CATL (03750.HK) Hong Kong Stock Heat Analysis: Driven by Performance Growth and Industry Prospects

CATL (Contemporary Amperex Technology Co., Limited, stock code: 03750.HK) is a global leading power battery manufacturer, whose main business covers the R&D, production and sales of lithium-ion power batteries [3]. The company was listed on the Hong Kong Stock Exchange on May 20, 2025, with an offer price cap of HK$263 and an issuance of approximately 120 million H-shares [1][2]. The underwriting team includes CICC, Morgan Stanley, China Construction Bank and Bank of America Securities, etc. [1].

In the first three quarters of 2025, the company achieved total revenue of RMB 283.1 billion, an increase of 9.3% year-on-year; net profit attributable to shareholders was RMB 49 billion, up 36.2% year-on-year [4]. In the third quarter alone, net profit reached RMB 18.5 billion, an increase of over 40% year-on-year, with shipments of approximately 180 GWh, a year-on-year increase of over 30% [5].

• Market Share
  : It holds a 42.2% market share in China’s power battery installation volume; in September 2025, the installation volume was 35.5 GWh, a year-on-year increase of 46% [4].
• Growth Engines
  : Energy Storage Systems (ESS) and overseas markets have become core growth drivers. Energy storage systems and electric vehicle production are already operating at full capacity, with overseas energy storage demand being particularly strong [5]. Management is optimistic about the demand outlook for 2026 and expects a significant increase in production capacity [5].

• Analyst Views
  : J.P. Morgan upgraded the company’s H-share rating to “Overweight” [5]; CLSA raised the target price by 25% and reaffirmed the “Outperform” rating [7]; Bank of America Securities expects the company’s domestic market share to increase quarter-on-quarter in the fourth quarter [6].
• Industry Trends
  : The global new energy vehicle market continues to grow, with expected sales exceeding 20 million units in 2025 [9]; the decline in battery prices in China (LFP batteries dropped to $53 per kWh) is driving the popularization of electric vehicles [9]; governments around the world support the electrification transition, creating a favorable environment for the industry [9].