Chinese battery giant CATL reported a surprising slowdown in net profit growth for the third quarter, rising 14.54% year-on-year to 21.25 billion yuan (approximately $3.18 billion), falling short of analysts' expectations of 26.03 billion yuan. Revenue for the same period increased by 58.58% to 165.22 billion yuan, also missing the anticipated 175.05 billion yuan. Following the earnings release, CATL's shares fell 6.58% in Hong Kong trading and 2.97% in Shenzhen trading on Tuesday.
Analysts warn that CATL may face greater pressure next year due to slowing demand in China's electric vehicle industry. JPMorgan Chase has downgraded CATL's Hong Kong stock rating to "Neutral," citing a faster-than-expected deterioration in the profitability of China's EV sector, which will impact battery demand. Citi Group expects global battery demand growth to slow to 26% next year.
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CATL, China's battery giant, saw its Q3 net profit growth slow to 14.54%, with its stock price falling.
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