vested
Maintain BUY with higher TPs of RMB624/HKD925.
We raised our earnings forecast by 4% for FY26F on higher ESS sales volume assumptions.
We maintain BUY with TPs increased to RMB624/HKD925 (vs. RMB500/HKD675 previously).
The A-share TP is based on FY26F EPS of RMB20.8 (previous: RMB20) and target PE of 30x, a premium to the industry average reflecting CATL’s superior profitability and leading market position.
The H-share TP is based on a 30% premium to A-shares, as we believe the limited free float and overseas investment preference for large-cap market leaders in H shares will help sustain the valuation premium.
Key risks: Raw material price fluctuation risk, overcapacity risk, risk from new entrants, unfavourable technology changes, and potential overseas trade barriers.
Source: DBS
https://www.dbs.com/insightsdirect/comp ... subsource=
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CATL 3750
Re: CATL 3750
by winston » Tue Jul 14, 2026 12:06 pm
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Re: CATL 3750
by winston » Mon Jul 27, 2026 9:31 am
vested
Contemporary Amperex Technology Co (300750 CH)
2Q26: In Line; Cutting Margins, Lifting Volumes
2Q26 net profit of Rmb22.5b (+36.5% yoy/+8.7% qoq) was in line, taking 1H26 net profit to Rmb43.3b (+42.0% yoy). However, gross profit per GWh fell to Rmb147m and net profit per GWh dropped to Rmb97m.
We raise 2026-28 sales volume by 10%/7%/0% to 1,000/1,230/1,450GWh respectively on ESS/AIDC demand, but cut gross margin to 23.4%/23.7%/23.9%; we expect margins to stabilise from 2H26.
We cut net profit by 1%/7%/12% to Rmb93.6b/Rmb116.4b/Rmb139.1b respectively.
Maintain BUY; we cut target price to Rmb585.00/HK$675.00 (23x 2027F PE).
Source: UOBKH
https://research.uobkayhian.com/content ... e=hs_email
Contemporary Amperex Technology Co (300750 CH)
2Q26: In Line; Cutting Margins, Lifting Volumes
2Q26 net profit of Rmb22.5b (+36.5% yoy/+8.7% qoq) was in line, taking 1H26 net profit to Rmb43.3b (+42.0% yoy). However, gross profit per GWh fell to Rmb147m and net profit per GWh dropped to Rmb97m.
We raise 2026-28 sales volume by 10%/7%/0% to 1,000/1,230/1,450GWh respectively on ESS/AIDC demand, but cut gross margin to 23.4%/23.7%/23.9%; we expect margins to stabilise from 2H26.
We cut net profit by 1%/7%/12% to Rmb93.6b/Rmb116.4b/Rmb139.1b respectively.
Maintain BUY; we cut target price to Rmb585.00/HK$675.00 (23x 2027F PE).
Source: UOBKH
https://research.uobkayhian.com/content ... e=hs_email
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Re: CATL 3750
by winston » Mon Jul 27, 2026 12:01 pm
<Research>JPM: CATL 2Q Results In Line; A-Share Buyback Boosts Confidence; Overweight Rating Maintained
CATL (03750.HK) announced its 2Q results last Friday (24th).
JPMorgan said in a report that net profit for the period reached RMB22.5 billion, at the midpoint of market expectations of RMB22-23 billion, in line with expectations.
The broker believed net profit in 1H26 elevated 42% YoY, reflecting solid performance.
The report noted that the market focused on the decline in gross profit per unit in the second quarter.
JPMorgan viewed this as a strategic move in customer price negotiations rather than a weakening in fundamentals, and believed CATL's long-term fundamentals remain strong.
Management reiterated during the results briefing that it remains highly confident about battery demand in 2027, expecting growth may exceed the long-term CAGR of 20% to 30%.
Related News - CATL (03750.HK) 1H26 Net Profit Up 42% YoY to RMB43.284 Billion; Interim DPS Hiked to HKD1.629
JPMorgan maintained its Overweight rating with an H-share TP of HKD725.
The broker believed CATL remains its top pick in China's battery value chain. The unexpected A-share buyback by CONTEMPORARY AMPEREX (300750.SZ) was expected to boost investor confidence.
Source: AASTOCKS Financial News
CATL (03750.HK) announced its 2Q results last Friday (24th).
JPMorgan said in a report that net profit for the period reached RMB22.5 billion, at the midpoint of market expectations of RMB22-23 billion, in line with expectations.
The broker believed net profit in 1H26 elevated 42% YoY, reflecting solid performance.
The report noted that the market focused on the decline in gross profit per unit in the second quarter.
JPMorgan viewed this as a strategic move in customer price negotiations rather than a weakening in fundamentals, and believed CATL's long-term fundamentals remain strong.
Management reiterated during the results briefing that it remains highly confident about battery demand in 2027, expecting growth may exceed the long-term CAGR of 20% to 30%.
Related News - CATL (03750.HK) 1H26 Net Profit Up 42% YoY to RMB43.284 Billion; Interim DPS Hiked to HKD1.629
JPMorgan maintained its Overweight rating with an H-share TP of HKD725.
The broker believed CATL remains its top pick in China's battery value chain. The unexpected A-share buyback by CONTEMPORARY AMPEREX (300750.SZ) was expected to boost investor confidence.
Source: AASTOCKS Financial News
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Re: CATL 3750
by winston » Mon Jul 27, 2026 12:05 pm
<Research>G Sachs: CATL 2Q Profit In Line; Buy Rating Reiterated
CATL (03750.HK) (300750.SZ) announced its 2Q results.
In a report, Goldman Sachs said 2Q net profit grew 36% YoY to RMB22.55 billion, in line with the broker's and market's expectations.
Revenue notched a record high of RMB147.79 billion during the period, up 57% YoY.
The broker reiterated its Buy rating, with TP for the H shares and A shares at HKD947 and RMB565 respectively.
The broker said CATL's battery sales volume in 1H hiked 60% YoY to about 435GWh, of which ESS accounted for one-quarter of total sales volume.
2Q sales volume rose about 60% YoY to around 235GWh, continuing the strong growth seen since 4Q25.
Management remained optimistic on demand for 2H26 and 2027, reiterating its long-term sales volume CAGR forecast of 20-30%.
Related News - M Stanley: Diversification of AI Investments Refocuses Attention on CATL; Overweight Rating Reiterated
Goldman Sachs noted that CATL announced its largest-ever A-share buyback plan involving RMB20-40 billion for share repurchases and cancellation, while also declaring an interim dividend of RMB6.49 billion (RMB1.41 per share).
Source: AASTOCKS Financial News
https://www.aastocks.com/en/stocks/news ... -news/AAFN
CATL (03750.HK) (300750.SZ) announced its 2Q results.
In a report, Goldman Sachs said 2Q net profit grew 36% YoY to RMB22.55 billion, in line with the broker's and market's expectations.
Revenue notched a record high of RMB147.79 billion during the period, up 57% YoY.
The broker reiterated its Buy rating, with TP for the H shares and A shares at HKD947 and RMB565 respectively.
The broker said CATL's battery sales volume in 1H hiked 60% YoY to about 435GWh, of which ESS accounted for one-quarter of total sales volume.
2Q sales volume rose about 60% YoY to around 235GWh, continuing the strong growth seen since 4Q25.
Management remained optimistic on demand for 2H26 and 2027, reiterating its long-term sales volume CAGR forecast of 20-30%.
Related News - M Stanley: Diversification of AI Investments Refocuses Attention on CATL; Overweight Rating Reiterated
Goldman Sachs noted that CATL announced its largest-ever A-share buyback plan involving RMB20-40 billion for share repurchases and cancellation, while also declaring an interim dividend of RMB6.49 billion (RMB1.41 per share).
Source: AASTOCKS Financial News
https://www.aastocks.com/en/stocks/news ... -news/AAFN
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Re: CATL 3750
by winston » Mon Jul 27, 2026 12:07 pm
not vested
<Research>M Stanley: CATL 2Q Results Beat; Buyback and Guidance Positive
CATL (03750.HK) announced its 2Q results after market close last Friday (24th).
In a report, Morgan Stanley said net profit for the period reached RMB22.6 billion, topping the company's guidance of RMB22 billion, though slightly below the broker's forecast of RMB23 billion, in wake of its overestimation of interest income.
Revenue for 1H26 added 54.8% YoY to RMB276.9 billion, while net profit lifted 42% YoY to RMB43.3 billion.
