Contemporary Amperex Technology Co., Limited

3750.HK

Electrical Equipment & Parts · Industrials

Price

HK$657.00

+3.00 (+0.46%)

Market Cap

HK$2.99T

Exchange

Hong Kong Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 13, 2026 · filings through Jun 30, 2026

Share count rising — dilution

+6.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 4.19B (2021) → 4.47B (2025)

Contemporary Amperex Technology Co., Limited (CATL) is the world's largest manufacturer of rechargeable batteries for electric vehicles (EVs) and energy storage systems. Its core products are lithium-ion battery packs and battery management systems, sold to major automakers like Tesla, BMW, Volkswagen, and dozens of Chinese car brands. CATL sits at the center of the global shift away from gasoline-powered vehicles.

CATL makes money by selling battery cells and packs directly to automakers and energy storage customers, with additional revenue from battery recycling and leasing programs. The company is headquartered in Ningde, China, and operates factories across China, Germany, and Hungary, serving customers in over 50 countries. Its massive scale, deep manufacturing expertise, and long-term supply agreements with top automakers give it a strong competitive position, but its biggest risks include intensifying competition from Chinese rivals like BYD, potential trade barriers in Western markets, and the possibility of disruptive new battery chemistries eroding its technology lead.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+56.2% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+29.8% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$22.1B/ year

↑ Rising (+19% vs prior year)

5.2% of revenue

In line with sector average (4%)

R&D investment increasing — building for the future

Insider Activity

42.8%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$537.4B cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Contemporary Amperex Technology Co., Limited grew revenue 56% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

22.9%

Thin — 22.9% gross margin

Operating Margin

15.3%

Healthy — 15.3% operating margin

ROCE

3.3%

Weak — 3.3% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+39.3%

Fast-growing sales (+39.3% YoY)

EPS YoY

+40.3%

Earnings growing fast (+40.3% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

163%

Turns 163% of profit into real cash

FCF Margin

17.4%

Converts sales into free cash efficiently (17.4%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.79

Moderate — manageable debt (0.79)

Interest Cover

36.10x

Comfortably covers interest (36.1x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

35.2x

Pricey — P/E 35.2

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+10.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (35.2 → 25.0)

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Dividends

Dividend Yield

2.12%

Moderate income — 2.12% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

N/A

Data not available

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