(Yicai) Oct. 21 -- Shares of Contemporary Amperex Technology rose after the Chinese battery maker reported a 41 percent profit surge for the third quarter, thanks to growing demand in the battery and energy storage markets.

CATL [SHE: 300750] closed 2.6 percent higher at CNY375.90 (USD52.80) a share in Shenzhen today, while in Hong Kong its stock [HKG: 3750] added 3 percent to HKD544 (USD70).

Net profit was CNY18.6 billion (USD2.6 billion) in the three months ended Sept. 30, the Ningde-based company announced yesterday. Revenue rose 13 percent from a year earlier to CNY104.2 billion (USD14.6 billion).

Growth in the energy storage and commercial new energy vehicle markets has surpassed that in the passenger vehicle market, CATL executives said on the firm’s earnings conference call, adding that the two segments are expected to maintain relatively high growth next year.

For the first three quarters of this year, profit soared 36 percent to CNY49 billion from a year ago, while revenue climbed 9.3 percent to nearly CNY283.1 billion.

CATL said China’s energy storage market is shifting toward market-based operation, with clearer profit models emerging and rapid sector growth this year. The company also cited growing overseas demand for data center and big power grid storage projects, and expects the strong momentum in energy storage to continue into next year.

On the commercial vehicle front, CATL said China’s market for new energy vehicles has reached an economic tipping point and that infrastructure is now adequate for mass commercial deployment of electric heavy trucks. The company expects the electrification of such trucks to accelerate this year and sees adoption surpassing 60 percent by 2030.

Editor: Martin Kadiev