CATL 3750

[winston]

not vested

<Research>G Sachs Downgrades CATL (03750.HK) to Neutral on Valuation, Hikes TP to $436

CATL (03750.HK) reported the 2Q25 revenue of RMB94 billion, up 8% YoY, which was 10% below the broker's forecast, Goldman Sachs said in its research report.

Net profit reached RMB16.5 billion, up 34% YoY, topping expectations by 6%.

The broker revised down its earnings forecasts of the company for 2025-27 by 1%/ 5%/ 3%, mainly reflecting the anticipated decline in battery unit gross profit.

Related News: BofAS Elevates CATL (03750.HK) TP to $475 as 2Q Profit Beats

It maintained a Buy rating for CATL's A-shares (300750.SZ) -7.310 (-2.638%) , raising the target price from RMB323 to RMB328, but downgraded the H-shares rating to Neutral due to valuation factors, lifting the target price from HKD411 to HKD436.

Source: AASTOCKS Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN

[winston]

<Research>M Stanley Downgrades CATL (03750.HK) to Equalweight; Top Pick A-shrs w/ Rating Overweight

Morgan Stanley released a research report expecting that the energy storage industry in China will shift from low-quality to high-quality development over the next 5 years.

Compared to smaller battery manufacturers, CATL (03750.HK)'s products are anticipated to generate a premium of 7-15 ppts in investment return for energy storage projects.

The broker raised its EBITDA forecast for CATL, and elevated its target price for CATL's A-shares (300750.SZ) from RMB425 to RMB490, with rating reiterated at Overweight.

Morgan Stanley also elevated its target price for CATL's H-shares from $465 to $585, and downgraded rating from Overweight to Equalweight, with top pick target shifted from H-shares to A-shares.

Source: AASTOCKS Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN

[winston]

not vested

Chinese battery maker CATL posts faster profit growth in third quarter

Net profit rose 41.2 percent to 18.5 billion yuan (HK$20 billion) in the July-September period from a year earlier, picking up from a 33.7 percent increase in the second quarter.

Revenue rose 12.9 percent year on year to 104.2 billion yuan, up from a 8.3 percent gain in the second quarter.

It's share fell to 36.8 percent in the first eight months from 37.7 percent in the year-ago period,

Chinese EV maker BYD (1211), which also manufactures batteries in-house, took up 18 percent share of the global market versus 16.2 percent a year earlier, buoyed by an expansion in the European market. C

CATL, which supplies automakers including Tesla, Volkswagen and Xiaomi (1810), has also continued overseas expansion, with its new plant in Hungary expected to start production by early next year.

Beijing issued new export controls on lithium battery parts that will require exporters to seek permits from November, casting uncertainty over CATL's future efforts to venture into overseas markets.

Source: Reuters

https://www.thestandard.com.hk/tech-and ... le/314624/

[winston]

not vested

3Q25: Results in Line

3Q25 earnings are in line with our estimates, driven by product mix optimisation, while strong demand was offset by tight production capacity constraints.

We maintain our 2025-27 net profit forecasts of Rmb66.11b/Rmb79.53b/ Rmb94.24b respectively, based on product mix optimisation and robust downstream demand.

Maintain BUY with unchanged target prices of Rmb550.00 for A-share and HK$600.00 for H-share.

Source: UOBKH

https://research.uobkayhian.com/content ... e=hs_email

[winston]

not vested

<Research>JPM: CATL's 3Q25 Results Solid; Mgmt Optimistic About 2026 Demand Outlook

In its report, JPMorgan said that CATL (03750.HK) posted a net profit of RMB18.5 billion in 3Q25, notching a YoY hike of over 40% and a QoQ growth of 12%, aligning with the broker's expectations.

Shipment volume approximated 180 GWh, but only over 165 GWh was confirmed in 3Q25's P&L statement due to delayed revenue recognition from energy storage systems, representing a YoY growth of over 30% and a QoQ increase of over 10%.

Unit profit held sturdy, meeting the broker's forecast.

Related News: M Stanley Expects CATL (03750.HK) 3Q Battery Shipments to Hike 15%+ QoQ, NP May Be RMB18.8B

The group's management was optimistic about 2026's demand outlook, with CATL's A-shares still being the broker's top pick in China's battery value chain, while the broker maintained a Neutral rating on CATL's H-shares due to seemingly fair valuation.

