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

研报英文原文证据摘录

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

Global Research

24 July 2026ab

First Read

EquitiesContemporary Amperex Technology

26Q2: Results inline; share buyback announced China

Auto Parts

12-month rating Buy

Q: How did the results compare vs expectations?

Inline. CATL reported 26Q2 net profit of Rmb22.5bn, in line with market chatter of 12m price target Rmb600.00

Rmb22-23bn, up 9% q/q and 36% y/y amid rapid volume expansion. 26H1 net profit of

Rmb43.3bn, reaching 42-45% full year consensus and UBS estimates. Excluding non-

Price (24 Jul 2026) Rmb383.01

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

announced interim dividend of Rmb1.41 per share, representing 15% dividend payout. RIC: 300750.SZ BBG: 300750 CS

Trading data and key metrics

Q: What were the most noteworthy areas in the results?

52-wk range Rmb460.00-263.05

Management noted that 26H1 battery sales volume expanded by 60% y/y, implying Market cap. Rmb1,748b/US$258b

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

Shares o/s 4,564m (ORDA)

and 14% y/y due to product mix change and increased rebate for large customers per

Free float 10%

management. In 26H1, overseas markets maintained over 30% revenue contribution

Avg. daily volume ('000) 35,901

with improving margins, offsetting domestic margin declines. By segment, EV batteries

reported GPM of 20.6% in 26H1, down 1.8ppt y/y while ESS batteries recorded GPM of Avg. daily value (m) Rmb14,450.5

24.0%, down 1.6ppt y/y in the meantime. Management noted ESS contributed to 25% Common s/h equity (12/26E) Rmb405b

of sales volume, up from c20% in 25H1, and expect overseas markets to contribute P/BV (12/26E) 4.3x

higher shares in future ESS revenue.