CATL(SZ:300750) 智通财经网·2025-10-22 06:48Core Insights - UBS reported 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] - For the first nine months, net profit reached 49 billion RMB, representing 73% of the full-year market expectation of 67 billion RMB, indicating a projected net profit of only 18 billion RMB for Q4 [1] - UBS noted that due to CATL's stock price exceeding the target price, the stock is under review, with a previous target price set at 495 HKD and a "buy" rating [1] Demand and Growth Factors - Management indicated strong demand for electric vehicle and energy storage system batteries, expecting this momentum 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] - The company reaffirmed its goal to complete the first phase of its Hungarian factory by the end of the year, with equipment testing already underway [1]