CATL
2025.10.24
2025.10.23
11:56
Haitong International published a research report stating that CATL achieved total revenue of 283.1 billion yuan in the first three quarters of 2025, a year-on-year increase of 9.3%; net profit attributable to shareholders of the parent company reached 49 billion yuan, a year-on-year increase of 36.2%; and net profit attributable to shareholders of the parent company after deducting non-recurring items reached 43.6 billion yuan, a year-on-year increase of 35.6%. CATL has significantly improved its profitability, with strong and healthy cash flow, driven by its dual-engine power and energy storage battery business, and continuously optimizing its structure. This year, CATL launched a series of innovative products. In the passenger vehicle sector, it released the second-generation Shenxing supercharger battery, Xiaoyao dual-core battery, and sodium-new battery; in the commercial vehicle sector, it released the sodium-new Qizhu integrated battery and Kunshi chassis energy storage; and in the commercial vehicle sector, it announced the mass production and delivery of 587Ah large-capacity energy storage battery cells and released TENERStack, the world's first mass-produced 9MWh ultra-large-capacity energy storage system solution. The bank projects that the company will achieve operating revenue of 425.5 billion, 509.3 billion, and 584.9 billion yuan in 2025, 2026, and 2027, respectively, corresponding to net profits attributable to shareholders of the parent company of 68.2 billion, 86.1 billion, and 103.5 billion yuan, respectively, representing price-to-earnings ratios of 25, 20, and 17 times, respectively. Considering the company's position as a global leader in the lithium battery industry, with a significant market share and the continued launch of iterative products, Haitong International assigns the company a 2026 price-to-earnings ratio of 30 times, a target price of HK$618 for its H-shares, and maintains an "Outperform" rating.
2025.10.22
2025.10.21
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