CATL(SZ:300750) Ge Long Hui·2025-10-23 02:57Core Viewpoint - The report from CICC indicates that CATL's third-quarter revenue increased by 12.9% year-on-year, with net profit rising by 41.21%, slightly exceeding market expectations due to increased shipments of energy storage products [1] Financial Performance - CATL's third-quarter lithium battery shipments reached 165 GWh, a year-on-year increase of 31.5%, with power battery shipments up by 31% and energy storage battery shipments up by 33.3% [1] - The average price of lithium batteries in the third quarter is estimated to be around 0.57 to 0.58 yuan per Wh, with a unit gross profit of approximately 0.14 yuan per Wh [1] Revenue and Profit Forecast - CICC estimates that the cumulative revenue from lithium materials, mineral resources, and other businesses in the third quarter will be between 10 to 10.5 billion yuan, a quarter-on-quarter increase of 6 to 7%, with a gross margin expected to be between 40% and 45% [1] - The company has raised its net profit forecasts for the next two years by 4.1% and 9.1%, to 68.77 billion yuan and 87.98 billion yuan, respectively [1] Target Price Adjustment - Due to market recovery and sector valuation adjustments, CICC has raised the A-share target price by 39.1% to 445 yuan, maintaining an "outperform" rating [1]