Morgan Stanley: Raises Ningde Times target price to HK$655, rating "in line with the market"

SadMoneyMeow

2026-03-18 09:20:36

Abstract generation in progress

Morgan Stanley has released a research report updating the risk-reward forecast for CATL (03750). Its performance last year exceeded the bank’s expectations by 7%, leading to an upward revision of the group’s earnings forecasts for this year and beyond. More importantly, benefiting from improved capital efficiency, the company’s net cash position is stronger than expected. Morgan Stanley also raised its assumptions for the group’s energy storage battery shipments to reflect potential opportunities from AI data centers driven by increased demand amid global power capacity shortages. Using the EV/EBITDA method and factoring in the appreciation of the RMB, Morgan Stanley has increased its target price for CATL H-shares by 12%, from HKD 585 to HKD 655, with a rating of “In line with the market.”

(Chief Editor: Wang Zhiqiang HF013)

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