CATL intraday rise exceeds 6% Zhejiang Commercial Securities maintains "buy" rating

MaticHoleFiller · 2026-03-23T22:38:54+00:00

CATL's stock price rose 4.5% today, driven by 2025 performance expectations and a substantial dividend plan. The company is projected to achieve operating revenue of 423.7 billion yuan in 2025, with net profit of 72.2 billion yuan, and growth outlook remains positive. Analysts maintained a "buy" rating.

MaticHoleFiller

2026-03-23 22:38:54

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CATL (03750) shares surged over 6% during trading. As of press time, the stock price increased by 4.50%, currently at HKD 673, with a trading volume of HKD 984 million.

CATL previously announced that in 2025, the company achieved operating revenue of 423.702 billion yuan, a year-on-year increase of 17.04%; net profit reached 72.201 billion yuan, a year-on-year increase of 42.28%. The company also disclosed a substantial dividend plan. For the full year of 2025, approximately 36.1 billion yuan in cash dividends will be distributed, accounting for 50% of the net profit attributable to shareholders.

Zhejiang Securities research report pointed out that CATL’s Q4 2025 performance was impressive, with growth expected to continue. In 2025, operating revenue is projected at 423.7 billion yuan, up 17% year-on-year. Net profit attributable to shareholders is expected to reach 72.2 billion yuan, up 42% year-on-year; Q4 2025 quarterly revenue is estimated at 140.6 billion yuan, a 37% year-on-year increase and a 35% quarter-on-quarter increase. Net profit attributable to shareholders is forecasted at 23.2 billion yuan, up 57% year-on-year and 25% quarter-on-quarter. Orders are growing rapidly, and liquidity remains healthy. As of Q4 2025, contract liabilities totaled 49.2 billion yuan (up 76.9% YoY), and total cash and trading financial assets amounted to 392.5 billion yuan. The net operating cash flow for 2025 is projected at 133.2 billion yuan, with a ratio to net profit of 1.8. In the power battery sector, product performance upgrades and expansion into commercial vehicles and autonomous scenarios are expected to sustain growth. In energy storage batteries, prospects look promising for utilities, industrial and commercial applications, and data centers. The company is experiencing capacity shortages and is significantly expanding, increasing overseas market presence and planning for new fields. Maintain a “Buy” rating.

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Editor: Lu Yujun

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