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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 AASTOCKS Financial News |
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