Morgan Stanley: Downgrades CATL (03750.HK) rating to "Equal-weight"; target price cut 44.7% to HK$390

Zhitong Finance APP has learned that Morgan Stanley issued a research report stating that it has downgraded the H-share rating of CATL (03750.HK) from "Overweight" to "Equal-weight," and sharply cut the target price by 44.7% from HK$705 to HK$390. The bank noted that the company's third-quarter revenue grew 59% year on year, reflecting strong performance in both shipment volume and market share, but product mix fluctuations exceeded expectations, causing profitability to be overestimated. The bank lowered this year's net profit forecast by 6% to RMB 89.4 billion, and cut its 2027 and 2028 forecasts by 7% and 10%, respectively.