CATL(SZ:300750) Zhi Tong Cai Jing·2025-10-23 06:14Core Viewpoint - UBS has raised the target price for CATL (300750) from HKD 495 to HKD 640, implying a projected P/E ratio of 30 times for next year, while maintaining a "Buy" rating [1] Financial Projections - The profit forecasts for 2025 and 2026 have been increased by 7% and 11% respectively, with expected battery sales reaching 638 GWh and 790 GWh [1] - CATL's net profit margin for the third quarter has reached 17.8%, with unit profit maintained at RMB 112 per kWh [1] Market Dynamics - The cost of batteries has decreased in the electric heavy truck and energy storage (ESS) sectors due to improved battery swapping facilities and increased demand from wind and solar installations [1] - Demand for domestic electric vehicle batteries is expected to slow down as EV subsidy policies will phase out starting next year [1] International Expansion - The acceleration of electric vehicle exports and the continuous enhancement of overseas production capacity are anticipated to support CATL's international expansion [1]