Contemporary Amperex Technology Co., Ltd. (CATL) has projected its full-year operating revenue to reach between 500.706 billion and 579.402 billion yuan, with an estimated net profit ranging from 77.353 billion to 91.5 billion yuan. Investors are advised to monitor whether the upcoming financial results will exceed expectations. Data from the A-Share Quarterly Performance Outlook will provide valuable insights for performance evaluation.
According to the latest analysis from Northeast Securities, CATL achieved significant growth in operating revenue and net profit attributable to shareholders during the first three quarters of 2025, with year-on-year increases of 9.28% and 36.20%, respectively. This performance was primarily driven by strong demand in the power battery and energy storage battery sectors, as well as expansion into overseas markets. The company's net cash flow from operating activities grew by 19.6%, indicating stable cash flow.
The power battery business demonstrated steady growth, with overseas markets becoming a key contributor. Collaborations with leading international automakers have helped increase CATL's market share in Europe. Although revenue from the energy storage battery segment saw a slight decline of 1.47%, its gross margin improved to 25.52%, reflecting enhanced profitability. The company continues to introduce innovative products in the energy storage sector, maintaining its technological leadership.
Capacity construction is progressing steadily, with overseas facilities beginning to yield results. The plant in Thuringia, Germany, is already operational and profitable, while equipment installation and commissioning for the first phase of the Hungary factory are underway. CATL successfully listed on the Hong Kong Stock Exchange, raising 41 billion Hong Kong dollars to support its overseas capacity expansion.
A breakdown by business segment shows: 1) Power Battery Business: Revenue increased by 16.80% year-on-year, with overseas markets serving as the core growth driver. Partnerships with major global automakers have boosted CATL's market share in Europe. 2) Energy Storage Battery Business: Despite a slight revenue decline of 1.47%, the gross margin rose to 25.52%, indicating stronger profitability. The company continues to lead in technology through product innovation. 3) Capacity Construction: Domestic base construction is proceeding smoothly, while overseas facilities, such as the German plant, are already profitable. The Hungary factory's first-phase project is in the equipment debugging stage, supported by funding from the Hong Kong listing.
Dongwu Securities highlighted CATL's strengths in cost transmission, profit resilience, market demand, and industrial chain layout. The company has successfully passed rising raw material costs onto battery pricing, maintaining a profit level of approximately 0.08 yuan per watt-hour. Although rising lithium prices have impacted demand in the mid-to-low-end market segments, CATL's focus on high-yield projects and overseas markets has mitigated these effects. Its strong presence in the power battery sector, particularly in high-end vehicle models, reduces its sensitivity to cost fluctuations.
Through its stakes in companies such as China Molybdenum Co., Ltd., CATL is expected to realize significant investment returns in 2025-2026. Amid rising raw material prices, the company is well-positioned to strengthen its competitive edge, especially in the energy storage and commercial vehicle segments.
Risk Warning: The data and cases presented are for reference only and should not be considered as a basis for future investment decisions. Investing in stocks carries risks, including market volatility, corporate performance, and policy factors, which may lead to price fluctuations. Investors are advised to conduct thorough research and make decisions based on their risk tolerance.