CATL(300750) 申万宏源·2025-03-17 12:04Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance met expectations, showcasing strong profitability resilience with a revenue of 362 billion yuan in 2024, a 9.7% year-on-year decline, while net profit increased by 15% to 507 billion yuan [4][7] - The company is entering a new innovation cycle, supported by a solid global competitive position and an increase in new model partnerships [7][27] Financial Performance Summary - In 2024, the company achieved total revenue of 362 billion yuan, with a gross margin of 24.4%, and a net profit margin of 14.0% [7][8] - Battery shipments reached 475 GWh, a 22% increase year-on-year, with significant growth in both power and energy storage batteries [10][34] - The company plans to expand production capacity steadily, with a total capacity of 676 GWh and a utilization rate of 76% in 2024 [19][34] Market Position and Competitive Landscape - The company holds a 37.9% share of the global power battery market and a 45.1% share in the domestic market, indicating a strong competitive position [7][33] - The number of new models supported by the company increased by 100 compared to 2023, enhancing its market presence [7][41] Future Outlook - The company expects to see a rebound in battery prices and continued growth in global electric vehicle sales, leading to an upward revision of profit forecasts for 2025-2027 [7][48] - The company plans to distribute over 250 billion yuan in cash dividends, reflecting a payout ratio of 50% [7][23]