CATL 3750

[winston]

not vested

Global expansion on track; initiate with Add

CATL raised HK$40.6bn from its HK listing, with 90% of net proceeds to be used to grow its Hungarian plant’s power battery and ESS battery capacities.

We think CATL’s global expansion plans are on track, and its continued share gains in overseas markets will boost its margin profile, in our view.

We initiate coverage on CATL-H with an Add call and HK$391 TP, a 5% discount to our TP for its A-share (12.8x FY26F EV/EBITDA).

Source: CGS

https://rfs.cgsi.com/api/download?file= ... 6B6B700BAB

[winston]

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<Research>HSBC Research Initiates Coverage on CATL (03750.HK) w/ TP $359 & Rating Buy

HSBC Global Research issued a research report initiating coverage on CATL (03750.HK)'s H-shares, with a target price of $359, and keeping its target price for CATL's A-shares at RMB322, both of which rated at Buy.

CATL's scale, leading technology and quality control grant it strong bargaining power, the report said.

Last year, the Company's operating profit accounted for 87% of the entire domestic EV battery supply chain industry.

Related News: CLSA Elevates CATL (03750.HK) TP to $447, Keeps Rating at Outperform

Despite the onset of an EV price war and a decline in lithium prices starting in 2022, the Company's operating profit remained resilient.

The broker expected the issue of oversupply in the EV industry to have limited impact on CATL, and anticipated utilization rates to remain high, ensuring profit margins during the industry's accelerating consolidation period.

Source: AASTOCKS Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN

[winston]

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<Research>CLSA Elevates CATL (03750.HK) TP to $447, Keeps Rating at Outperform

CLSA released a research report saying that its earlier report on Chinese automakers shows that the CAGR of EV sales in China will fall to 10% by 2030.

The broker believed that CATL (03750.HK) will do well amid slowing growth but competitive EV market and outperform its peers because the Company is positioned as a high-end battery maker, with its products accounting for 72% of the market for high-end electric passenger vehicles in China, which allows the Company's average selling price and margins to outperform those of the mass market.

CATL's H-shares have been trading at a 12% premium to A-shares since its listing, and have been trading at a 3% premium to A-shares since May, compared to BYD COMPANY (01211.HK) 's H-shares, according to the report.

Therefore, CLSA adjusted its H-share price forecast for CATL from a 5% discount to A-shares to a 10% premium, and thus elevated its target price from $385 to $447, with rating kept at Outperform.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN

[winston]

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<Research>UBS Initiates CATL (03750.HK) at Buy w/ $390 TP

UBS initiated coverage on CATL (03750.HK) with a Buy rating and a target price of HKD390, with a PE multiple of 20.5x 2026E PE.

Despite investor concerns about geopolitical risks and intense competition affecting the company's ability to maintain its brand premium and high margins, the broker considered that batteries are far from commodities.

In the competition for electric vehicles (EVs) and energy storage systems (ESS), differentiation in safety, quality, and technology is becoming increasingly pivotal.

It was forecast that the company's net profit per unit will remain at RMB107/ kWh in 2025, backed by leading technology, rapid innovation, continuous efficiency improvements, and cost control.

Related News: G Sachs Initiates CATL w/ TP HKD343, Rating Buy

CATL's H-shares are trading at 17x 2026E PE on UBS estimates, which aligned with the broker’s expectations but remained lower than GOTION HIGH-TECH (002074.SZ)’s 26x and LG Energy Solution's (LGES)’s 47x.

The broker believed this does not fully reflect the company's rapid sales growth, strong unit profitability, and robust return on equity (ROE) performance.

Source: AASTOCKS Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN

[winston]

not vested

June 25, 2025

<Research>G Sachs Initiates CATL w/ TP HKD343, Rating Buy

Goldman Sachs has issued a research report reiterating a Buy rating for CATL's A-shares (300750.SZ) with a target price of RMB323, while initiating a target price of HKD343 and a Buy rating for CATL (03750.HK) .

In Goldman Sachs' estimates, CATL's EPS will grow at a CAGR of 25% in 2024-30 on strong sales growth, improved product mix, and expanded unit earnings.

In addition, the valuation based on a one-year forward P/E ratio showed a significant discount compared to South Korea's LG Energy Solution and Gotion (002074.SZ), making CATL's A-shares and H-shares valuations attractive.

Related News: HSBC Research Expects Challenges in EV Pricing Environment, Favors CATL & FUYAO GLASS

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/analy ... stock-news

[winston]

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<Research>G Sachs: CATL (03750.HK) Product Mix Improves, Benefiting from YU7 Launch; Rating Kept at Buy

XIAOMI-W (01810.HK) 's YU7 was officially launched yesterday (26th), with the YU7 Max version equipped with CATL (03750.HK)'s flagship high-end NCM battery, 'Qilin battery', while the standard and Pro versions are equipped with CATL's flagship high-end LFP battery, 'Shenxing battery', Goldman Sachs released a research report saying.

Goldman Sachs expected the penetration rate of CATL's Qilin battery to resume growth in 2H25 with the launch of NEV models like Xiaomi YU7, alleviating the adverse effects brought by the penetration rate of low-price LFP batteries and promoting the improvement of the product mix.

Related News: UBS Initiates CATL (03750.HK) at Buy w/ $390 TP

Therefore, the broker kept rating at Buy for CATL, with a target price of $343 for its H-shares and RMB323 for its A-shares.

Source: AASTOCKS Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN

[winston]

not vested

<Research>CLSA: CATL (03750.HK) H-A Premium Reaches Highest Lv. Since H-Shr Listing; Premium Expected to Persist

The premium between CATL (03750.HK) (300750.SZ) 's A-shares and H-shares expanded to 17% over the past two days, marking the highest A-H share premium since its H-share listing, CLSA released a research report saying.

The broker expected this situation to persist.

From a liquidity perspective, CLSA noted that CATL's H-shares had a lower free float compared to its A-shares, implying that its H-share price is more susceptible to recent share price fluctuations.

Therefore, the broker rated CATL at High Conviction Outperform, with a target price of $324.6.

Source: AASTOCKS Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN

[winston]

not vested

<Research>BofAS: CATL's Global Battery Installation Mkt Shrs Stable at 38% in May; Rating Buy

CATL (03750.HK)’s battery installation capacity in China for May was 26.2 GWh, representing a 39% YoY increase, BofA Securities cited RealLi data.

Its domestic market share in May was 42%, down 2.2 ppts YoY, but up 2.0 percentage points MoM.

In May, CATL's major customers in China were Tesla (TSLA.US), GEELY AUTO (00175.HK) and CHANGAN AUTOMOBILE (000625.SZ) which accounted for 12%, 11%, and 9% of China's battery installation capacity, respectively.

According to supply chain surveys, CATL's planned production for July was predicted to be around 60 GWh, notching a 47% YoY rise and a 3% MoM hike.

XIAOMI-W (01810.HK) launched the SUV model YU7 on June 26, receiving 280,000 confirmed orders within one hour of launch.

All versions of the Xiaomi YU7 will use CATL batteries, which should positively impact CATL's market share in China.

CATL achieved a 38% global market share in May, remaining stable YoY and MoM, ranking first globally, according to SNE Research.

In 5M25, its global market share was 38%. BofA Securities maintained a Buy rating on CATL, based on its industry-leading battery technology and new product strategy to protect market share, as well as its advantages in technology and scale, driving greater cost savings and maintaining high gross margins.

The target price was HKD400 for CATL's H-shares. The target price for its A-shares (300750.SZ) +9.780 (+3.905%) was RMB364.

Source: AASTOCKS Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN