CATL 3750

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<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

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<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

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not vested

CATL (03750.HK) Rises 2.6% Against Market; M Stanley Lifts H Share TP to HKD815

M Stanley said it expects CATL's next-generation sodium-ion and condensed-state battery technologies to achieve rapid large-scale commercialization, which is likely to accelerate earnings growth and further expand market share over the next three years.

As a result, it raised its projected CAGR of net profit for 2026 to 2028 from 25% to 30%, and lifted its H share TP by 17% to HKD815 per share. (ta/u)

Source: AASTOCKS Financial News

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

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Chinese battery maker CATL expects energy storage to make up half of global sales by 2030

China’s CATL (3750), the world’s biggest battery maker, expects energy storage to account for half of its global sales by 2030, up from 25 percent now, a company executive told Reuters on Thursday.

Energy storage has already jumped from only 2 percent of battery sales five years ago.

Founded in 2011, CATL initially specialised in making lithium-ion batteries for electric vehicles, which currently make up about three quarters of its sales.

In Europe, CATL’s third-largest energy storage market after China and the US, customers are investing in both renewables plus storage and grid-side storage, depending on where the congestion points in local power grids are, he said.

CATL has manufacturing plants in Germany and Hungary, and has broken ground on a new plant in Spain in a joint venture with car maker Stellantis.

Energy storage in Europe, unlike the automobile industry, has not faced calls for stricter requirements on local sourcing of components to protect domestic industries. Still, making such projects profitable remained a challenge for the energy industry, he said.

CATL said this week it would invest 3 billion yuan (HK$3.47 billion) in an energy storage testing centre to simulate grids and investigate causes of energy storage-related fires and explosions - a major concern among customers.

Rising prices of raw materials including lithium, copper, and aluminium following the US-Israel war with Iran pose another challenge to energy storage manufacturers, but Tang expects costs to fall longer term as the supply chain matures.

CATL mines lithium in southern China to exert some control over the battery supply chain. It also operates the world’s largest recycling plant for recovery of the raw materials used in batteries, Tang said.

Source: Reuters

https://www.thestandard.com.hk/innovati ... le/333818/

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<Research>Citi Raises CATL (03750.HK) TP to HKD888, Expects Profit to Reach RMB100B This Yr

After CATL (03750.HK) announced its 1Q26 results, Citi updated its financial model and raised its earnings forecasts for FY2026-28 by 9%/ 9%/ 7% to RMB103 billion/ RMB126 billion/ RMB149 billion, respectively.

Although unit gross profit forecasts were lowered, the broker raised its battery sales projections and expected battery production and sales to reach milestones of 1.2 terawatt-hours (TWh) and 1.0 TWh, respectively, in FY2026, representing YoY growth of 61% and 54%.

Despite a high base, the broker expected CATL’s battery production and shipments to remain strong in 2H26, with demand for ESS serving as a key highlight.

Citi also noted that lithium carbonate prices above RMB200,000 per tonne will not destroy demand in the short term; instead, higher lithium prices would signal resilient demand.

Citi expected the company’s net profit in 2Q26E to reach RMB24.3 billion, corresponding to battery sales of 260 gigawatt-hours, representing YoY growth of 77% and QoQ growth of 29%, respectively.

Citi raised the A-share TP of CONTEMPORARY AMPEREX (300750.SZ) to RMB 603.

Meanwhile, based on a historical H/A share premium of 28% (reflecting its scarcity as a global battery leader in offshore markets), the broker lifted the H-share TP from HKD621 to HKD888 and maintained a Buy rating, continuing to list it as the sector’s top pick.

Source: AASTOCKS Financial News

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

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not vested

<Research>JPM: CATL Production Keeps Charging Ahead of Peers, Remains Top Pick

China's battery and materials sector has retreated about 15-35% from its peak since early May, owing to sector rotation and a lack of fresh catalysts, compounded with geopolitical tensions, JPMorgan released a research report saying.

However, the broker believed this reflects short-term seasonal and inventory adjustments rather than a deterioration in medium-term growth.

