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In 2024, Contemporary Amperex Technology Co. Limited (CATL) achieved a net profit attributable to shareholders of RMB 50.745 billion, marking a year-on-year growth of 15.01%. Its non-GAAP net profit stood at RMB 44.993 billion, reflecting an increase of 12.23%, surpassing market expectations. As a global leader in power storage battery shipments, CATL maintains a firm hold on the top market share position. The company is actively scaling up its production capacity, with a total of 219GWh of capacity currently under construction both domestically and internationally. Furthermore, CATL's solid-state battery research and development efforts are progressing smoothly, while the performance of its second-generation sodium-ion batteries is rapidly approaching that of lithium iron phosphate batteries. Based on these developments, we maintain our 'Overweight' rating for the company.
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