According to a research report by BofA Securities, industry data shows that CATL's battery installations in China reached 35.5 GWh in September, marking a year-on-year increase of 46%. Its domestic market share during the same period stood at 42.2%, unchanged from the previous year. CATL plans to produce 74.5 GWh in November, reflecting a year-on-year growth of 38% and a month-on-month increase of 1%.
The bank views these figures as robust, indicating sustained strong demand for electric vehicle and energy storage batteries. It expects the company’s domestic market share in the fourth quarter to improve quarter-on-quarter, primarily driven by increased shipments of models where CATL is the key battery supplier. The bank maintains its "Buy" rating on the stock, with an H-share target price of HKD 605 and an A-share target price of RMB 495.
