Tiger Brokers

CLSA Reaffirms "Outperform" Rating on CATL (03750), Raises Target Price to HK$670

Stock News
Sep 22

CLSA has issued a research report raising CATL's (03750) H-share target price by 25.2%, from HK$535 to HK$670, while also increasing the A-share target price. The firm reaffirms its "outperform" rating with high conviction for A-shares and maintains its "outperform" rating for H-shares. Following discussions with the company at CATL's World Energy Storage Conference 2025, CLSA noted that both the company's electric vehicle battery and energy storage system (ESS) production are operating at full capacity with strong demand, particularly in overseas ESS markets. Consequently, the firm has raised its earnings per share forecasts for 2026 and 2027 by 9%, primarily driven by a 10% upward revision in battery shipment projections. CLSA has extended its valuation framework to 2027 and assumes a 25% premium for H-shares over A-shares.

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