November 29, 2024 10:00 AM GMT IndusInd Bank | Asia Pacific Is risk reward now attractive? | --- | --- | --- | |-------------------------|------------|------------| | | | | | What's Changed | | | | IndusInd Bank (INBK.NS) | From | To | | Price Target | Rs1,400.00 | Rs1,150.00 | The stock price has fallen 30% post-earnings owing to MFI asset quality, where trends continue to weaken, driving more EPS cuts. We detail risk reward – while not bad, risks are towards the downside. We continue to apply 30% bear cas ...

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更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 22 Nov 2024 06:52:17 ET │ 11 pages CGN Power (1816.HK) Tariff Drop In Guangdong from Higher Market Based Sales Mix in 2025E Looks Mild CITI'S TAKE National Energy Administration and Guangdong Energy Administration jointly issued the notice regarding 2025 electricity market exchange and related matters. The most important point is that the electricity sales volume mix of CGN's 10 nuclear units in Guangdong via market based sales will be added 10ppts yoy from 25% in 2024 to 35% in ...

North America Equity Research 19 November 2024 J P M O R G A N This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. Cryptocurrency Markets Nov 18 Spot ETP Flows: BTC ETPs Rebound Back to Net Sales as ETH ETPs Remain Negative Yesterday; IBIT Options to Launch Immi ...

Summary of Key Points from the Conference Call Industry Overview - The conference call focused on the **China Battery and Components** industry, particularly in the context of electric vehicles (EVs) and battery supply and demand dynamics in the Asia Pacific region [1][3]. Core Insights and Arguments - **Global EV Sales Trends**: - Global electric vehicle (EV) sales are projected to reach **2,000K units** in 2024, with a significant increase from **1,200K units** in 2023 [4]. - China’s EV sales are expected to grow from **1,500K units** in 2021 to **800K units** in 2024, indicating a robust market demand [4]. - **Battery Supply and Demand**: - The effective battery capacity in China is forecasted to increase from **1,442 GWh** in 2023 to **3,286 GWh** by 2030, reflecting a strong growth trajectory in battery production capabilities [6]. - The demand for electric car batteries is projected to rise from **353 GWh** in 2021 to **2,739 GWh** by 2030, indicating a compound annual growth rate (CAGR) of approximately **20%** [10]. - **Market Share Dynamics**: - CATL is expected to maintain a dominant market share in the battery sector, with projections showing its sales volume increasing from **116 GWh** in 2021 to **1,056 GWh** by 2030 [14]. - BYD's market share is also anticipated to grow, with sales projected to reach **274 GWh** by 2030 [14]. Additional Important Insights - **Battery Technology Trends**: - The proportion of lithium iron phosphate (LFP) batteries in total battery installations is expected to be around **60%**, indicating a shift towards more cost-effective battery technologies [21]. - The breakdown of battery installations by vehicle type shows a significant focus on electric passenger vehicles (ePV), which are projected to dominate the market [21]. - **Regional Market Insights**: - The conference highlighted the competitive landscape in various regions, with specific emphasis on the market shares of key players like LGES, CALB, and others in the global EV battery market [27][30]. - **Future Projections**: - The overall battery supply is expected to reach **2,670 GWh** by 2030, with a utilization rate projected to improve as demand increases [14][16]. This summary encapsulates the critical insights from the conference call, providing a comprehensive overview of the current state and future outlook of the China Battery and Components industry.

Jefferies UK | Investment Companies Equity Research November 19, 2024 | --- | --- | --- | |-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

14 Nov 2024 11:22:53 ET │ 11 pages China Battery Materials Takeaways from Battery Expert Call with GGII CITI'S TAKE We hosted a battery expert call on 14th Nov with Mr. HU Feng, chief analyst at GGII, who shared his take on the lithium-ion battery market. He expects EV battery demand to reach 900-950GWh and ESS demand to reach 350-400Gwh in 2025E. The expert call was conducted in Mandarin and below are our key takeaways. We believe we are at the trough of the battery cycle (see our notes part 1 and part 2). ...

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Summary of Key Points from the Conference Call on China Battery Materials Industry Overview - The conference call focused on the lithium-ion battery market, specifically insights from Mr. Zhang Jinhui, Chief Analyst of ICCSINO, regarding the future demand and production of batteries in the electric vehicle (xEV) sector [10][12]. Core Insights - **Global Battery Demand**: ICCSINO projects a global battery demand increase of 18-20% year-over-year (YoY) in 2025, with energy storage system (ESS) battery demand expected to rise approximately 30% YoY [12]. - **xEV Production Volume**: The expected global production volume for xEVs in 2025 is between 19.9 million and 20.0 million units, with China accounting for about 14.5 million units [10][12]. - **xEV Penetration Rate**: The penetration rate of xEVs in China is anticipated to increase to 53-55% in 2025, up from 46-47% in 2024, with further growth expected to exceed 70% by 2028 [12]. Battery Technology Insights - **LFP vs NCM Batteries**: Demand for lithium iron phosphate (LFP) batteries is expected to grow at a higher rate than nickel cobalt manganese (NCM) batteries, driven by strong ESS demand. Some high-end new energy vehicle (NEV) models are opting for both battery types due to LFP's superior rate performance [13]. - **Solid-State Batteries**: ICCSINO anticipates that several NEV models featuring semi-solid state batteries will be available by 2025-2026, with all-solid-state batteries expected to emerge post-2027 [14]. Production and Supply Chain Dynamics - **Production Pipeline**: November 2024 is projected to be the peak month for battery production in 2024, with a potential 10% month-over-month decrease in December as producers destock [10]. - **Processing Fees**: ICCSINO believes that processing fees for battery materials are unlikely to see significant increases in 2025 due to surplus supply [17]. - **Utilization Ratio**: A slight increase in the utilization ratio across the battery supply chain is expected in 2025, although profitability may remain low [17]. Company-Specific Insights - **CATL Valuation**: CATL is valued at RMB 362 per share based on a 17.0x 2024E EV/EBITDA multiple, with a target price implying a 30.8x 2024E P/E and 23.7x 2025E P/E [20]. - **Risks for CATL**: Potential risks include lower-than-expected EV demand, increased competition in the EV battery market, and higher raw material costs [20]. - **Shenzhen Kedali Valuation**: Shenzhen Kedali is valued at RMB 92.03 per share based on a 15x 2025E P/E multiple, reflecting overall low sentiment in the battery sector [20]. - **Risks for Shenzhen Kedali**: Risks include slower-than-expected battery demand, intensified competition leading to price wars, and rising raw material costs such as aluminum and copper [20]. Additional Considerations - The analysis indicates that the industry is currently at a trough in the battery cycle, suggesting potential for recovery and growth in the coming years [10]. - The insights provided by ICCSINO highlight the evolving landscape of battery technology and market dynamics, which are critical for investors to consider when evaluating opportunities in the battery materials sector [10][12][14].

7 November 2024 | 7:29AM HKT The 720: China Consumer, US Elections, Korea Batteries, Toyota, Honda, Coupang, Omron, Nvidia In Focus | China Consumer China Consumer - Weak 3Q24 results and await more policies to drive confidence/consumption recovery. The softness continued for the overall consumption sector in 3Q24 with average yoy sales at 5% for our consumer coverage, compared to 5%/14% in 2Q/1Q24; margin is a mixed bag. Most trends we observed in 1H continued into 3Q24. Entering 4Q24, while we look for se ...