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Its Shenzhen-listed shares rose 4.4 per cent to 450.14 yuan on Thursday, lifting its market capitalisation above 2 trillion yuan (US$293.4 billion), while its Hong Kong-listed stock jumped 10 per cent to HK$723.
Other energy storage-related stocks on the mainland also gained, as investors bet that the US-Iran conflict would accelerate demand for renewable energy.
The gains followed an exchange filing that raised expectations the Fujian-based company would step up its expansion into energy storage to offset slowing EV sales in China.
“CATL can position itself at the forefront of the industry through upstream resources to mitigate the impact of rising material costs,” said Zhang Lei, an analyst at Great Wall Securities, who expects the company’s profit to grow by nearly 30 per cent this year.
