CATL - H: Accumulate the dip, not the 2027 fear

研报英文原文证据摘录

CATL - H: Accumulate the dip, not the 2027 fear

J P M O R G A N Asia Pacific Equity Research

11 July 2026

CATL - H Overweight

3750.HK, 3750 HK

Accumulate the dip, not the 2027 fear Price (10 Jul 26):HK$587.00

Price Target (Dec-26):HK$725.00

CATL-H shares fell 8% on 10-July (HSI +0.6%), extending the correction from the Asia Autos & EV Battery

ACrecent June peak to 25% (HSI -7%). We believe technical factors and near-term Rebecca Wen

sentiment headwinds are driving the weakness, rather than any material (852) 2800-8505

deterioration in CATL’s long-term fundamentals. rebecca.y.wen@jpmorgan.com

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

Morgan Broking (Hong Kong) Limited

We reiterate our Overweight rating on CATL and continue to view it as our

Cathy Liu

preferred core holding in China’s battery supply chain. While recent volatility has

(852) 2800-8629

weighed on sentiment, we believe investors should focus on CATL’s structural cathy.xiao.liu@jpmorgan.com

strengths: unrivaled technology leadership, industry-leading scale, and a proven J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

ability to deliver stable earnings, ROE, and free cash flow through the cycle. As the Morgan Broking (Hong Kong) Limited

global leader across EV&ESS battery technology, CATL has consistently Shirley Feng

translated innovation into market share gains and superior financial performance. (86-21) 6106-6149

shirley.x.feng@jpmorgan.com

In our view, CATL remains a rare industrial technology compounder, with SAC Registration Number: S1730524040001

long-term value driven by its technology moat, execution excellence, and J.P. Morgan Securities (China) Company Limited

earnings compounding capability rather than short-term fluctuations in monthly

or quarterly data.