Contemporary Amperex Technology: Post-Q2: growth outlook reconfirmed; capacity expanding while share count reducing

研报英文原文证据摘录

Contemporary Amperex Technology: Post-Q2: growth outlook reconfirmed; capacity expanding while share count reducing

Global Research

27 July 2026ab

Contemporary Amperex Technology Equities

ChinaPost-Q2: growth outlook reconfirmed; capacity

expanding while share count reducing Auto Parts

12-month rating Buy

12m price target HK$820.00Reiterate Buy & maintain PT

We reiterate our Buy rating on CATL-H. 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) HK$622.00

call reconfirmed its revenue growth outlook. In addition, the largest buyback in A-share RIC: 3750.HK BBG: 3750 HK

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 HK$779.50-402.00

magnitude, leaving PT of HK$820 unchanged. Market cap. HK$2,839b/US$362b

Shares o/s 4,564m (ORD)

Post-result call key info Free float 61%

Management cited “multi-segment, multi-region” electrification trend for revenue Avg. daily volume ('000) 4,292

growth during the call. Despite domestic EV volume weakness, average battery loading, Avg. daily value (m) HK$2,869.3

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) 5.6x

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