Contemporary Amperex Technology: Post-Q2: growth outlook reconfirmed; share buyback a positive surprise

研报英文原文证据摘录

Contemporary Amperex Technology: Post-Q2: growth outlook reconfirmed; share buyback a positive surprise

Global Research

27 July 2026ab

Contemporary Amperex Technology Equities

ChinaPost-Q2: growth outlook reconfirmed; share

buyback a positive surprise Auto Parts

12-month rating Buy

12m price target Rmb600.00Reiterate Buy & maintain PT

We reiterate our Buy rating on CATL-A. The Q2 net profit of Rmb22.5bn is inline with a

low bar of expectation, while the positive comments made by management during the Price (24 Jul 2026) Rmb383.01

call reconfirmed its revenue growth outlook. In addition, the largest buyback in A-share RIC: 300750.SZ BBG: 300750 CS

history, between Rmb20~40bn, despite fastest in history capacity expansion,

demonstrated management’s confidence of both revenue and profitability outlook. We Trading data and key metrics

lower our unit profit assumptions by c4% while raising volume forecast by similar 52-wk range Rmb460.00-263.05

magnitude, leaving PT of Rmb600 unchanged. Market cap. Rmb1,748b/US$258b

Shares o/s 4,564m (ORDA)

Post-result call key info Free float 10%

Management cited “multi-segment, multi-region” electrification trend for revenue Avg. daily volume ('000) 35,670

growth during the call. Despite domestic EV volume weakness, average battery loading, Avg. daily value (m) Rmb14,322

commercial vehicles, energy storage, and European electrification all serve as growth Common s/h equity (12/26E) Rmb441b

drivers. Its capacity under construction expanded to 764GWh by Jun from 321GWh by P/BV (12/26E) 4.0x

Dec, representing 73% its latest annualized production capacity, demonstrating their Net debt to EBITDA (12/26E) NM

confidence. In addition, management surprised the market with the largest repurchase