CATL(SZ:300750) Shenwan Hongyuan Securities·2025-10-21 10:14Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's performance meets expectations, with stable profit growth driven by strong demand. For Q3 2025, the company achieved revenue of 104.19 billion yuan, a year-on-year increase of 12.9% and a quarter-on-quarter increase of 10.6%. The net profit attributable to shareholders was 18.55 billion yuan, up 41.2% year-on-year and 12.3% quarter-on-quarter [4][7] - The company maintains a solid competitive position globally, with an increase in overseas market share. New product iterations are accelerating, including the mass production of passenger vehicle batteries and sodium batteries for commercial vehicles [7] - The demand for lithium batteries is rising, prompting the company to accelerate capacity expansion both domestically and internationally. New production facilities are being established in various locations, including Hungary and Spain [7] Financial Data and Profit Forecast - For the first three quarters of 2025, the company reported total revenue of 283.07 billion yuan, a year-on-year increase of 9.3%, and a net profit of 49.03 billion yuan, up 36.2% year-on-year. The projected net profits for 2025-2027 are 67.95 billion yuan, 86.38 billion yuan, and 103.81 billion yuan, respectively [6][8] - The gross profit margin for the first three quarters of 2025 was 25.3%, with a net profit margin of 18.5%. The company expects to ship 631 GWh of batteries in 2025, with a year-on-year increase of 26% for power batteries and 29% for energy storage batteries [7]