CATL: Key Highlights in 1Q 2025 and PHIP Updates on Hong Kong Listing

• CATL reported a 6.2% YoY increase in revenue in 1Q 2025. EV battery sales rose 14.0% YoY driven by healthy demand offset by lower ESS battery sales.

• CATL provided discussions about ongoing tariff disputes. It mentioned that the overall impact and outcome remain uncertain. The U.S. market accounts for about 7% of CATL's total EV battery business.

• We maintain a Positive View of CATL. Our base case valuation of CATL is implied market cap of 1.3 trillion CNY which is 32% higher than current market cap.

Photo Source: Sora Chatgpt