CLSA: CATL's (03750.HK) share price has already reflected pessimistic sentiment; maintains "high-conviction outperform" rating.

Zhito Finance APP has learned that CLSA issued a research report stating that CATL's (03750.HK) share price has pulled back about 15% over the past month, accumulating a 30% decline from its May high. Currently, investors are broadly focused on the impact of negative news that CATL may face, such as rising energy storage system (ESS) prices hitting demand, and customers including Xiaomi Group-W (01810.HK) and Li Auto-W (02015) potentially switching to other battery manufacturers. No positive catalysts have been seen in the short term, but the bank believes its share price has already reflected the relevant pessimistic expectations, maintains a "high conviction outperform" rating, with a target price of HKD 770.