Morgan Stanley believed the newly announced A-share buyback plan of up to RMB40 billion (or USD5.9 billion) is far more important than the results themselves.
The repurchased shares will be cancelled, reflecting management's strong confidence in the company's intrinsic value.
The broker maintained its Overweight rating on CATL's Hong Kong shares with a TP of HKD815.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-07-24 16:25.)
Related News - JPM: CATL (03750.HK) 2Q Results In Line; A-Share Buyback Boosts Confidence, Maintains Overweight
Source: AASTOCKS Financial News
https://www.aastocks.com/en/stocks/news ... -news/AAFN
<Research>M Stanley: CATL 2Q Results Beat; Buyback and Guidance Positive
CATL (03750.HK) announced its 2Q results after market close last Friday (24th).
In a report, Morgan Stanley said net profit for the period reached RMB22.6 billion, topping the company's guidance of RMB22 billion, though slightly below the broker's forecast of RMB23 billion, in wake of its overestimation of interest income.
Revenue for 1H26 added 54.8% YoY to RMB276.9 billion, while net profit lifted 42% YoY to RMB43.3 billion.
Morgan Stanley believed the newly announced A-share buyback plan of up to RMB40 billion (or USD5.9 billion) is far more important than the results themselves.
The repurchased shares will be cancelled, reflecting management's strong confidence in the company's intrinsic value.
The broker maintained its Overweight rating on CATL's Hong Kong shares with a TP of HKD815.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-07-24 16:25.)
Related News - JPM: CATL (03750.HK) 2Q Results In Line; A-Share Buyback Boosts Confidence, Maintains Overweight
Source: AASTOCKS Financial News
https://www.aastocks.com/en/stocks/news ... -news/AAFN
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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Re: CATL 3750
by winston » Tue Jul 28, 2026 4:55 pm
<Research>BOCOMI Says CATL 2Q Shipments Beat, Maintains Buy Rating
CONTEMPORARY AMPEREX (300750.SZ) 's revenue in 2Q mounted 57% YoY to RMB147.78 billion, while battery shipments advanced 55% YoY to 232GWh, exceeding market expectations, BOCOM International said in a report.
However, profit came under pressure, with gross margin falling 1.6 ppts QoQ to 23.2% during the period, mainly due to the lagged pass-through effect of rising raw material costs.
Looking ahead, demand and capacity expansion will continue to support shipment growth. The broker raised its shipment forecasts for 2026 and 2027 to 980GWh and 1,250GWh respectively.
Investors should continue to monitor cost pass-through, the impact of consumption tax and changes in industry supply and demand.
Related News: CATL (03750.HK) 1H26 Net Profit Up 42% YoY to RMB43.284 Billion; Interim DPS Hiked to HKD1.629
The broker viewed that short-term earnings pressure does not alter the company's long-term competitive advantages.
Power batteries, energy storage and overseas businesses, still have growth potential. As cost pressures ease and pricing mechanisms improve, profitability was estimated to gradually recover.
BOCOM International gave CONTEMPORARY AMPEREX (300750.SZ) a Buy rating with a TP of RMB512.
Source: AASTOCKS Financial News
https://www.aastocks.com/en/stocks/news ... -news/AAFN
CONTEMPORARY AMPEREX (300750.SZ) 's revenue in 2Q mounted 57% YoY to RMB147.78 billion, while battery shipments advanced 55% YoY to 232GWh, exceeding market expectations, BOCOM International said in a report.
However, profit came under pressure, with gross margin falling 1.6 ppts QoQ to 23.2% during the period, mainly due to the lagged pass-through effect of rising raw material costs.
Looking ahead, demand and capacity expansion will continue to support shipment growth. The broker raised its shipment forecasts for 2026 and 2027 to 980GWh and 1,250GWh respectively.
Investors should continue to monitor cost pass-through, the impact of consumption tax and changes in industry supply and demand.
Related News: CATL (03750.HK) 1H26 Net Profit Up 42% YoY to RMB43.284 Billion; Interim DPS Hiked to HKD1.629
The broker viewed that short-term earnings pressure does not alter the company's long-term competitive advantages.
Power batteries, energy storage and overseas businesses, still have growth potential. As cost pressures ease and pricing mechanisms improve, profitability was estimated to gradually recover.
BOCOM International gave CONTEMPORARY AMPEREX (300750.SZ) a Buy rating with a TP of RMB512.
Source: AASTOCKS Financial News
https://www.aastocks.com/en/stocks/news ... -news/AAFN
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winston - Billionaire Boss
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Re: CATL 3750
by winston » Fri Jul 31, 2026 9:57 pm
vested
RATING: BUY SHARE PRICE: HKD 621.0012M TP: HKD 768.00
CATL delivered strong 1H results, with net profit rising 42% YoY to RMB 43.3 bn and revenue increasing 55% YoY to RMB 276.9 bn.
The strong performance is driven by robust growth in energy storage batteries, which have helped offset slower EV battery demand.
The company also announced a RMB 20-40 bn share buyback programme, with repurchased shares to be cancelled, signalling management’s confidence in longterm growth prospects and enhancing shareholder returns.
Looking ahead, management projected manufacturing facilities to run at full capacity, reflecting robust order book across all segments.
We believe CATL remains a key beneficiary of global electrification, supported by its leading EV battery market share, expanding energy storage business and investments in overseas capacity.
CATL trades attractively at forward P/E of 22.1x, below its 8-year average of 31.1x.
Source: Maybank
RATING: BUY SHARE PRICE: HKD 621.0012M TP: HKD 768.00
CATL delivered strong 1H results, with net profit rising 42% YoY to RMB 43.3 bn and revenue increasing 55% YoY to RMB 276.9 bn.
The strong performance is driven by robust growth in energy storage batteries, which have helped offset slower EV battery demand.
The company also announced a RMB 20-40 bn share buyback programme, with repurchased shares to be cancelled, signalling management’s confidence in longterm growth prospects and enhancing shareholder returns.
Looking ahead, management projected manufacturing facilities to run at full capacity, reflecting robust order book across all segments.
We believe CATL remains a key beneficiary of global electrification, supported by its leading EV battery market share, expanding energy storage business and investments in overseas capacity.
CATL trades attractively at forward P/E of 22.1x, below its 8-year average of 31.1x.
Source: Maybank
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Re: CATL 3750
by winston » Mon Aug 03, 2026 8:53 am
Will CATL be affected by the current price war in the EV Sector?
Yes, Contemporary Amperex Technology Co. Ltd. (CATL) is affected by the ongoing EV price war, experiencing a slight squeeze on its domestic battery profit margins but it continues to post surging overall profits by relying on massive scale, cost controls and booming energy storage demand.
Financial and Market Impact
Margin Pressure: Domestic profit margins for CATL's EV battery systems have faced downward pressure as carmakers push price cuts down the supply chain.
Profit Growth: Despite margin compression on the EV side, CATL reported a 42% year-over-year surge in net profit to CN¥43.28 billion (US$6.4 billion) for the first half of 2026, driven by soaring global demand for energy storage systems (ESS).
Market Share: CATL actually expanded its global EV battery market share to 40.2%, demonstrating its ability to outmuscle smaller competitors during industry downturns.
Strategic Countermeasures
Energy Storage (ESS) Diversification: CATL treats energy storage as an equal core pillar alongside EVs to buffer against vehicle market volatility.
Global Expansion: Prioritizing overseas markets (such as its new plant in Hungary) helps CATL capture more lucrative international gross margins that offset domestic price cuts.
Next-Gen Technology: Commercializing cost-effective innovations like sodium-ion batteries helps protect economics against raw material price swings.
Source: Google AI
Yes, Contemporary Amperex Technology Co. Ltd. (CATL) is affected by the ongoing EV price war, experiencing a slight squeeze on its domestic battery profit margins but it continues to post surging overall profits by relying on massive scale, cost controls and booming energy storage demand.
Financial and Market Impact
Margin Pressure: Domestic profit margins for CATL's EV battery systems have faced downward pressure as carmakers push price cuts down the supply chain.
Profit Growth: Despite margin compression on the EV side, CATL reported a 42% year-over-year surge in net profit to CN¥43.28 billion (US$6.4 billion) for the first half of 2026, driven by soaring global demand for energy storage systems (ESS).
