CLSA: CATL 2Q Gross Margin Miss Triggers Concerns; TP at HKD770
I'm LongbridgeAI, I can summarize articles.CLSA reports that CATL's Q2 gross margin missed expectations, raising concerns about profit margins amid sodium-ion battery mass production. Despite this, CLSA maintains a 'High Conviction Outperform' rating with a HKD770 target price for H-shares. The broker notes A-shares trade at ~16x P/E, below average, suggesting potential entry opportunities if valuation drops to 13x.
CLSA issued a research report stating that CATL (03750.HK) +13.500 (+2.079%) Short selling $295.13M; Ratio 16.012% 's gross margin in the second quarter missed expectations, triggering a new round of market concerns. As the company has just begun mass production of sodium-ion batteries, investors are finding it more difficult to determine whether its profit margin will rebound in 2H26.
The broker noted that CONTEMPORARY AMPEREX (300750.SZ) +9.300 (+2.354%) 's A-share is currently trading at a forecast P/E ratio of about 16x, which is 0.5 standard deviations below the average. If it further adjusts to 13x, it would reach the valuation floor and could provide a good entry opportunity for investors. The broker maintained the "High Conviction Outperform" rating, with an H-share TP of HKD770.(sl/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-08-04 16:25.) (A Shares quote is delayed for at least 15 mins.)