Zhi Tong Cai Jing·2026-01-14 01:38Core Viewpoint - Northeast Securities initiates coverage on CATL (300750) with a "Buy" rating, highlighting strong performance in the first three quarters of 2025, driven by growth in revenue and net profit, stable cash flow, and expansion in overseas markets [1] Group 1: Revenue and Profit Growth - In Q1-Q3 2025, the company achieved operating revenue of 283.07 billion yuan, a year-on-year increase of 9.28%, and a net profit attributable to shareholders of 49.03 billion yuan, up 36.20% year-on-year [1] - The robust performance is attributed to strong demand in the power battery and energy storage sectors, as well as expansion into overseas markets [1] - The operating cash flow net amount for Q1-Q3 2025 was 80.66 billion yuan, reflecting a year-on-year increase of 19.6%, indicating stable cash flow [1] Group 2: Power Battery Growth and Overseas Market Contribution - In H1 2025, the power battery business generated revenue of 131.57 billion yuan, marking a year-on-year increase of 16.80%, with significant contributions from overseas markets [2] - The company’s deep partnerships with major international automakers such as Volkswagen, BMW, Mercedes-Benz, and Stellantis have led to an increase in market share in Europe [2] - The overseas revenue for H1 2025 reached 61.21 billion yuan, up 21.14% year-on-year [2] Group 3: Energy Storage Battery Profitability and Technological Advancements - In H1 2025, the energy storage battery business reported revenue of 28.4 billion yuan, a slight decline of 1.47% year-on-year, but with an improved gross margin of 25.52%, up 1.11 percentage points year-on-year [3] - The company continues to launch innovative products in the energy storage sector, including the mass production of a 587Ah large-capacity energy storage cell, which has seen upgrades in key performance indicators [3] - The introduction of the world’s first mass-producible 9MWh ultra-large-capacity energy storage system solution, TENERStack, significantly enhances volume utilization and energy density compared to traditional systems [3] Group 4: Capacity Expansion and Overseas Projects - The company is making steady progress in domestic capacity construction with bases in Zhongzhou, Jining, Fuding, and Liyang [4] - Internationally, the company is advancing projects in Hungary, a joint venture factory with Stellantis in Spain, and an Indonesian battery supply chain project [4] - The Thuringia factory in Germany commenced production in 2024 and achieved profitability in H1 2025, while the first phase of the Hungarian factory project is in equipment debugging [4] - The successful listing on the Hong Kong Stock Exchange raised 41 billion HKD, providing ample funding for overseas capacity expansion [4]