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