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CATL (Trans): Tax burden compresses unit earnings; demand next year still seen up 20-30%
Q3 revenue was RMB 165.22 bn (+58.6% YoY), with recognized shipments topping 260 GWh. Attributable net profit rose just 10% as the Sept. consumption tax, lower export tax rebates, and an adverse product mix compressed unit profitability.
In Q4, the company will absorb a full quarter of the consumption tax. It still expects demand to grow 20–30% next year and is stepping up battery swapping and overseas ESS.
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