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<Research>Nomura Raises CATL (300750.SZ)'s TP to RMB476 w/ Rating Buy
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According to a report from Nomura, CATL (03750.HK)'s 4Q25 earnings rose by 57% YoY to RMB23.2 billion, beating the broker's and the market's expectations by 13% and 17%, respectively, thanks to its forecast-beating gross margin of 28.2%. In FY25, CATL's electric vehicle battery shipments surged by 42% YoY to 541 GWh, while demand for energy storage system batteries increased by 29% YoY to 121 GWh, a result possibly due to a higher proportion of system deliveries that led to a longer revenue recognition cycle. Nomura lifted its target price for CATL (300750.SZ) from RMB465 to RMB476 and kept the Buy rating unchanged. AAStocks Financial News |
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