Summary of CATL 1H25 Results Conference Call Company Overview - **Company**: Contemporary Amperex Technology Co., Ltd. (CATL) - **Stock Code**: 300750.SZ - **Industry**: Battery manufacturing, primarily for electric vehicles (EV) and energy storage systems (ESS) Key Financial Highlights - **1H25 Net Profit**: Rmb30.5 billion, up 33.3% YoY - **Core Net Profit**: Rmb27.2 billion, +35.6% YoY - **2Q25 Net Profit**: Rmb16.5 billion, +33.7% YoY, +18.3% QoQ - **2Q25 Core Net Profit**: Rmb15.0 billion, +28.5% YoY, +24.6% QoQ - **Gross Profit Margin**: 24.8% in 2Q25, up from 23.7% in 1Q25 and 23.2% in 2Q24 - **Battery Shipments**: Nearly 150 GWh in 2Q25, with ESS batteries accounting for over 20% of total shipments - **Battery Output**: 310 GWh in 1H25, +47% YoY, with a utilization ratio of 89.9%, +24.6 ppt YoY - **Interim Dividend**: Rmb1.007 per share, implying a 15% payout ratio - **Target Price**: Increased to Rmb404 per share from Rmb391 per share, based on 16.4x 2025E EV/EBITDA Segment Performance - **EV Battery Segment**: - Gross Profit: Rmb29.5 billion, +11% YoY, but down 14% HoH - Gross Margin: 22.4%, down 1.1 ppt YoY and 1.9 ppt HoH - **ESS Segment**: - Gross Profit: Rmb7.2 billion, +3% YoY, but down 13% HoH - Gross Margin: 25.5%, +1.1 ppt YoY, but down 3.8 ppt HoH Market and Operational Insights - **Overseas Revenue**: Rmb61.2 billion in 1H25, accounting for 34% of total revenue - **Overseas Gross Profit**: Rmb17.8 billion, covering 40% of total gross profit - **ESS Battery Shipment**: Approximately 50% of total shipments are directed to overseas markets - **R&D Expenses**: Rmb5.3 billion in 2Q25, +24.2% YoY, accounting for 5.6% of total revenue Financial Health - **Free Cash Flow (FCF)**: Rmb38.5 billion in 1H25, +25% YoY - **Net Gearing**: -65% at the end of 1H25, indicating a strong balance sheet - **Operating Cash Flow (OCF)**: Rmb58.7 billion in 1H25, +31% YoY Risks and Challenges - **Raw Material Costs**: Management expects gains from foreign exchange to be offset by increasing raw material costs - **Market Competition**: Potential risks from fierce competition in the EV battery market could impact market share Strategic Outlook - **Expansion Plans**: Continued investment in R&D and expansion projects, particularly in Europe (100 GWh plan in Hungary) - **Market Position**: CATL remains a top pick due to its strong competitiveness, effective cost management, and established global customer base Conclusion - CATL's strong financial performance in 1H25, driven by increased battery shipments and profitability, positions the company well for future growth in the expanding EV market. The strategic focus on R&D and international expansion further enhances its competitive edge in the industry. [1][2][3][4][9][28][29]

根据 Counterpoint Research最新发布的《全球乘用电动车销量追踪报告》 显示，2024年东南亚电动 汽车市场呈现显著增长，销量同比增长超50%，推动电动汽车在新乘用车销量中占领10%的份额。 东南亚现已成为全球增长最快的地区之一。其汽车市场长期由日本和韩国制造商主导，但在后疫情 时代，电动汽车需求激增，而Toyota、Honda、Nissan和Mazda等传统车企反应较慢，使得中国电动 汽车制造商在该地区获得显著市场优势。 根据 Counterpoint Research《最新全球乘用车预测报告》 显示，预计到2025年东南亚地区电动汽车 将占乘用车总销量的13%以上，同比增长41%，并且增长势头有望延续，到2035年预计该地区每售 出的两辆乘用车中就有一辆为电动汽车。 电动汽车在新乘用车中占的份额 数据来源： Counterpoint Research 《最新全球乘用车预测报告》 点击阅读原文查阅更多报告相关内容 2024年东南亚电动汽车市场迎来爆发式增长，销量同比增幅超50%。 在政府激励、资源充足以及中国车企大力投资这三驾马车的拉动下，东南亚正加速崛起为全球 电动汽车的生产枢纽。 预计 ...