Industry data shows CATL's (03750) battery installations in China reached 35.5 GWh in September, up 46% year-on-year. Its domestic market share stood at 42.2%, flat year-on-year but down 0.1 percentage point quarter-on-quarter. Globally, CATL held a 35% market share, down 2 and 1 percentage points year-on-year and quarter-on-quarter, respectively, maintaining its top position.

BofA Securities maintains a "Buy" rating on CATL, with an H-share target price of HK$605 and an A-share (300750.SZ) target price of RMB 495. CATL plans to produce 74.5 GWh in November, reflecting a 38% year-on-year increase and 1% sequential growth.

The firm views these figures as robust, indicating sustained strong demand for electric vehicle and energy storage batteries. It expects CATL's domestic market share to improve sequentially in Q4, driven by higher shipments of vehicle models for which CATL is the primary battery supplier.