CATL (03750.HK) +13.000 (+2.090%) Short selling $703.05M; Ratio 38.539% announced its interim results after market close last Friday (24th). Views from major brokers are as follows:

Broker|Rating|TP|Summary of Views

G Sachs|Buy|HKD946 -> HKD947|2Q net profit met expectations. The company announced an RMB20 billion to RMB40 billion share buyback plan, the largest in A-share market history. Management remained optimistic on demand outlook for 2H26 and 2027, noting that capacity utilization for 1H26 has already reached full load, while the company has actively built inventory for 2H26.

M Stanley|Overweight|HKD815|2Q earnings beat expectations, while the newly announced USD5.9 billion share buyback plan was viewed as even more important than the results themselves. Management's optimistic guidance for earnings growth well above 20% next year should shift market focus from short-term earnings to sustainable growth in 2027. Strong results, upbeat guidance and large-scale buybacks are expected to strengthen market confidence and support further valuation re-rating.

BofAS|Buy|HKD770 -> HKD775|2Q earnings largely met expectations, and the company announced an RMB20 billion to RMB40 billion share buyback plan. Management was optimistic on demand prospects starting from 2H26.

Haitong International|Outperform|HKD773|Revenue and net profit both recorded strong growth, while global market share exceeded 40%. A major 60GWh sodium battery order was secured, and the RMB40 billion A-share buyback cancellation set a record. High dividends reflected confidence.

CLSA|High Conviction Outperform|HKD820 -> HKD770|Headline 2Q earnings met expectations, but gross margin declined QoQ for a second consecutive quarter, representing a negative surprise that may pressure the share price in the short term. The broker cut 2026-2028 net profit forecasts by 1% to 4%, but expected the currently undemanding valuation to support the stock price.

JPM|Overweight|HKD725|Net profit growth in 1H26 remained solid. Investors were advised to focus on the company's structural advantages, including unmatched technology leadership, industry-leading scale and the ability to deliver stable profitability through cycles. The surprise announcement of an A-share buyback, potentially equivalent in size to this year's H-share placement, is expected to boost investor confidence.

Macquarie|Outperform|HKD700|Recent weakness in China's EV demand and fluctuations in input costs pressured short-term earnings, but the company offset the impact by increasing battery content per vehicle while passing higher input costs to customers. Energy storage system shipments are expected to rise, while sodium-ion battery projects have started commercialization.

UOB Kay Hian|Buy|HKD675|2Q net profit met expectations, but gross profit and unit net profit declined. The broker raised sales volume forecasts for 2026-2028, but lowered gross margin forecasts and cut net profit forecasts by 1%, 7% and 12% to RMB93.6 billion, RMB116.4 billion and RMB139.1 billion, respectively.
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