Broker Name: China Galaxy International Securities (Hong Kong) Co., Limited (China Galaxy International)
Date of Report: March 10, 2026
Excerpt from China Galaxy International report.
Report Summary
- CATL reported strong 4Q25 results, with revenue and profit growth driven by high utilization rates, expanding overseas sales, and improved operating efficiency.
- The company is expected to maintain solid profitability in FY26, as it effectively manages raw material price volatility, expands production capacity in power and ESS batteries, and leverages new technologies and products to strengthen its market-leading position.
- CATL’s FY26 power battery and ESS battery sales volumes are forecasted to reach 646 GWh and 176 GWh, respectively, supported by capacity expansion and strong demand in the US and Europe.
- The broker raises its target price to HK\$638 and reiterates an “Add” rating, citing robust margins, resilient market share, and upside from new products, while noting risks from global EV market dynamics and peer innovation.
- Key financial forecasts for FY26 include revenue of RMB 536.7bn, net profit of RMB 90.4bn, and normalised EPS growth of 24%.
Above is an excerpt from a report by China Galaxy International. Clients of China Galaxy International can be the first to access the full report from the China Galaxy International website : https://www.chinastock.com.hk
