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Morgan Stanley: Chinese Battery Giant CATL's Q3 Profit Margin Plunge Is the New Normal, Market Earnings Expectations to Be Significantly Revised Downward
Morgan Stanley's latest report indicates that Chinese battery giant CATL's Q3 net profit was RMB 21.2 billion, a 15% year-on-year increase, but 12% below the firm's forecast. The core pressure stemmed from a sharp drop in unit net profit margin from RMB 0.10/Wh in H1 to RMB 0.08/Wh, with gross margin falling 2.5 percentage points quarter-on-quarter to 20.7%. Morgan Stanley analysts believe this profit compression trend will be difficult to reverse quickly and expect a substantial downward revision in market consensus earnings forecasts. Despite the earnings pressure, Morgan Stanley maintains an Overweight rating on CATL's A-shares and a target price of RMB 500.
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Disclaimer: This content reflects the author's personal views only and does not constitute investment advice.
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