Morgan Stanley: Contemporary Amperex Technology (03750) acquires Hangzhou Zhonhen Electric (002364.SZ) to expand AI power supply capabilities, rating "synchronized with the broader market"

Morgan Stanley released a research report stating that Contemporary Amperex Technology (03750) announced the acquisition of 17.4% equity in Hangzhou Zhonhen Electric (002364.SZ) for 4.1 billion yuan, marking the company's transformation from an indirect energy storage battery supplier to a direct provider of data center power solutions for customers, deepening its involvement in the AI power infrastructure field. The firm maintains a "buy" rating for Contemporary Amperex Technology (300750.SZ) A shares, with a target price of 530 yuan; The H shares are rated "in line with the market", with a target price of 655 Hong Kong dollars. The firm stated that Hangzhou Zhonhen Electric focuses on power electronics technology, with business covering data center energy solutions (high-voltage DC power systems), new energy vehicle charging infrastructure, and smart grid and industrial power supplies. The firm believes that this acquisition strengthens Contemporary Amperex Technology's upstream and downstream integration capabilities in grid connection and smart energy systems, which are key links in addressing the power demand of data centers and AI-driven applications. By enhancing transmission, system integration, and digital energy management capabilities, Contemporary Amperex Technology can directly connect with end users such as large-scale data centers and AI operators.