CATL(SZ:300750) First Shanghai Securities·2024-03-26 16:00Investment Rating - The report maintains a "Buy" rating for the company with a target price of 236.91 RMB, indicating a potential upside of 25.30% from the current price of 189.08 RMB [2][5]. Core Insights - The company achieved a revenue of 400.92 billion RMB in 2023, a year-on-year increase of 22.01%, and a net profit of approximately 44.12 billion RMB, up 43.58% from the previous year [1]. - The company holds a significant competitive advantage in the battery sector, with a global market share of 36.8% in power batteries and 40% in energy storage batteries, maintaining its position as a market leader [1]. - The company is expanding its international presence through partnerships, including a battery factory with Ford in Hungary, which is expected to have a capacity of 100 GWh [1]. Financial Performance Summary - Revenue (in million RMB): - 2022: 328,594 - 2023: 400,917 - 2024 (forecast): 428,773 - 2025 (forecast): 492,657 - 2026 (forecast): 538,627 - Year-on-year growth rates: - 2023: 22% - 2024: 7% - 2025: 15% [3][6] - Net Profit (in million RMB): - 2022: 30,729 - 2023: 44,121 - 2024 (forecast): 53,818 - 2025 (forecast): 61,034 - 2026 (forecast): 66,685 - Year-on-year growth rates: - 2023: 44% - 2024: 22% - 2025: 13% [3][6] - Gross Margin: - 2023: 22.91% - 2024 (forecast): 24.4% - 2025 (forecast): 24.5% [6] Cash Flow and Dividend - The company reported a strong operating cash flow of 928 billion RMB and cash reserves of 2,643 billion RMB at the end of the year [1]. - The company plans to distribute a total cash dividend of 220.6 billion RMB for 2023, which includes a regular cash dividend of 20.11 RMB and a special cash dividend of 30.17 RMB per share [1].