(Yicai Global) Oct. 11 -- Shares of Contemporary Amperex Technology rose after the Chinese battery giant said it expects its net profit in the first three quarters to have exceeded that of last year because of the rapid development of the new energy, power battery, and energy storage markets, as well as the company’s global positioning.

CATL [SHE: 300750] was trading up 4.7 percent at CNY411 (USD57.19) as of 11.10 a.m. today, giving it a market capitalization of over CNY1 trillion (USD139 billion). The stock has fallen about 30 percent so far this year.

Net profit likely soared between 113 percent and 132 percent to CNY16.5 billion and CNY18 billion (USD2.3 billion and USD2.5 billion) in the nine months ended Sept. 30, versus CNY16 billion in 2021, the Ningde-based company announced yesterday.

CATL said earlier this year that net profit fell 24 percent to CNY1.5 billion (USD209 million) in the first quarter from a year earlier, mainly because of the pressure from increased raw material costs. To increase profitability, the battery maker renegotiated contracts with customers in the second quarter to hike its product prices.

In the third quarter, CATL expects a net profit of CNY8.8 billion to CNY9.8 billion, up between 169 percent and 200 percent from the same period a year ago, higher than the sum of the net profits in the first two quarters.

The global installed capacity of electric vehicle batteries was 45.7 gigawatt-hours in August, up 90 percent from a year earlier, achieving growth for the 26th straight month, according to the latest data from South Korean market research institute SNE Research. The installed capacity of CATL jumped 129 percent to 18 GWh, achieving a market share of over 39 percent, a gain of 5.6 percentage points from a year earlier. Second-ranked BYD had a share of just over 14 percent.

Editor: Futura Costaglione