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<Research>JPM: CATL's 3Q25 Results Solid; Mgmt Optimistic About 2026 Demand Outlook
Recommend 6 Positive 5 Negative 6 |
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In its report, JPMorgan said that CATL (03750.HK)(300750.SZ) posted a net profit of RMB18.5 billion in 3Q25, notching a YoY hike of over 40% and a QoQ growth of 12%, aligning with the broker's expectations. Shipment volume approximated 180 GWh, but only over 165 GWh was confirmed in 3Q25's P&L statement due to delayed revenue recognition from energy storage systems, representing a YoY growth of over 30% and a QoQ increase of over 10%. Unit profit held sturdy, meeting the broker's forecast. The group's management was optimistic about 2026's demand outlook, with CATL's A-shares still being the broker's top pick in China's battery value chain, while the broker maintained a Neutral rating on CATL's H-shares due to seemingly fair valuation. AASTOCKS Financial News Website: www.aastocks.com |
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