CATL(SZ:300750) Zhi Tong Cai Jing·2025-10-22 06:45Core Viewpoint - UBS reports that CATL's Q3 performance slightly exceeded expectations, with net profit increasing by 12% quarter-on-quarter to 18.5 billion RMB, and up 41% year-on-year [1] Financial Performance - For the first nine months, net profit reached 49 billion RMB, which is 73% of the full-year market expectation of 67 billion RMB, indicating a projected net profit of only 18 billion RMB for Q4 [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 and Growth Drivers - Management indicated strong demand for electric vehicle and energy storage system batteries, with momentum expected to continue into next year [1] - Key demand drivers 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 - The first phase of the Hungary factory is currently testing equipment, with the company reaffirming its goal to complete construction by the end of the year [1]