CATL(SZ:300750) Ge Long Hui·2025-10-23 19:02Group 1 - The company achieved total revenue of 283.1 billion yuan in the first three quarters of 2025, with a year-on-year growth of 9.3% [1] - Net profit attributable to shareholders reached 49 billion yuan, reflecting a year-on-year increase of 36.2% [1] - The company reported a net profit margin of 19.1% in Q3 2025, an increase of 4.1 percentage points year-on-year [1] Group 2 - The company shipped approximately 450 GWh of power and energy storage batteries in the first three quarters of 2025, with Q3 shipments nearing 180 GWh, representing a quarter-on-quarter growth of about 30% [2] - Energy storage batteries accounted for about 20% of total shipments, with a volume of approximately 90 GWh, driven by the rapid growth in power demand from overseas AI data centers [2] - The company launched a series of innovative products in 2025, including the second-generation supercharging battery and sodium-ion batteries, with new products currently accounting for about 60% of total sales [2] Group 3 - The company is projected to 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 [3] - A target price of 618 Hong Kong dollars per share has been set, based on a 30x PE ratio for 2026, leading to a target market capitalization of 25.83 billion yuan [3]