CATL Stock Leaps 10% on Rosy Profit Forecast for 2019
Xia Ruirui
DATE:  Jan 22 2020
/ SOURCE:  yicai
CATL Stock Leaps 10% on Rosy Profit Forecast for 2019 CATL Stock Leaps 10% on Rosy Profit Forecast for 2019

(Yicai Global) Jan. 22 -- Shares in Contemporary Amperex Technology, or CATL, surged by the 10 percent daily limit today after China's leading battery maker announced its net profit rose by between 20 percent and 45 percent last year.

Its share price [SHE:300750] hit CNY133.82 (USD19.38) around 1.45 p.m. and has remained there since.

The Fujian province-based firm, which is in the middle of building Germany's biggest lithium battery factory, expects it pulled in between CNY4.1 billion (USD589 million) and CNY4.9 billion in net profit in 2019, it said in a statement yesterday. The company attributed the rise to development of the new-energy vehicle industry, marketing, increased capacity and better cost control.

Net profit was up nearly 45.7 percent annually at CNY3.5 billion over the first three quarters, according to CATL's financial report for the third quarter. Operating income leaped 71.7 percent to CNY32.9 billion over the same period.

Set up in 2011, CATL had more than 50 percent of China's 62.2 gigawatt-hours of installed capacity for power batteries last year, per data from the China Automotive Power Battery Industry Innovation Alliance.

Editor: James Boynton

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Keywords:   CATL