BOCOMI Says CATL 2Q Shipments Beat, Maintains Buy Rating
I'm LongbridgeAI, I can summarize articles.BOCOM International maintains a Buy rating on Contemporary Amperex Technology (CATL) after its Q2 revenue rose 57% YoY to RMB147.78 billion and shipments hit 232GWh, beating expectations. Despite gross margin pressure from raw material costs, BOCOM raised 2026-2027 shipment forecasts, citing long-term growth potential in power batteries and overseas markets. The broker set a target price of RMB512.
CONTEMPORARY AMPEREX (300750.SZ) -9.140 (-2.285%) 's revenue in 2Q mounted 57% YoY to RMB147.78 billion, while battery shipments advanced 55% YoY to 232GWh, exceeding market expectations, BOCOM International said in a report. However, profit came under pressure, with gross margin falling 1.6 ppts QoQ to 23.2% during the period, mainly due to the lagged pass-through effect of rising raw material costs.
Looking ahead, demand and capacity expansion will continue to support shipment growth. The broker raised its shipment forecasts for 2026 and 2027 to 980GWh and 1,250GWh respectively. Investors should continue to monitor cost pass-through, the impact of consumption tax and changes in industry supply and demand.
The broker viewed that short-term earnings pressure does not alter the company's long-term competitive advantages. Power batteries, energy storage and overseas businesses still have growth potential. As cost pressures ease and pricing mechanisms improve, profitability was estimated to gradually recover. BOCOM International gave CONTEMPORARY AMPEREX (300750.SZ) -9.140 (-2.285%) a Buy rating with a TP of RMB512.
(A Shares quote is delayed for at least 15 mins.)