CATL(SZ:300750) Zhong Guo Zheng Quan Bao·2025-10-20 14:32Core Insights - Ningde Times reported a revenue of 104.186 billion yuan for Q3 2025, a year-on-year increase of 12.90%, and a net profit of 18.55 billion yuan, up 41.21% year-on-year [1] Financial Performance - For the first three quarters of the year, Ningde Times achieved a revenue of 283.07 billion yuan, a year-on-year growth of 9.28%, and a net profit of 49.03 billion yuan, increasing by 36.20% [2] - The company ended Q3 with cash reserves exceeding 360 billion yuan, supporting high-intensity R&D and large-scale capacity construction [2] Production and Capacity Expansion - The company’s production capacity utilization has been continuously improving, with Q3 shipments estimated at approximately 180 GWh, with a ratio of power batteries to energy storage batteries of 8:2 [2] - Ningde Times is actively expanding production capacity across multiple bases, with significant expansions planned in locations such as Shandong, Guangdong, Jiangxi, Fujian, and Qinghai [2] New Product Development - New products, including the Shenxing and Kirin batteries, are expected to account for about 60% of total shipments this year [3] - The company has initiated pilot projects for sodium-ion batteries in commercial vehicles and is collaborating on passenger vehicle development, with product launches expected by the end of this year and shipments starting next year [3][4] Market Outlook and Material Costs - The company is well-positioned to handle rising upstream material prices due to strong demand in the power and energy storage sectors, with strategies in place to mitigate cost impacts [5] - Positive market demand signals for next year are anticipated, with expectations of high growth in both power and energy storage markets [5] Trends in Battery Technology - There is a growing trend towards larger battery capacities in electric vehicles, driven by user demand for extended electric range [6]