CATL(SZ:300750) Ge Long Hui·2025-10-23 04:01Core Viewpoint - The report from Haitong International indicates that CATL has shown significant growth in revenue and profit for the first three quarters of 2025, driven by its strong market position and innovative product launches [1] Financial Performance - CATL achieved total revenue of 283.1 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 9.3% [1] - The net profit attributable to shareholders reached 49 billion yuan, marking a year-on-year increase of 36.2% [1] - The net profit excluding non-recurring items was 43.6 billion yuan, reflecting a year-on-year growth of 35.6% [1] Business Development - CATL's profitability has significantly improved, with healthy cash flow and a dual-driven strategy in power and energy storage batteries [1] - The company launched a series of innovative products this year, including the second-generation Shenxing ultra-fast charging battery and the sodium-ion battery for passenger vehicles [1] - In the commercial vehicle sector, CATL introduced the sodium-ion integrated battery and announced the mass production of a 587Ah large-capacity energy storage cell [1] - The company also unveiled the world's first mass-producible 9MWh ultra-large capacity energy storage system solution, TENERStack [1] Future Projections - Haitong International forecasts that CATL will achieve revenues of 425.5 billion yuan, 509.3 billion yuan, and 584.9 billion yuan from 2025 to 2027, with corresponding net profits of 68.2 billion yuan, 86.1 billion yuan, and 103.5 billion yuan [1] - The projected price-to-earnings ratios for these years are 25x, 20x, and 17x respectively [1] Market Position - CATL is recognized as a global leader in the lithium battery industry, with a significantly leading market share [1] - The company is expected to maintain a 30x price-to-earnings ratio for 2026, with a target price of 618 HKD for its H-shares, maintaining an "outperform the market" rating [1]