Source: AASTOCKS Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN

[winston]

not vested

CATL Locks RMB66B Solid-state Battery Materials Supply

JIAYUAN TECHNOLOGY (688388.SH) voluntarily disclosed that it recently (4 November) entered into a framework agreement with CATL (03750.HK), in which the two parties will engage in comprehensive cooperation in ways such as the supply, R&D and production of anode current collector materials for new batteries (including but not limited to copper foil for solid-state batteries).

It is explicitly stipulated that, between 2026 and 2028, JIAYUAN TECHNOLOGY should prioritize securing a minimum output supply of 626,000 tons for CATL.

Related News: BofAS Reiterates CATL's TP at HKD605, Expects 4Q Domestic Mkt Shr to Rise

Based on the current market average price of RMB106,000 per ton (including tax) for mainstream copper foil, the collaboration corresponds to an output value of approx. RMB66 billion, Chinese media quoted analyst projections as saying.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN

[winston]

<Research>CLSA Keeps CATL (03750.HK) at Outperform, Expects Low Odds of Major Correction Post HK IPO Lock-up Expiry

The upcoming expiration of the lock-up period for cornerstone investors in CATL's (03750.HK) Hong Kong IPO on November 20 sparked market concerns about potential selling pressure on the stock, CLSA wrote in its research report.

The broker anticipated some profit-taking actions, while not foreseeing a major correction in the stock price.

Once this overhang is ousted, CATL is projected to resume its uptrend, on the back of robust ESS development globally and better battery S/D dynamics in 2026.

Therefore, the broker reaffirmed its Outperform rating for CATL's A-shares and H-shares. The target price for A-shares was set at RMB500, while that for H-shares remained unchanged at HKD685.

Source: AASTOCKS Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN

[winston]

not vested

CATL’s 92% rally in Hong Kong faces threat from lockup expiry

Besides cashing out on the stock’s stellar gains, investors have at least one more reason to sell: valuation

Selling restrictions on early investors expire on Wednesday (Nov 19).

Will potentially free up about 77.5 million shares.

CATL's H-stock is about 20 per cent pricier than its A-stock, after adjusting for exchange rates.

Possibility of CATL’s stock being included in the benchmark Hang Seng Index as well as the Hang Seng Tech Index.

Source: Reuters

https://www.businesstimes.com.sg/compan ... kup-expiry

[winston]

Co-founder of Chinese EV battery giant pockets US$239 million windfall from 1% stake sale

Huang Shilin retains more than 9 per cent of CATL, whose shares have skyrocketed in Shenzhen and Hong Kong

by Daniel Renin

Huang Shilin, co-founder of Contemporary Amperex Technol­ogy (CATL) and its third-largest shareholder, has cashed in on a rally in the Chinese electric vehicle (EV) battery giant’s shares, selling a 1 per cent stake worth 1.7 billion yuan (US$239 million).

The engineer-turned-entrepreneur agreed to offload 45.6 million yuan-denominated A shares to 16 corporate and institutional investors at 376.12 yuan apiece, according to a filing by CATL to the Shenzhen Stock Exchange.

The billionaire still holds more than 9 per cent of the company after the share sale.

CATL, listed in both Shenzhen and Hong Kong, saw its mainland-traded shares advance 42.7 per cent this year, buoyed by its improved technological strength and accelerated overseas expansion.

The transaction price represents a 1.7 per cent premium to CATL’s closing price of 370 yuan on Friday.

Source: SCMP

https://www.scmp.com/business/china-bus ... pe=section

[winston]

not vested

<Research>CLSA Upgrades CATL (03750.HK) to High-Conviction Outperform

After the lock-up period for CATL (03750.HK) H-share IPO ended, the stock price corrected by 9% over the past two days, with the HA premium narrowing to 15%, CLSA said in a report.

Calculated at 22x/18x FY2026/2027 PEs, the valuation of CATL H-shares is more appealing compared to its 31% CAGR in earnings for FY2025-2027.

Related News: JPM Trims CATL (03750.HK) TP to $575, Rating Neutral

The broker upgraded CATL H-shares from Outperform to High-Conviction Outperform, maintaining the target price at HKD685.

It also maintained High-Conviction Outperform for CATL (300750.SZ) A-shares with a target price of RMB500.

Source: AASTOCKS Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN