Hong Kong Stock Concept Tracker | Contemporary Amperex Technology (03750) energy storage cell prices raised across the board; major banks maintain positive view on energy storage demand through 2030 (with concept stocks)

According to reports, Contemporary Amperex Technology (03750) has completed a price adjustment for energy storage cells on its online mall, and the ultra-large-capacity 587Ah energy storage cell has also been publicly listed with a price for the first time, providing a new price reference for the small and medium-sized energy storage market. According to the latest public information on the mall, the starting prices of three main energy storage cells are: 280Ah (1P) energy storage cell from 0.470 yuan/Wh; 314Ah energy storage cell from 0.403 yuan/Wh; 587Ah energy storage cell from 0.415 yuan/Wh. Compared with the previous mall quotations disclosed in early September, the lowest quotation for 280Ah (1P) energy storage cells was raised by 1.1%, and the lowest quotation for 314Ah energy storage cells was raised by 2.0%. In response, a relevant person from Contemporary Amperex Technology said that this price adjustment is a routine adjustment, and the company had previously also made adjustments according to market conditions. It is worth noting that this round of price adjustment by Contemporary Amperex Technology is not an isolated event. On August 1, Contemporary Amperex Technology had already raised the quotation for 314Ah energy storage cells on its official mall from 0.414 yuan/Wh to 0.423 yuan/Wh, a single increase of about 2.17%. As of August 2026, the average price of mainstream domestic 314Ah lithium iron phosphate energy storage cells had rebounded to around 0.365 yuan/Wh, an increase of more than 20% from the end of 2025. Eve Energy Co.,Ltd. also simultaneously announced a 2% price increase for all categories of cells starting from September 1, in order to pass on the consumption tax cost. Industry analysts said that this round of energy storage cell price increases is the result of multiple factors. Three departments jointly issued a document imposing a 2% consumption tax on lithium-ion batteries starting from September 1, 2026, ending the industry's more than ten years of tax exemption. At the same time, prices of upstream raw materials such as lithium carbonate have continued to rise. In addition, energy storage demand is taking over from power batteries as the core of growth, demand for energy storage in AI data centers is being released rapidly, leading manufacturers have full orders, and capacity utilization remains high, pushing cell prices into an upward channel. The global energy storage cell market continued explosive growth from 2025 to the first half of 2026. According to SNE Research data, global energy storage battery shipments in 2025 were about 651.5GWh, a year-on-year increase of about 76%. In the first half of 2026, global energy storage battery shipments reached 461.3GWh, a year-on-year increase of 71%; under another institution's statistical scope, first-half shipments exceeded 460GWh, a year-on-year increase of about 94%. A number of institutions predict that global energy storage cell shipments for the full year 2026 will exceed 900GWh, with some forecasts raised to more than 1000GWh. From the perspective of regional distribution, China is still the world's largest producer of energy storage cells, and in 2025 China's energy storage battery shipments accounted for more than 94% of the global total. However, in the first half of 2026, the share of overseas markets exceeded that of China for the first time, reaching about 53%-56%, with significant growth in markets such as North America, Europe, the Middle East, and Australia. CITIC SEC believes that as AIDC develops toward hundreds of MW and GW levels and single-cabinet power continues to increase, the traditional data center power supply and cooling system is accelerating its restructuring. Among this, energy storage will upgrade from traditional backup power to load smoothing, grid friendliness, and energy regulation, while liquid cooling will also upgrade from a single cooling device to an intelligent thermal management system. Energy storage and liquid cooling are expected to become important incremental segments of AIDC infrastructure. JPMorgan published a research report stating that since June this year, Chinese energy storage value chain stocks in the A-share market have undergone significant adjustments, with declines in Contemporary Amperex Technology, Beijing HyperStrong Technology, Deye Technology, Sungrow Power Supply and others far exceeding the broader market performance, reflecting investors' concerns over a weak outlook for China's energy storage demand next year and rising geopolitical uncertainty. The bank believes the market is overly pessimistic, maintains a positive view on energy storage demand through 2030, and forecasts a compound annual growth rate of about 22% for China's energy storage installations through 2030. It expects battery shipments to grow by about 20% year-on-year in 2027, compared with market expectations of almost zero growth. Among the stocks, the bank continues to list Contemporary Amperex Technology, Sungrow Power Supply, and Ningbo Deye Technology Corporation as top picks, and views Contemporary Amperex Technology as the best choice to capture global energy storage growth due to its leading market share, strong overseas exposure, and attractive valuation after recent adjustments, with a target price of HK$725. Related concept stocks: Contemporary Amperex Technology (03750): Contemporary Amperex Technology focuses on the research and development, production, and sales of power batteries and energy storage battery systems. In the first half of 2026, Contemporary Amperex Technology's power battery business revenue was 192.125 billion yuan, a year-on-year increase of 46.02%; energy storage battery business revenue was 53.261 billion yuan, a year-on-year increase of 87.54%; net profit was 43.284 billion yuan, a year-on-year increase of 41.98%. CALB (03931): In the first half of this year, CALB achieved operating revenue of 27.084 billion yuan, a year-on-year increase of 65%; net profit attributable to shareholders was 935 million yuan, a sharp year-on-year increase of 100.7%. By business segment, power battery business revenue was 16.506 billion yuan, a year-on-year increase of 54.8%; energy storage and other business revenue surged 83.8% year-on-year, far exceeding the growth rate of the power battery business, with its revenue share approaching 40%. Ganfeng Lithium Group (01772): Ganfeng Lithium Group stated at its 2026 semi-annual results briefing on August 31 that the company continues to advance capacity expansion and product iteration for energy storage batteries. The newly added energy storage battery capacity in the Nanchang area is 10GWh/year. The self-developed 588Ah large cell production line of Nanchang Ganfeng Lithium Battery has begun trial debugging and trial production, and plans to officially start capacity ramp-up in the third quarter of 2026; the 648Ah large cell production line is being accelerated. REPT BATTERO (00666): The company's semi-annual report also announced revenue of 14.92 billion yuan, a year-on-year increase of 57.2%, and net profit attributable to shareholders of 704 million yuan, both exceeding market expectations. BOCOM INTL mentioned in a research report that on the energy storage product side, the company continues to advance 392Ah and 588Ah large-capacity energy storage cells and the 6.26MWh Powtrix energy storage system, strengthening its layout in large-capacity, long-duration energy storage; overseas, it has entered the mainstream local passenger vehicle supply chain overseas and achieved mass delivery, and the first-phase 8GWh power and energy storage battery capacity in Indonesia is also being advanced, which is expected to further enhance its overseas localized supply capability.