---
title: "Citi: Raises CATL target price to HKD 685 as profit margins continue to expand"
type: "News"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/262016412.md"
description: "Citi released a research report stating that CATL achieved another impressive quarterly performance, with a year-on-year profit growth of 41% in the third quarter of 2025 and a quarter-on-quarter growth of 12%, in line with the market's revised expectations. The gross margin expanded by 0.2 percentage points to 25.8% quarter-on-quarter, alleviating market concerns about the pressure on profit margins due to soaring lithium costs in that quarter. Citi raised the target price for CATL's H shares from HKD 670 to HKD 685; the target price for CATL's A shares was increased from RMB 490 to RMB 500, and reiterated the \"outperform\" rating for CATL's H shares, while the A share rating is \"highly confident outperform.\""
datetime: "2025-10-21T09:31:02.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/262016412.md)
  - [en](https://longbridge.com/en/news/262016412.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/262016412.md)
---

> 支持的语言: [English](https://longbridge.com/en/news/262016412.md) | [繁體中文](https://longbridge.com/zh-HK/news/262016412.md)


# Citi: Raises CATL target price to HKD 685 as profit margins continue to expand

According to the Zhitong Finance APP, Citi has released a research report stating that CATL (03750) has achieved another impressive quarterly performance, with a year-on-year profit growth of 41% in the third quarter of 2025, and a quarter-on-quarter growth of 12%, in line with the market's revised expectations. The gross profit margin expanded by 0.2 percentage points to 25.8% quarter-on-quarter, alleviating market concerns about the pressure on profit margins due to soaring lithium costs in that quarter. Citi has raised the target price for CATL's H-shares from HKD 670 to HKD 685; the target price for CATL's A-shares (300750.SZ) has been increased from RMB 490 to RMB 500, and it has reiterated its "outperform" rating for CATL's H-shares, while the rating for A-shares is "highly confident outperform."

### 相关股票

- [CATL (03750.HK)](https://longbridge.com/zh-CN/quote/03750.HK.md)
- [CATL (300750.CN)](https://longbridge.com/zh-CN/quote/300750.CN.md)

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