Contemporary Amperex Technology: 2Q26 in line, positive on share buyback

研报英文原文证据摘录

Contemporary Amperex Technology: 2Q26 in line, positive on share buyback

Global Markets Research

Contemporary Amperex Technology 300750.SZ 300750 CH 26 July 2026

EQUITY: TECHNOLOGY

Rating2Q26 in line, positive on share buyback Remains Buy

Target price

Increased fromReiterate Buy with a revised TP of CNY632 CNY 632.00 CNY 612.00

2Q26 net profit +36% y-y to CNY22.5bn, in line with our expectation Closing24 July 2026price CNY 383.01

CATL reported 1H26/2Q26 results after market close on 24 July. The company reported

42% y-y earnings growth to CNY43.3bn in 1H26, translating into 36% y-y and 9% q-q Implied upside +65.0%

earnings growth to CNY22.5bn for 2Q26, which is in line with market expectation of

CNY22-23bn, in our view. The company recorded 55% y-y revenue growth to CNY277bn Market Cap (USD mn) 249,212.9

in 1H25 (2Q26: +57% y-y or +14% q-q to CNY148bn), with GPM contracting 1.1pp y-y to ADT (USD mn) 2,125.6

23.9% (2Q26: down 2.4pp y-y or 1.7pp q-q to 23.2%), which we attribute to material cost

inflation and change in revenue mix. Relative performance chart

Resilient demand outlook for FY27-28F with impact of cost inflation under control

For 1H26, the company recorded revenue growth of 46%/88% y-y for the EV/ESS battery

segments to CNY192/53bn. We estimate ~60% y-y growth in total battery shipments to

430-440GWh for 1H26 (2Q26: +10-15% q-q to ~230GWh), implying an ex.VAT battery

ASP of approximately CNY0.57/Wh, which is largely flat h-h. We expect the company to

record 51% y-y growth in battery shipments to ~1TWh in FY26F, followed by 19-22%

growth over FY27-28F, supported by resilient demand growth from global EV penetration

and growing ESS installation in both domestic and overseas markets.

A-share buyback of CNY20-40bn likely positive on market sentiment