CATL(SZ:300750) Ge Long Hui·2025-10-21 04:00Core Viewpoint - UBS report indicates that CATL's Q3 performance slightly exceeded expectations, with a net profit of 18.5 billion yuan, a 12% quarter-on-quarter increase and a 41% year-on-year increase [1] Financial Performance - For the first nine months, CATL's net profit reached 49 billion yuan, accounting for 73% of the full-year market expectation [1] - The company is expected to see a moderate upward adjustment in earnings forecasts due to the seasonal factors that typically favor Q4 over Q3 [1] Market Demand - Strong demand for electric vehicle and energy storage system batteries is anticipated to continue into next year [1] - Key drivers of demand include increased battery installation per vehicle, rapid growth in electric heavy truck sales, and improved utilization and profitability of domestic and international energy storage projects [1] Operational Updates - CATL's Hungarian factory's first phase is currently testing equipment, with a reaffirmation of the goal to complete construction by the end of the year [1] Stock Performance - UBS has included CATL in its review as the stock price has surpassed the target price, which was previously set at 495 HKD with a "buy" rating [1]