CATL (Reaffirmed Growth & Buyback), Rotem (D/G to N), Hanwha Ocean Preview, JP Auto on Section 301, Global Auto on Humanoid Robots: APAC Industrial & Auto Sector Specialist Sales Commentary Auto & EV · Equipment · Machinery · E&C · A&D

Research evidence excerpt

CATL (Reaffirmed Growth & Buyback), Rotem (D/G to N), Hanwha Ocean Preview, JP Auto on Section 301, Global Auto on Humanoid Robots: APAC Industrial & Auto Sector Specialist Sales Commentary Auto & EV · Equipment · Machinery · E&C · A&D

Specialist Sales

APAC Specialist Sales J P M O R G A N

27 July 2026

Save the Dates: J.P. Morgan Industrials Events

Catalyst Calendar (Full Version)

Detailed Highlights

Key Earnings Recap; CATL , Rotem (D/G to N), KIA, Mobis, Samsung Heavy (PT Trim), CG Power

• CATL (3750 HK/300750 CH, In-line): CATL delivered solid 1H26 net profit growth (+42% y/y), with 2Q26 net profit at the

mid-point of our expectations. Gross profit per unit softened, but this was seen as strategic for customer negotiations and

market share gains, not a structural issue. Management reaffirmed a robust 20–30% demand CAGR to 2030 and

expressed confidence that 2027 demand could exceed this, supported by high utilization, diversified growth drivers, and

strong order visibility. The company announced an interim dividend and a substantial A-share buyback (RMB20–40bn),

which could boost investor confidence. Key positives include unrivaled technology leadership, high capacity utilization,

progress in sodium-ion commercialization, and an evolving AIDC strategy targeting end-to-end energy solutions for data

centers. We recommend focusing on CATL’s structural strengths and long-term compounding potential. JPM OW, PT

unchanged at HK$725, RMB 520

• Hyundai Rotem (064350 KS, Miss - Downgrade to N): We downgrade Hyundai Rotem to Neutral and cut our Dec-27 PT to

W180K (from W300K) due to limited near-term order catalysts and a weak 2Q26 result, with OP missing estimates by

18–29% on a softer Poland EC1 mix, lower EC2 sales, and weaker domestic defense margins. Pipeline visibility