---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/39930701.md"
description: "CATL 1Q26 First Take: CATL again demonstrated strong earnings resilience in 1Q26. Despite raw-material inflation and elevated expectations, both revenue and net profit beat. Specifically: ① Revenue: Volume and price both rose, well ahead of estimates. 1Q26 revenue reached RMB 129.1bn (+52% YoY), beating the street at RMB 114.2bn. The upside was driven by sustained shipment growth and partial cost pass-through that lifted ASPs amid upstream price hikes. ② Profitability: resilient, GPM in line. 1Q26 GPM was 24.8%, down from the Q4 peak when capacity was fully utilized. Given the seasonal softness and lithium carbonate averaging near RMB 180k/t, this margin level was resilient and broadly in line with market expectations. ③ Bottom line: beat as well. 1Q26 net profit came in at RMB 20.7bn (~+49% YoY), above market expectations. Attributable NPM only edged down QoQ to 16.1%, while ex-non-recurring attributable net profit was RMB 16.4bn (+53% YoY). The earnings beat was driven by volume and ASP uplift, tighter control of R&D and other opex, and lower impairment losses QoQ. This print eased prior concerns that rising lithium carbonate prices would erode margins.$CATL(300750.SZ) $CATL(03750.HK)"
datetime: "2026-04-15T12:52:50.000Z"
locales:
  - [en](https://longbridge.com/en/topics/39930701.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/39930701.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/39930701.md)
author: "[Dolphin Research](https://longbridge.com/en/news/dolphin.md)"
---

# CATL 1Q26 First Take: CATL again demonstrated stro…


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## Comments (2)

- **韭煌 · 2026-04-15T13:48:41.000Z**: It's a pity I didn't; I chose Sunshine at the time.
- **慢慢来不要急 · 2026-04-15T13:07:12.000Z**: Tomorrow, it will gap up and continue to rise✧٩(ˊωˋ*)و✧