share: 27.5% in 2023, up 4.7 percentage points year-on-year [1] - Global Energy Storage Market Share: 40% in 2023, leading for 3 consecutive years [1] Valuation and Forecast - 2024-2026 Revenue Forecast: RMB 391.201/471.785/548.019 billion, with growth rates of -2.4%/20.6%/16.2% [2] - 2024-2026 Net Profit Forecast: RMB 47.563/53.306/63.011 billion, with growth rates of 7.8%/12.1%/18.2% [2] - 2024-2026 EBITDA Forecast: RMB 82.009/92.883/113.837 billion [2] Industry Outlook - The report highlights the company's strong position in the battery and energy storage industry, with continued growth expected in both domestic and international markets [1][2]