On April 16, Citi said in a report that CATL posted a 49% year-on-year increase in net profit for the first quarter, in line with its expectations but slightly above market consensus, which is now likely to be revised upward. Analysts including Jack Shang noted that battery sales were supported by gains in market share, higher battery capacity per vehicle, strong demand for commercial electric vehicles, and restocking by automotive OEMs. Volume growth was the primary driver of the earnings expansion. Citi estimates CATL’s power battery shipments reached approximately 151.5 GWh in the first quarter, while energy storage battery shipments totaled about 50.5 GWh. According to CATL’s earnings disclosure released a day earlier, the company reported revenue of RMB 129.131 billion ($18.92 billion) in the first quarter of 2026, up 52.45% year-on-year. CATL’s Q1 earning report Net profit attributable to shareholders came in at RMB 20.738 billion ($3.04 billion), representing a 48.52% increase year-on-year. This implies an average daily net profit of about RMB 230 million ($33.73 million) during the quarter. However, due to fluctuations in raw material prices and changes in product mix, the company’s gross margin declined by about 3.2 percentage points quarter-on-quarter. Management responded by passing costs downstream to maintain stable per-unit profitability. Citi analysts reiterated CATL as a top pick and maintained a target price of RMB 576 ($84.48) for its A-shares. In addition, CATL announced its 2025 A-share dividend plan, proposing a cash payout of RMB 69.57 ($10.20) per 10 shares (tax inclusive), implying a total dividend distribution of approximately RMB 30.445 billion ($4.46 billion). Global EV battery installations across various manufacturers for the years 2024 and 2025 According to SNE Research, CATL’s global installed capacity of power batteries reached 464.7 GWh in 2025, with market share rising 1.2 percentage points to 39.2%, marking its ninth consecutive year as the global leader, with cumulative installations exceeding 24 million vehicles. In the energy storage segment, CATL held a 30.4% global market share in 2025, ranking first for five consecutive years, with around 2,300 projects deployed worldwide. In early trading today, CATL’s A-shares (300750.SZ) opened higher and extended gains in morning trade. As of publication, its stock was up 4.18% at RMB 449.03 ($65.86) per share, with total market capitalization exceeding RMB 2 trillion ($293.33 billion), ranking third in the A-share market. In Hong Kong, CATL’s H-shares (03750.HK) once surged more than 10%. As of writing, they were up 9.46% at HKD 717.5 per share.
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