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<Research>M Stanley: CATL (300750.SZ) 3Q Rev. Misses, NP in Line
Recommend 4 Positive 5 Negative 6 |
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CATL (300750.SZ)'s 3Q25 profit amounted to RMB18.5 billion, up 41% YoY, in line with market consensus but 1.6% below Morgan Stanley's estimation, Morgan Stanley issued a research report saying. Revenue was 10% below the broker's prediction, mainly due to lower-than-expected revenue recognition, while battery shipments reached 180GWh, but only about 165GWh were recognized in revenue. Gross margin was 25.8%, in line with Morgan Stanley's anticipation, compared to a high base of 27.7% in 3Q24 due to a better product mix (favoring high-end EV models). Overall, despite the impact of exchange rate fluctuations on unit gross margin, shipment volume remained strong and beat the broker's expectation YTD, with net profit margin improving. Therefore, the broker rated CATL at Overweight, with a target price of RMB490. AASTOCKS Financial News Website: www.aastocks.com |
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