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2026-09-25 11:59:42 The market was watchful of the trend of "de-CATLization", propelled by automakers diversifying battery suppliers to maintain cost discipline, Citi said in a report. The broker viewed this trend is indeed taking place, as second-tier battery makers are effectively expanding capacity and improving quality to support downstream EV development and cost discipline. CATL (03750.HK) Chairman Robin Zeng also noted that automakers accelerated R&D and new model launch cycles. Citi interpreted this negatively for CATL, reflecting weakening relationships between the company and automakers. However, the broker said CATL is ambitiously expanding into EV markets outside China, with market share reaching 45% in 7M26, vs 44% in FY2025, alongside a more premium product mix. Citi believed CATL has been overly short-sold due to pessimistic sentiment, as demand growth was expected to maintain double-digit growth and valuations remain attractive. The broker also favored CALB (03931.HK) and EVE ENERGY (300014.SZ), as both companies are rapidly expanding production capacity. ~ AASTOCKS Financial News Website: www.aastocks.com | |