New Market Share Strategy

研报英文原文证据摘录

New Market Share Strategy

Idea

July 28, 2026 04:47 PM GMT

Morgan Stanley Asia Limited+MContemporary Amperex Technology Co. Ltd. | Asia Jack Lu

Pacific Equity Analyst

Jack.Lu@morganstanley.com +852 2848-5044

Kaylee Xu

Equity AnalystNew Market Share Strategy Kaylee.Xu@morganstanley.com +852 2239-1506

What’s Changed

Contemporary Amperex Technology Co. Ltd. (300750.SZ) From To

Top Pick Added 3750.HK 300750.SZ

CATL is turning more aggressive on share. Accelerating capacity

Contemporary Amperex Technology Co. Ltd. (300750.SZ,

expansion targets new lower-end markets...yet still contributes 300750 CS)

incremental profits. Overall $/Wh margin should not be the Top Pick

focus in this deliberate strategic shift – it's mix-driven, not China Energy & Chemicals | China

structural erosion for products more broadly. Stock Rating Overweight

Industry View In-Line

Price target Rmb595.00

The dollar-margin softness observed in 1H appears non-structural in nature, Up/downside to price target (%) 52

primarily driven by product mix volatility and CATL's incremental market share gains Shr price, close (Jul 28, 2026) Rmb390.86

52-Week Range Rmb468.75-257.72

in lower-priced segments, rather than any broader erosion in pricing power or a Sh out, dil, curr (mn) 4,564

signal of structural margin compression. Mkt cap, curr (mn) Rmb1,875,918

EV, curr (mn) Rmb1,693,175

Avg daily trading value (mn) Rmb12,494

Management explicitly addressed the dollar-margin dynamics on the 2Q results call,

Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

clarifying that like-for-like product margins remained stable, with ESS product

Revenue, net (Rmb mn) 423,702 600,613 764,053 913,750

margins even showing improvement in 1H. A greater share of higher-margin overseas EBITDA (Rmb mn) 97,874 133,116 168,113 208,320