CATL(SZ:300750) Bank of China Securities·2025-10-24 04:06Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Views - The company has demonstrated strong performance with a net profit of 49.034 billion RMB for the first three quarters of 2025, reflecting a year-on-year growth of 36.20% [3][8] - The company continues to solidify its leading position in the industry, with a market share of 36.8% in global power battery installations [8] - The report anticipates high growth potential for the company's future earnings due to orderly overseas capacity deployment and robust demand in the industry [3][8] Financial Summary - The company achieved a revenue of 283.072 billion RMB in the first three quarters of 2025, a 9.28% increase year-on-year [8] - The projected earnings per share (EPS) for 2025-2027 have been adjusted to 15.24, 18.94, and 21.89 RMB respectively, with corresponding price-to-earnings ratios of 24.5, 19.7, and 17.0 [5][7] - The company's EBITDA is expected to grow significantly, reaching 98.194 billion RMB in 2025, with a growth rate of 37.1% [7][11] Market Performance - The company's stock has outperformed the Shenzhen Composite Index, with a relative performance of 15.3% year-to-date [2] - The total market capitalization of the company is approximately 1,701.31 billion RMB [2] Shareholder Information - Major shareholder includes Xiamen Ruiting Investment Co., Ltd., holding 22.46% of shares [2]