CATL(SZ:300750) 智通财经网·2025-10-23 06:14Core Viewpoint - UBS has raised the target price for CATL (03750) from HKD 495 to HKD 640, predicting a price-to-earnings ratio of 30 times for next year, while maintaining a "Buy" rating [1] Group 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] - The net profit margin for CATL in the third quarter has reached 17.8%, with unit profit maintained at RMB 112 per kWh [1] Group 2: 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] - There is an anticipated slowdown in domestic electric vehicle battery demand due to the phasing out of electric vehicle subsidy policies starting next year [1] - The acceleration of electric vehicle exports and the continuous enhancement of overseas production capacity are expected to support CATL's international expansion [1]