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<Research>UBS: CATL (03750.HK) 4Q25 Results Beat; TP HKD660 with Buy Recommendation
Recommend 1 Positive 4 Negative 3 |
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CATL (03750.HK) delivered a net profit of RMB23 billion in 4Q25, representing a QoQ growth of 25% and a YoY growth of 57%, which was 14% and 19% ahead of UBS and market expectations, respectively, UBS Global Research's report wrote. The annual net profit was RMB72 billion, notching a YoY increase of 42%, exceeding the expectations of the broker and the market by 4-6%. Management remained confident in the demand for EVs and ESSs this year. The company's price transmission mechanism is currently effective, with management noting that the pricing of ESS projects generally aligns closely with market trends. To address strong backlog orders, management expected to raise capex this year to accelerate capacity expansion. The broker set a target price of HKD660 and a Buy rating on CATL. AASTOCKS Financial News Website: www.aastocks.com |
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