CICC: First coverage of Contemporary Amperex Technology (03750) with a "outperform" rating and a target price of 580 Hong Kong dollars.

Zhongjin released a research report stating that Contemporary Amperex Technology (03750) was covered for the first time, with an "outperform" rating and a target price of 580 Hong Kong dollars, corresponding to a 26.5 times price-earnings ratio in 2026. The bank expects the company to achieve earnings per share of 15.27 yuan and 19.74 yuan in 2025 and 2026, respectively, with a compound annual growth rate of 31.6% from 2024 to 2026. Meanwhile, the rating for Contemporary Amperex Technology (300750.SZ) A shares in China remains as "outperform" with an unchanged target price of 445 yuan. The report points out that Contemporary Amperex Technology is a leading global company in power and energy storage batteries, leading the way in exploring overseas market growth potential. Emerging applications continue to emerge, driving continuous growth in lithium battery demand. Contemporary Amperex Technology has a solid competitive advantage, excellent profitability, and industry-leading technology. The company is a rare target with high dividends and high return on net assets, prudent financial management, and a solid earnings safety cushion.