<div id="readability-page-1"><div><p>Citi issued a research report stating that after CATL (03750.HK)<span> </span><span> -6.000 (-0.829%)  </span> <span> Short selling $1.34B; Ratio 36.144%  </span>  announced its first-quarter results, the bank updated its financial model and raised its earnings forecasts for FY2026-FY2028 by 9%, 9% and 7% to RMB103 billion, RMB126 billion and RMB149 billion, respectively. Although unit gross profit forecasts were lowered, the bank increased its battery sales projections and expects battery production and sales to reach milestones of 1.2 terawatt-hours (TWh) and 1.0 terawatt-hours (TWh), respectively, in FY2026, representing YoY growth of 61% and 54%. Despite a high base, the bank expects CATL’s battery production and shipments to remain strong in 2H26, with demand for energy storage systems (ESS) serving as a key highlight. Citi also noted that in the short term, lithium carbonate prices above RMB200,000 per tonne will not destroy demand; instead, higher lithium prices would signal resilient demand.</p><p>Citi expects the company’s net profit in 2QFY2026 to reach RMB24.3 billion, corresponding to battery sales of 260 gigawatt-hours, representing YoY growth of 77% and QoQ growth of 29%, respectively.</p><p>Citi raised the A-share TP of CONTEMPORARY AMPEREX (300750.SZ)<span> </span><span> -0.890 (-0.218%)  </span>  from RMB576 to RMB603. Meanwhile, based on a historical H/A share premium of 28% (reflecting its scarcity as a global battery leader in offshore markets), the bank lifted the H-share TP from HKD621 to HKD888 and maintained a Buy rating, continuing to list it as the sector’s top pick. The new H-share TP implies 34.3x FY2026E P/E and 8.7x P/B. (ad/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-06-04 16:25.) (A Shares quote is delayed for at least 15 mins.)</p></div></div>

300750

03750

<p>Citi raised CATL's H-share target price to HKD888 and A-share target to RMB603, maintaining a Buy rating. The bank upgraded FY2026-2028 earnings forecasts by 7-9%, driven by increased battery sales projections of 1.2 TWh production and 1.0 TWh sales in FY2026. Citi expects net profit to reach RMB100B this year, with Q2FY2026 profit at RMB24.3B. Strong ESS demand and resilient lithium prices support the outlook.</p>

Citi Raises CATL TP to HKD888, Expects Profit to Reach RMB100B This Year