CATL stock: UOB Kay Hian cuts target to CNY 470.00 for CATL stock

UOB Kay Hian cut its Contemporary Amperex Technology target from CNY 585.00 to CNY 470.00 on October 22, 2026, after third-quarter earnings missed its estimate, according to UOB Kay Hian. Contemporary Amperex Technology stock last stood at CNY 220.41 on Shenzhen on October 22, 2026 at 3:04 p.m. CST, down 3.29 percent from the prior close of CNY 227.90.

Revenue outpaced profit growth

Third-quarter revenue climbed 58.58 percent year over year to CNY 165.22 billion, while net profit attributable to shareholders rose 14.54 percent to CNY 21.25 billion. The figures came from the period ended September 30, 2026. Morningstar reported the figures on October 20, 2026.

The earnings mix was less favorable than the revenue growth. UOB Kay Hian said GAAP net profit missed its estimate of CNY 23.92 billion and fell 5.80 percent from the second quarter, while adjusted net profit reached CNY 18.86 billion, up 14.90 percent year over year.

CNY 220.41 nears the yearly low

The Shenzhen quote sat 0.90 percent above its 52-week low of CNY 218.45 and remained below the 52-week high of CNY 468.75 on October 22, 2026. The session range was CNY 218.45 to CNY 281.79, and volume reached 91,935,721 shares. The market capitalization was CNY 971.8 billion and the trailing P/E was 11.47.

Target cut meets a wide valuation gap

UOB Kay Hian also reduced its 2026, 2027 and 2028 net profit forecasts by 5.00 percent, 10.00 percent and 16.00 percent, respectively, to CNY 89.121 billion, CNY 104.895 billion and CNY 116.370 billion. The research firm attributed the change to consumption taxes and export value-added tax increases that CATL had not yet fully passed on to customers.

Battery shipments reached 260 GWh in the third quarter of 2026, up 44.40 percent year over year and 12.10 percent from the second quarter, according to UOB Kay Hian. Energy-storage shipments rose 80.60 percent year over year to 65 GWh, while electric-vehicle battery shipments increased 35.40 percent to 195 GWh.

Comparison with peers

Contemporary Amperex Technology: down 3.29 percent, P/E 11.47, market capitalization CNY 971.8 billion.
Ganfeng Lithium (Shenzhen, CNY): down 3.22 percent, P/E 11.19, market capitalization CNY 74.4 billion.
EVE Energy (Shenzhen, CNY): up 0.17 percent, P/E 15.31, market capitalization CNY 90.8 billion.

Shenzhen price and valuation

On October 22, 2026 at 3:04 p.m. CST, Contemporary Amperex Technology stock stood at CNY 220.41 on Shenzhen, down 3.29 percent versus the prior close of CNY 227.90. The lower price and 11.47 P/E leave the stock close to its yearly low after the third-quarter profit increase lagged revenue growth.

Market context: Market report Shanghai Composite.

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