CATL(SZ:300750) Soochow Securities·2025-10-21 01:33Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's core profit contribution ratio has increased, and its performance meets market expectations. For the first three quarters of 2025, revenue reached 283.1 billion yuan, up 9% year-on-year, with a net profit attributable to shareholders of 49 billion yuan, up 36% year-on-year [2][9] - The report anticipates continued strong performance, with upward revisions to net profit forecasts for 2025-2027, now projected at 69 billion, 86 billion, and 107 billion yuan respectively, reflecting growth rates of 36%, 25%, and 24% [21] Financial Performance - For Q3 2025, revenue was 104.2 billion yuan, with a year-on-year increase of 13% and a net profit of 18.55 billion yuan, up 41% year-on-year. The gross margin was 25.8%, and the net profit margin was 17.8% [9][10] - The company achieved a battery production of approximately 165 GWh in Q3 2025, with a production capacity that is currently insufficient to meet demand [13] - The average selling price for power batteries in Q3 was 0.67 yuan/Wh, a 10% decrease year-on-year, while the profit per Wh remained stable at 0.08-0.09 yuan [15] Business Operations - The company is expected to produce between 900-1000 GWh in 2026, with a year-on-year growth of 30%, and the share of energy storage is projected to increase to over 25% [13] - The report highlights a significant increase in contract liabilities, which rose by 46% year-on-year, indicating strong order growth [16] Investment Recommendations - The target price for the company is set at 567 yuan, based on a projected P/E ratio of 30x for 2026, reflecting its position as a global leader in power batteries [21]