CICC: First initiates Ningde Times (03750) with an outperform rating, target price of HK$580.

Zhitong Finance and Economics APP learned that Zhongjin has released a research report stating that it is expected that the EPS of CATL (03750) in 2025-2026 will be 15.27 yuan and 19.74 yuan respectively, and the CAGR from 2024 to 2026 will be 31.6%. The HK stocks are currently trading at 23.1X P/E for 2026. They have given CATL an outperform rating for the first time in covering H shares, with a HK$580.0 target price for HK stocks, corresponding to a 26.5X P/E for 2026, with a 14.9% upside potential. Meanwhile, the bank maintains its outperform rating for A shares of CATL (300750.SZ) and the unchanged target price of 445 yuan, with A shares currently trading at 19.4X P/E for 2026. The target price corresponds to a 23.1X P/E for 2026, with a 19.0% upside potential.