CATL’s Third-Quarter Profit, Revenue More Than Double to Record Highs as Sales Soar
Zhang Yushuo
DATE:  Oct 28 2021
/ SOURCE:  Yicai
CATL’s Third-Quarter Profit, Revenue More Than Double to Record Highs as Sales Soar CATL’s Third-Quarter Profit, Revenue More Than Double to Record Highs as Sales Soar

(Yicai Global) Oct. 28 -- Chinese battery giant Contemporary Amperex Technology logged its best quarterly results in both profit and revenue in the third quarter, with both more than doubling from the same period last year, as strong electric car sales pushes up demand for batteries.

CATL reported net profit of CNY3.3 billion (USD515.7 million) in the three months ended Sept. 30 on revenue of CNY29.3 billion (USD4.6 billion), according to its latest earnings report released today.

Investors remained bullish with China International Capital anticipating 2021 profit to surge 97 percent year on year to CNY11 billion (USD1.7 billion). Dongguan Securities has kept its ‘recommendation’ rating but cautioned investors of the risk of the soaring costs of raw materials and technical upgrades.

The Ningde, southeastern Fujian province-based company commanded a 50.8 percent share of China's NEV battery market in the first three quarters, way ahead of its closest competitor carmaker BYD with 16 percent. It has recently signed deals with China Huadian and China Energy Investment to work on energy storage projects.

Some 1,489 funds owned CNY141.2 billion worth of CATL’s equity at the end of the third quarter. Among mainland firms, only distiller Kweichow Moutai has more institutional investors.

CATL’s share price [SHE:300750] remained little changed, closing down 1.27 percent at CNY607.20 (USD95). Earlier in the day the stock had gained 3 percent to reach CNY635.

Editor: Kim Taylor

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Keywords:   CATL,NEVs,Battery