Related News - BofAS: Proposed US Ban on Imports of Chinese Inverters Has Limited Direct Impact on CATL (03750.HK)

The broker said CATL (03750.HK) continues to lead peers in production momentum, with battery output in 2Q leaping about 80% YoY.

Output growth in July was estimated to top 70% YoY, outperforming peers' growth of around 40-50%.

CATL remains the broker's top pick in China's battery supply chain. Among second-tier players, CALB (03931.HK) has recorded output growth of more than 90% so far this year, the highest among peers and above its 55% sales growth target.

Source: AASTOCKS Financial News

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

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<Research>G Sachs Initiates Buy on CATL, Upbeat on BESS Integration Potential

Goldman Sachs published a research report initiating coverage on CATL (03750.HK) with a Buy rating and an H-share TP of HKD946.

The broker noted that the market broadly views the battery energy storage systems (BESS) as a incremental volume, but the broker considered BESS integration will become the key driver for CATL's next phase of value creation.

It was expected to support gross margin expansion, generate recurring high-margin service income, and drive valuation re-rating.

Source: AASTOCKS Financial News

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

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Goldman Sachs forecasts 50% jump for battery giant CATL’s shares as energy storage takes off

by Themis Qi

Contemporary Amperex Technology Co Limited (CATL) will see 50 per cent growth in its share price to a record high over the next 12 months, as it benefits from rising demand for energy independence, according to Goldman Sachs.

The Wall Street investment bank expected CATL’s battery energy storage system business, to be its next value-creation engine, though the market is viewing the business more for its potential to increase battery volumes.

“We see a strategic integration push that can lift margins, earnings quality, share and valuations, supported by a deepening moat vs Chinese battery peers built on years of cost, technology leadership, and ecosystem buildout,” said Goldman Sachs analysts Nick Zheng and Selina Yan in a note on Thursday.

Source: SCMP

https://www.scmp.com/business/markets/a ... pe=section

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Jun 23, 2026

China’s CATL bets big on sodium-ion batteries to navigate lithium price volatility

by Themis Qi

China’s Contemporary Amperex Technology Ltd (CATL), the world’s top lithium-ion battery maker, plans a major boost in production of sodium-based cells, a move that will help it navigate volatility in material prices while affecting both the electric vehicle (EV) and grid-storage sectors.

The company’s planned annual production of 200 gigawatt-hours (GWh) of sodium-ion cells would represent nearly three times last year’s global production capacity, which was estimated at 70GWh, according to the International Renewable Energy Agency. One gigawatt hour is enough to power about 100 average American households for a year.

To get to that level, CATL had invested 650 million euros (US$742 million) to expand annual sodium-cell capacity by 40GWh at a plant in Fuding, in southeastern China’s Fujian province, said Amanda Xu, the firm’s head of battery energy storage systems in Europe.

This was in addition to 160GWh of annual production it previously committed to at a facility in eastern Shandong province, she said.

Source: SCMP

https://www.scmp.com/business/climate-a ... pe=section

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<Research> M Stanley: CATL (03750.HK) Share Price Dragged by Capital Rotation, Maintains "Overweight" Rating

M Stanley issued a research report stating that CATL (03750.HK) 's share price has recently come under pressure, mainly due to the upcoming STAR Market IPO of ChangXin Memory Technologies.

As the largest non-AI holding among domestic institutional funds, CATL (03750.HK) is expected to be affected by capital rotation.

The market is also concerned about risks including falling lithium prices, slower growth in energy storage deployment and slower production scheduling growth in July, but the broker believes these concerns do not pose any significant adverse impact.

M Stanley still believes CATL (03750.HK) 's production scheduling remains healthy, and expects the growth rate of the energy storage business to normalize after several years of ultra-high-speed growth, which is within expectations.

The broker remains confident in the medium-term outlook, maintains the "Overweight" rating on CATL (03750.HK) with an unchanged TP of HKD815, and continues to list it as its sector top pick.

Related News - G Sachs Initiates Buy Rating on CATL (03750.HK), Optimistic on Energy Storage System Integration Potential

Source: AASTOCKS Financial News

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