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BofAS Reiterates CATL's TP at HKD605, Expects 4Q Domestic Mkt Shr to Rise
2025-11-05 12:08:57
According to a research report by BofA Securities, industry data shows that CATL (03750.HK)'s battery installation volume grew by 46% YoY to 35.5 GWh in China in September.

During the same period, CATL's domestic market share was flat YoY at or down by 0.1 ppt MoM to 42.2%, while its international market share dropped by 2 ppts YoY or 1 ppt QoQ to 35%, still holding the world's top spot regardlessly.

CATL plans to increase its November production by 38% YoY or 1% MoM to 74.5 GWh, solid data that BofA Securities believes to reflect continued strong demand for electric vehicles and energy storage batteries. The broker also expects CATL's domestic market share to increase QoQ in 4Q25, given the increased shipments of vehicles with the company as the main battery supplier.

BofA Securities maintained a Buy rating for CATL, with a target price of HKD605.
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