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<Research>Citi: CATL (03750.HK) 1Q NP In Line on Focus on Passing on Costs
Recommend 12 Positive 11 Negative 10 |
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CATL (03750.HK)'s 1Q26 net profit amounted to RMB20.7 billion, up 48.5% YoY but down 10.5% QoQ, representing 22% of Citi Research's full-year forecast and 23% of the market's full-year forecast, Citi Research issued a research report saying. The results were in line with the broker's expectations and slightly above market consensus. Management said battery deliveries exceeded 200 GWh during the period, representing a YoY growth of more than 60%, with energy storage system (ESS) batteries accounting for approx. 25% of total battery sales. The company has been striving to pass on costs to customers in order to maintain stable unit net profit, management added. Therefore, Citi Research kept CATL (300750.SZ)'s A-shares as its top pick, with a target price of RMB576 and rating at Buy, equivalent to a projected 2026 PE ratio of 27.9x and PB ratio of 6.6x. Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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