Contemporary Amperex Technology Co Ltd Class A

300750: XSHE (CHN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CNY 632.00	Bpd	Dmfglzmp

CATL’s Q4 In Line; Margin Recovery Expected To Continue This Year; FVE Kept at CNY 433

Vincent Sun

Mar 10, 2023

Fourth-quarter revenue for no-moat Contemporary Amperex Technology, or CATL, doubled year over year to CNY 118 billion, in line with our expectation. Net profit for the quarter increased 61% year over year to CNY 13.1 billion, at the midpoint of the preliminary announcement. We maintain our fair value estimate at CNY 433, which implies a forward P/E ratio of 25.8 times.

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