Gate News message, April 16 — UBS released a research report stating that CATL (China’s leading battery manufacturer) delivered Q1 results that exceeded expectations, with net profit reaching 20.7 billion CNY, up 49% year-over-year but down 10% quarter-over-quarter due to seasonal factors. Non-GAAP net profit rose 53% year-over-year to 18.1 billion CNY, representing 23% of UBS and market full-year forecasts.
Management emphasized strong orders in April and May, with capacity utilization rates expected to remain elevated at 85-90% in Q1 and Q2. While CATL did not proactively adjust prices in Q1, the company expects Q2 gross margins to decline year-over-year due to rising commodity costs and high comparables; however, management stated that most raw material cost increases can be passed on to customers.
UBS assigned a “Buy” rating with a 500 CNY price target on CATL’s A-shares and expects to gain further insights into next-generation battery products, solutions, and ecosystem strategies at the company’s Tech Day scheduled for April 21.
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