HSBC Research said CATL's second-quarter results were solid and broadly in line with expectations, with electric vehicle shipments rising 44% year on year and energy storage system shipments up 90%. According to Jin10, the firm kept an overweight rating on CATL's H shares and cut the target price from HK$790 to HK$783, saying market concerns about energy storage systems may have been overdone.
HSBC Research said CATL's capacity utilization remained as high as 95% in the first half, while management said some customer demand has still not been met and under-construction capacity has reached 764 GWh. The firm expects profitability growth to be supported by continued capacity expansion and stronger seasonal demand in the second half.
The report said CATL's global energy storage battery market share rose to 30% in the first quarter of 2026 from 27% in the first quarter of 2025, based on SNE Research data. HSBC Research also raised its revenue forecasts for 2026 to 2028 by 6% to 10%, while cutting gross margin forecasts by 0.9% to 1.3% over the same period. Net profit forecasts for 2026 were cut 2%, while 2027 and 2028 net profit forecasts were raised 5% and 4%, respectively.
STOCKS | HSBC Research Lowers CATL H-Share Target Price to HK$783
2026-07-28 03:05:25
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