CATL 3750

[winston]

vested

<Research> M Stanley: CATL (03750.HK) Next-Generation Condensed-State Battery to Boost Profitability; Raises TP to HKD695

Morgan Stanley said in a research report that CATL (03750.HK) unveiled its next-generation condensed-state battery at the Beijing Auto Show, setting a new benchmark for luxury electric vehicle models and accelerating the electrification of the luxury vehicle segment.

The broker believes that high-end batteries command higher average selling prices, while luxury electric vehicle sales are typically less price-sensitive.

As the contribution from premium solutions such as the Qilin battery and condensed-state battery increases, the company's overall profit margin should benefit even if pricing in the mass market remains competitive.

M Stanley expects the condensed-state battery to further solidify CATL's dominant position in the high-end electric vehicle battery market, including luxury and ultra-luxury brands, helping the company expand its lead in long-range and high-performance applications where technological barriers are the highest.

The broker forecasts that from 2026 to 2028, annual high-end deployment of the company's electric vehicle batteries will reach 50 to 80 gigawatt-hours, and is expected to exceed 100 gigawatt-hours in the long term.

Related News - Citi: CATL (03750.HK) Product Performance Leads Industry, Expected to Gain Market Share

On the back of rising high-end penetration, Morgan Stanley raised its EBITDA forecasts for CATL by 6%, 8% and 9% for 2026 to 2028, respectively.

Earnings forecasts for the same period were lifted by 6.5%, 9% and 10%, respectively.

The broker increased its H-share TP to HKD695 from HKD655 and maintained an Equalweight rating. It also raised the A-share TP for CATL (300750.SZ) to RMB560 from RMB530 and reiterated an Overweight rating.

Related News - JPM: CATL (03750.HK) Super Tech Day Sets New Industry Standards; Top Pick in Sector

Source: AASTOCKS Financial News

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

[winston]

vested

<Research>CLSA Expects Positive Mkt Reaction to CATL's 7% Discounted Placement to Raise USD5B

CATL (03750.HK) has announced plans to raise nearly USD5 billion at a 7% discounted share placement, according to a CLSA research report.

CLSA reiterated a High-Conviction Outperform rating on CATL and kept the target price at HKD820, citing that the completion of the placement would help eliminate market concerns over the uncertainty regarding the timing of the share placement.

This share placement is expected to lead to a share dilution of less than 2%, which should receive a positive market reaction.

Related News - BofAS: CATL (03750.HK) Showcases Multiple Breakthroughs at Tech Day, Reiterates Buy

Source: AASTOCKS Financial News

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