CATL(SZ:300750) Ge Long Hui·2025-10-25 11:02Core Viewpoint - The company reported a strong performance in the first three quarters of 2025, with a profit of 49.034 billion yuan, representing a year-on-year growth of 36.20%, indicating sustained growth and a solid industry leadership position, with expectations for high future growth [1][2]. Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 283.072 billion yuan, a year-on-year increase of 9.28%, and a profit of 49.034 billion yuan, a year-on-year increase of 36.20%. The non-recurring profit was 43.619 billion yuan, up 35.56% year-on-year [1]. - For Q3 2025, the company reported a profit of 18.549 billion yuan, a year-on-year increase of 41.21% and a quarter-on-quarter increase of 12.26%. The non-recurring profit for the same quarter was 16.422 billion yuan, up 35.47% year-on-year and 6.85% quarter-on-quarter [1]. Industry Leadership - The company maintained its industry leadership with a total shipment volume of nearly 180 GWh in Q3, with energy storage accounting for about 20% and overseas exports making up approximately 20% [2]. - According to SNE Research, from January to August 2025, the global installed capacity of power batteries reached 691.3 GWh, a year-on-year increase of 34.9%. The company's installed capacity was 254.5 GWh, a year-on-year increase of 31.9%, capturing a market share of 36.8%, ranking first globally [2]. - In the domestic market, the company achieved an installed capacity of 210.67 GWh from January to September 2025, with a market share of 42.75%, maintaining its leading position [2]. Product Development and Capacity Expansion - The company is accelerating the mass production of its new 587Ah energy storage cell, which balances energy density, safety, and longevity. The product's shipment proportion is expected to gradually increase [2]. - The overseas production capacity is progressing as planned, with the Hungarian factory's first phase expected to exceed 30 GWh, scheduled for completion and installation by the end of 2025, while the second phase is also advancing [2]. Valuation - Based on the latest performance and industry leadership, the company's earnings per share forecasts for 2025-2027 have been adjusted to 15.24, 18.94, and 21.89 yuan, respectively, with corresponding price-to-earnings ratios of 24.5, 19.7, and 17.0 times, maintaining a buy rating [2].