First Read: Contemporary Amperex Technology "26Q2: Results inline; A-share..."

研报英文原文证据摘录

First Read: Contemporary Amperex Technology "26Q2: Results inline; A-share..."

Global Research

24 July 2026ab

First Read

EquitiesContemporary Amperex Technology

26Q2: Results inline; A-share buyback China

announced Auto Parts

12-month rating Buy

12m price target HK$820.00

Q: How did the results compare vs expectations?

Inline. CATL reported 26Q2 net profit of Rmb22.5bn, in line with market chatter of

Rmb22-23bn, up 9% q/q and 36% y/y amid rapid volume expansion. 26H1 net profit of Price (24 Jul 2026) HK$622.00

Rmb43.3bn, reaching 42-45% full year consensus and UBS estimates. Excluding non- RIC: 3750.HK BBG: 3750 HK

recurring items, 26Q2 net profit was Rmb20.9bn, 16% q/q and 36% y/y. The company

Trading data and key metrics

announced interim dividend of Rmb1.41 per share, representing 15% dividend payout.

52-wk range HK$779.50-402.00

Q: What were the most noteworthy areas in the results? Market cap. HK$2,839b/US$362b

Management noted that 26H1 battery sales volume expanded by 60% y/y, implying Shares o/s 4,564m (ORD)

c238GWh sold in 26Q2. We calculate 26Q2 unit profit of Rmb95/kWh, down 9% q/q Free float 61%

and 14% y/y due to product mix change and increased rebate for large customers per Avg. daily volume ('000) 4,318

management. In 26H1, overseas markets maintained over 30% revenue contribution Avg. daily value (m) HK$2,889.8

with improving margins, offsetting domestic margin declines. By segment, EV batteries Common s/h equity (12/26E) Rmb405b

reported GPM of 20.6% in 26H1, down 1.8ppt y/y while ESS batteries recorded GPM of P/BV (12/26E) 6.1x

24.0%, down 1.6ppt y/y in the meantime. Management noted ESS contributed to 25% Net debt to EBITDA (12/26E) NM

of sales volume, up from c20% in 25H1, and expect overseas markets to contribute

EPS (UBS, diluted) (Rmb)