CATL(SZ:300750)2024-03-21 16:00Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 267.25, down from RMB 302.10 [3][5]. Core Insights - The company achieved a revenue of RMB 400.9 billion in 2023, representing a year-on-year growth of 22%, with a net profit of RMB 44.1 billion, up 44% year-on-year [4][12]. - In Q4 2023, the company reported revenue of RMB 106.2 billion, a year-on-year decrease of 10% but a quarter-on-quarter increase of 1%, with a net profit of RMB 13 billion, down 1% year-on-year but up 24% quarter-on-quarter [4][12]. - The gross profit margin for Q4 reached 25.7%, an increase of 3.1 percentage points year-on-year and 3.2 percentage points quarter-on-quarter [4][12]. Financial Performance - The company shipped 390 GWh of batteries in 2023, a 35% increase year-on-year, with power and energy storage batteries contributing 321 GWh and 69 GWh, respectively [5][13]. - The gross profit margins for power and energy storage batteries were 22.3% and 23.8%, reflecting increases of 5.1 and 6.8 percentage points year-on-year [5][13]. - The company plans to distribute a cash dividend of RMB 50.28 per 10 shares, totaling RMB 22.06 billion [5][13]. Overseas Revenue and Market Share - The company's overseas revenue reached RMB 131 billion in 2023, a 70% increase year-on-year, with a gross profit margin of 25.2%, which is 3.4 percentage points higher than the domestic market [5][14]. - The global market share increased to 36.8% in 2023, with overseas market share at 27.5%, reflecting a year-on-year increase of 4.7 percentage points [5][14]. - The company’s production capacity reached 552 GWh, with an additional 100 GWh under construction and a capacity utilization rate of 70.5% [5][14]. Future Projections - Revenue projections for 2024-2026 are RMB 413.77 billion, RMB 494.52 billion, and RMB 596.72 billion, with net profits expected to be RMB 47.042 billion, RMB 58.303 billion, and RMB 72.325 billion, respectively [5][15]. - The company anticipates battery shipments to reach 480 GWh in 2024, a 23% year-on-year increase, with energy storage batteries expected to grow by 30% [5][15].