Market Share: CATL actually expanded its global EV battery market share to 40.2%, demonstrating its ability to outmuscle smaller competitors during industry downturns.
Strategic Countermeasures
Energy Storage (ESS) Diversification: CATL treats energy storage as an equal core pillar alongside EVs to buffer against vehicle market volatility.
Global Expansion: Prioritizing overseas markets (such as its new plant in Hungary) helps CATL capture more lucrative international gross margins that offset domestic price cuts.
Next-Gen Technology: Commercializing cost-effective innovations like sodium-ion batteries helps protect economics against raw material price swings.
Source: Google AI
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Re: CATL 3750
by winston » Wed Aug 05, 2026 1:32 pm
not vested
<Research>CLSA: CATL 2Q Gross Margin Miss Arouses Concerns; TP at HKD770
CLSA issued a research report covering CATL (03750.HK) , of which gross margin in 2Q missed, arousing a new round of market concerns.
As the company has just begun mass production of sodium-ion batteries, investors are finding it more difficult to determine whether its profit margin will pick up in 2H26.
CONTEMPORARY AMPEREX (300750.SZ) 's A-share is trading at a forecast P/E ratio of about 16x, which is 0.5 SD below the average. If it further adjusts to 13x, it will reach the valuation floor and could provide a good entry opportunity for investors.
The broker maintained the High Conviction Outperform rating, with an H-share TP of HKD770.
Related News - JPM: China's Battery Supply Chain Output Growth Expected to Accelerate MoM in Aug; CATL (03750.HK) Remains Top Pick
Source: AASTOCKS Financial News
https://www.aastocks.com/en/stocks/news ... -news/AAFN
<Research>CLSA: CATL 2Q Gross Margin Miss Arouses Concerns; TP at HKD770
CLSA issued a research report covering CATL (03750.HK) , of which gross margin in 2Q missed, arousing a new round of market concerns.
As the company has just begun mass production of sodium-ion batteries, investors are finding it more difficult to determine whether its profit margin will pick up in 2H26.
CONTEMPORARY AMPEREX (300750.SZ) 's A-share is trading at a forecast P/E ratio of about 16x, which is 0.5 SD below the average. If it further adjusts to 13x, it will reach the valuation floor and could provide a good entry opportunity for investors.
The broker maintained the High Conviction Outperform rating, with an H-share TP of HKD770.
Related News - JPM: China's Battery Supply Chain Output Growth Expected to Accelerate MoM in Aug; CATL (03750.HK) Remains Top Pick
Source: AASTOCKS Financial News
https://www.aastocks.com/en/stocks/news ... -news/AAFN
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
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- Joined: Wed May 07, 2008 9:28 am
Re: CATL 3750
by winston » Wed Sep 16, 2026 9:02 am
not vested
Contemporary Amperex Technology Co (300750 CH) Fears Overdone;
Bottom Fishing Opportunity Emerges
CATL’s installations continue to outgrow the market.
Order flows remain strong and capacity utilisation remains tight through year-end.
The Hungary plant launch is delayed to at least 1Q27, but other plants can cover the shortfall.
The Chongqing plant acquisition adds 18GWh in capacity, saves build time, and extends CATL’s coverage to southwest China.
Fears that OEMs will switch away from CATL are groundless, due to its moats in technology, reliability and brand equity.
Maintain BUY and keep the target prices for A-share/H-share at Rmb585.00/HK$675.00.
Valuation is attractive at 12.3x 2027F PE.
Source: UOBKH
https://research.uobkayhian.com/content ... e=hs_email
Contemporary Amperex Technology Co (300750 CH) Fears Overdone;
Bottom Fishing Opportunity Emerges
CATL’s installations continue to outgrow the market.
Order flows remain strong and capacity utilisation remains tight through year-end.
The Hungary plant launch is delayed to at least 1Q27, but other plants can cover the shortfall.
The Chongqing plant acquisition adds 18GWh in capacity, saves build time, and extends CATL’s coverage to southwest China.
Fears that OEMs will switch away from CATL are groundless, due to its moats in technology, reliability and brand equity.
Maintain BUY and keep the target prices for A-share/H-share at Rmb585.00/HK$675.00.
Valuation is attractive at 12.3x 2027F PE.
Source: UOBKH
https://research.uobkayhian.com/content ... e=hs_email
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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