CATL(SZ:300750) Tai Ping Yang·2024-05-19 01:30Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [7][8]. Core Insights - The company's 2023 annual report shows strong profitability, with revenue reaching 400.9 billion yuan, a year-on-year increase of 22%, and a net profit of 44.1 billion yuan, up 44% year-on-year [1][3]. - The global market share for the company's power batteries is 36.8%, an increase of 0.6 percentage points from the previous year, maintaining its position as the world's largest supplier for seven consecutive years [3][4]. - The company plans to distribute a cash dividend of 50.28 yuan per 10 shares, totaling 22.1 billion yuan [3]. Financial Performance Summary - Revenue for 2023 was 400.9 billion yuan, with a projected revenue of 403.9 billion yuan for 2024, reflecting a growth rate of 0.75% [5]. - The net profit for 2023 was 44.1 billion yuan, with an expected increase to 46.3 billion yuan in 2024, representing a growth rate of 5.01% [5]. - The diluted earnings per share (EPS) for 2023 was 11.79 yuan, projected to decrease to 10.53 yuan in 2024 before increasing to 12.24 yuan in 2025 and 15.89 yuan in 2026 [5][6]. Market Position and Strategy - The company continues to expand its overseas market presence, with a 27.5% market share in overseas power battery usage, an increase of 4.7 percentage points year-on-year [3][4]. - Strategic partnerships with major automotive manufacturers such as BMW and Daimler are expected to enhance the company's market position in Europe [3]. - The company is leveraging new technologies, including the Shenxing battery and Kirin battery, to maintain high profitability levels [3][4].