According to recent research from J.P. Morgan, CATL (03750, 300750.SZ) reported a net profit of 18.5 billion yuan in the third quarter, marking over 40% year-on-year growth and a 12% increase sequentially, aligning with the bank's expectations. The shipment volume reached approximately 180 GWh; however, due to delays in revenue recognition from energy storage systems, only over 165 GWh was reflected in the third-quarter financial results, representing over 30% year-on-year growth and a sequential rise of more than 10%. Unit profits remained stable, in line with the bank's forecasts. J.P. Morgan expressed that the group management is optimistic about the demand outlook for next year, and CATL's A-shares remain the bank's top pick in the Chinese battery value chain, while the bank maintains a "neutral" rating on CATL’s H-shares as their valuation appears reasonable.