Zhongjin: Raising the target price of Ningde Times A/H shares, maintaining "outperforming industry" rating.

China Gold Securities has released a research report stating that in the past year, CATL's revenue reached 423.702 billion yuan, an increase of 17% from the previous year; net profit attributable to shareholders was 72.201 billion yuan, a 42.3% increase from the previous year; non-GAAP net profit was 64.508 billion yuan, a 43.4% increase from the previous year. Thanks to the steady increase in global market share and the continuous improvement in profitability, the company's performance in 2025 exceeded market expectations. Taking into account the release of new production capacity in 2026 and possible further increases in unit profitability due to rising battery prices, China Gold has raised its profit forecast for CATL in 2026 to 95.98 billion yuan and introduced a profit forecast for 2027 of 120.22 billion yuan; the corresponding A-share target price has been raised by 10.1% to 490 yuan, and the Hong Kong share target price has been raised by 12.1% to 650 Hong Kong dollars, maintaining an "outperform" rating in the industry.