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<Research>BofAS Lifts CATL (03750.HK) TP to $605; 3Q25 Profit Slightly Beats
Recommend 3 Positive 5 Negative 4 |
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CATL (03750.HK)(300750.SZ) achieved 3Q25 revenue of RMB104 billion, representing a YoY elevation of 13% and a QoQ rise of 11%, BofA Securities said in its report. The GPM stood at 25.8%, down 1.9 ppts YoY, but up 0.2 ppts QoQ, meeting the broker's expectations. Operating profit (core EBIT) was RMB17.4 billion, flat YoY, but up 17% QoQ, with an OPM of 16.7%, above the broker's estimate of 16.1%. The 3Q25 net profit was RMB18.5 billion, growing 41% YoY and 12% QoQ, topping the broker's forecast and market consensus by 6% and 3%, respectively. BofA Securities raised CATL's earnings forecasts for 2025-27 by 3%/ 3%/ 3%. The target price for H-shares was increased from HKD570 to HKD605; and that for A-shares was raised from RMB467 to RMB495. The broker reaffirmed its Buy rating, in view of factors such as the robust growth prospects of its energy storage system batteries and the potential of its new battery technology to expand market share while maintaining healthy margins and strong overseas shipment growth prospects. AASTOCKS Financial News Website: www.aastocks.com |
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