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2026-09-28 14:27:59 CLSA published a research report stating that at the annual investor forum held last week, the stock most discussed by investors was CATL (03750.HK). Some investors were optimistic about its long-term development roadmap, believing the company can overcome short-term challenges and maintain its dominant position, and were willing to endure short-term volatility. Bearish investors, however, believed the company still faces greater downside risks in earnings and share price. CLSA maintained its "High Conviction Outperform" rating on CATL (03750.HK), with a TP of HKD770. The broker noted that investors believe the decline in CATL (03750.HK)'s gross margin in 1H26 should be temporary, expecting margins to stabilize in 2H26 as lithium prices fall, while the commercialization of sodium-ion batteries may help ease part of the raw material cost pressure starting from 2027. On the bearish side, some investors were pessimistic about energy storage demand in 2027, with the most bearish forecast suggesting China's energy storage demand may decline YoY next year. They also viewed the recent diversification of suppliers by electric vehicle manufacturers to reduce reliance on CATL (03750.HK) as a signal of potential market share loss. Amid intensifying competition, the company may be forced to cut prices to defend market share, which could lead to a structural decline in gross margin. CLSA currently remains optimistic and believes the current setbacks are only temporary.(gc/u)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |