盈利能力稳健，出货、增值税好于预期

Investment Rating - The report maintains a Buy rating for CATL (300750 SZ) [4] Core Views - CATL's Q1 2024 revenue was 797 71 billion yuan, down 10 41% YoY, while net profit attributable to shareholders increased by 7 00% YoY to 105 10 billion yuan, and non-GAAP net profit rose 18 56% YoY to 92 47 billion yuan, exceeding expectations [1][4] - The company's global market share in power batteries reached 38 4% in Jan-Feb 2024, up from 35% in Q1 2023, outperforming the industry [5] - Gross margin improved to 26 4%, up 0 8 percentage points QoQ, with non-GAAP profit per Wh at 0 1 yuan, slightly lower than Q4 2023 but stable compared to 2023 [5] - Operating cash flow in Q1 2024 was 28 36 billion yuan, significantly exceeding net profit, indicating strong financial health [5] - The report revised CATL's full-year 2024 net profit forecast to 50 billion yuan, with a PE ratio of 17x, maintaining a positive outlook [5] Financial Performance Summary - Revenue and Profit: Q1 2024 revenue declined 10 41% YoY to 797 71 billion yuan, but net profit grew 7 00% YoY to 105 10 billion yuan, with non-GAAP net profit up 18 56% YoY to 92 47 billion yuan [1][4] - Market Share: CATL's global power battery market share reached 38 4% in Jan-Feb 2024, up from 35% in Q1 2023 [5] - Profitability: Gross margin improved to 26 4%, with non-GAAP profit per Wh at 0 1 yuan, stable compared to 2023 [5] - Cash Flow: Operating cash flow in Q1 2024 was 28 36 billion yuan, significantly higher than net profit [5] - Forecast: Full-year 2024 net profit forecast revised to 50 billion yuan, with a PE ratio of 17x [5] Financial Data Highlights - Income Statement: 2024E revenue is projected at 412 9 billion yuan, with net profit attributable to shareholders at 49 96 billion yuan [10] - Balance Sheet: Total assets are expected to reach 843 54 billion yuan in 2024E, with liabilities at 571 53 billion yuan [10] - Cash Flow: Operating cash flow is forecasted at 102 67 billion yuan in 2024E, with net cash flow at 5 05 billion yuan [10] - Key Ratios: 2024E EPS is projected at 11 36 yuan, with a PE ratio of 16 8x and ROE at 20 3% [10]