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<Research>CLSA Raises CATL (03750.HK) TP to HKD740; 1Q Results Solid; High-Conviction Outperform Reiterated
Recommend 5 Positive 7 Negative 6 |
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CLSA's report covered CATL (03750.HK), which charted a 49% YoY elevation in net profit to RMB20.7 billion in 1Q26, while profit sank 10% QoQ. The broker noted that, despite rising lithium prices since the beginning of the year, the company managed to withstand the headwinds, with 1Q26 results slightly beating. The report added that gross margin in 1Q26 stood at 24.8%, up 0.4 ppts YoY but down 3.4 ppts QoQ, slightly below expectations yet better than feared. The broker expected 2026 to mark the trough of gross margin and forecast margin improvement starting from 2Q26, driven by cost pass-through. The broker raised its EPS forecasts of the group for 2026-28 by 2-3%, and lifted its TP for CATL's H-shares from HKD710 to HKD740. It also increased the TP for CATL (300750.SZ) A-shares from RMB505 to RMB515, while reiterating its High-Conviction Outperform rating. Auto-translated by AI AASTOCKS Financial News |
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