Tear Sheet: Contemporary Amperex Technology Co. Ltd.

CATL will likely further expand its business scale and geographical diversity over the next two years following its stronger result than we expected in the first half of 2023. The company?s revenue should grow 30%-50% annually in 2023 and 2024, moderating from 68% year-on-year growth in the first half of 2023. The is due to a higher base of China?s electric vehicle (EV) penetration. The EBITDA margin should rise to 17.1%-17.3% during the period from 16.9% in the first half of 2023 on sales growth and moderating material cost. Overseas business expansion should support high growth. Increasing battery exports from China and gradual ramp-up of the company's German plant should partly mitigate slowing growth in China. CATL's overseas revenue will

...July 31, 2023 What's new: CATL will likely further expand its business scale and geographical diversity over the next two years following its stronger result than we expected in the first half of 2023. Forecasts: The company's revenue should grow 30%-50% annually in 2023 and 2024, moderating from 68% year-on-year growth in the first half of 2023. The is due to a higher base of China's electric vehicle (EV) penetration. The EBITDA margin should rise to 17.1%-17.3% during the period from 16.9% in the first half of 2023 on sales growth and moderating material cost. Other drivers:...

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