CATL reports record profit; analysts predict growth
scmp.com —
Chinese electric vehicle battery maker CATL reported a record profit for 2024, with net income rising 15% to 50.7 billion yuan. This marks the highest annual profit since its 2018 listing in Shenzhen. Despite the profit increase, CATL's revenue fell 9.7% to 362 billion yuan, its first annual decline since 2015. The drop was linked to price adjustments due to lower raw material costs. US investment bank Jefferies raised its price target for CATL to 413 yuan, expecting strong growth in the global EV and energy storage markets. CATL shares closed at 256 yuan, down 2%.