大行评级丨美银：重申宁德时代“买入”评级 上调AH股目标价

Core Viewpoint - Bank of America reports that CATL's Q3 revenue reached 104 billion yuan, representing a year-on-year growth of 13% and a quarter-on-quarter increase of 11% [1] Financial Performance - Gross margin stood at 25.8%, aligning with Bank of America's expectations [1] - Net profit was 18.5 billion yuan, showing a year-on-year growth of 41% and a quarter-on-quarter increase of 12%, exceeding Bank of America's forecast and market consensus by 6% and 3% respectively [1] - Shipment volume was approximately 180 GWh, reflecting a year-on-year growth of 40% and a quarter-on-quarter increase of 20%, with 80% from electric vehicle batteries and 20% from energy storage system batteries [1] Future Outlook - Bank of America raised CATL's profit forecasts for 2025 to 2027 by 3% each year [1] - The target price for H-shares was increased from 570 HKD to 605 HKD, and for A-shares from 467 CNY to 495 CNY [1] - The "Buy" rating is maintained, considering the robust growth prospects of its energy storage system batteries and new battery technologies that are expected to enhance market share while maintaining healthy profit margins and strong overseas shipment growth [1]