Core Viewpoint - CATL has maintained its leading position in the global power battery industry since 2017, with a projected market share of 37.9% in 2024, significantly ahead of competitors [1] Group 1: Market Position - CATL's power battery installation volume is expected to reach 339.3 GWh in 2024, reinforcing its dominance in the industry [1] - The company has a strong market influence due to its extensive customer base and global market expansion efforts [1] Group 2: Supply Chain Integration - CATL has established a comprehensive lithium battery supply chain through self-built, equity participation, and joint ventures, securing significant control over raw material supply [1] - The company actively invests in key mineral resources like lithium and collaborates with various enterprises to develop essential battery materials [1] - CATL's integrated park model promotes a circular economy, enhancing its resource recovery capabilities and competitive edge in the supply chain [1] Group 3: Research and Development - The company places a high emphasis on R&D, with a consistent investment rate of around 5%, amounting to 4.814 billion yuan in Q1 2025 [1] - Continuous R&D efforts have led to the launch of competitive products such as the Kirin battery and Tianheng energy storage system, which excel in performance, safety, and cost control [1] Group 4: Financial Projections - Revenue forecasts for CATL are 460.9 billion yuan, 570.9 billion yuan, and 676.9 billion yuan for 2025-2027, with corresponding net profits of 55.8 billion yuan, 73.1 billion yuan, and 87.3 billion yuan [1] - A DCF valuation model suggests a target price of 382 HKD for CATL [1]

3月14日晚间，宁德时代发布2024年年报，2024年公司实现营业收入3620.13亿元，同比下降 9.70%；归属于上市公司股东的净利润为507.45亿元，同比增长15.01%。 这是其2018年上市以来首次营收同比下降，但年度净利润首度迈过500亿元关口，创历史新 高！以此估算，宁德时代2024年日赚1.39亿元，而2023年是日赚1.21亿元。 市值上， 截至3月14日，宁德时代总市值达1.15万亿元。 01 动力/储能电池市场占有率超30% 去年，宁德时代实现锂离子电池销量475GWh，同比增长21.79%。其中，动力电池系统销量 381GWh，同比增长18.85%；储能电池系统销量93GWh，同比增长34.32%。 这也促使宁德时代连续八年位居全球动力电池装车量榜首，四年蝉联储能电池出货量冠军， 成 为全球唯一一家在动储能电池两大领域市场占有率均超过30%的新能源科技企业。 但由于电池价格随碳酸锂等原材料价格下降相应调整，动力和储能电池累计贡献营收3102亿 元，同比下滑了10%。宁德时代的另外两大板块为电池材料及回收，以及电池矿产资源，两者 去年营收也呈现两位数下滑。 分季度而言，宁德时代已连续七 ...