CATL(300750) 华福证券·2025-04-24 06:39Investment Rating - The investment rating for the company is "Buy" [6][20]. Core Views - The company's performance meets expectations with a significant increase in net profit margin, achieving a net profit of 139.63 billion, up 33% year-on-year [3]. - The company is expanding its global market presence, particularly in Europe, the Middle East, and Australia, with a focus on energy storage and electric vehicle markets [5]. - The company maintains a strong research and development capability, with over 20,000 R&D personnel and a substantial number of patents, which supports its competitive edge [5]. Financial Performance - In Q1 2025, the company reported revenues of 847.05 billion, a year-on-year increase of 6%, and a net profit margin of 17.5%, marking a 3.5 percentage point increase year-on-year [3]. - The gross profit margin reached 24.4%, reflecting a 1.16 percentage point increase year-on-year [3]. - The company expects sales volume to reach approximately 124 GWh in Q1 2025, with a year-on-year growth of over 30% [4]. Market Expansion - The company has successfully increased its market share in the European power market from 17% in 2021 to 38% in 2024, becoming the market leader [5]. - The company is actively pursuing opportunities in rapidly growing energy storage markets in the Middle East and Australia, driven by high demand for renewable energy and AI data centers [5]. Profit Forecast - The projected net profits for the company from 2025 to 2027 are 639 billion, 809 billion, and 1009 billion respectively, with corresponding PE ratios of 16, 13, and 10 [6].