CATL(SZ:300750) Zheng Quan Zhi Xing·2025-05-21 04:44Core Viewpoint - Ningde Times has officially listed on the Hong Kong Stock Exchange, raising approximately $5.3 billion, which will enhance its global market presence and accelerate its international expansion [2][3]. Group 1: Company Listing and Fundraising - The company listed on May 20 at an issue price of HKD 263 per share, with a global offering of 156 million shares, including an exercised over-allotment option [2][3]. - The funds raised will primarily be used for the construction of a factory in Hungary, which is expected to have a capacity of 72 GWh and will support local supply for major automotive clients like BMW and Mercedes [3]. Group 2: Market Demand and Growth Projections - The overall market demand for power batteries and energy storage batteries is expected to grow by 30% year-on-year by 2025, with the company maintaining a strong growth trajectory in battery shipments [2]. - The company anticipates net profits of CNY 646 billion, CNY 740 billion, and CNY 844 billion for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 27%, 15%, and 14% [5]. Group 3: Electric Truck Ecosystem Development - The company is actively advancing its electric truck battery solutions, planning to establish 300 battery swap stations across key regions by 2025 and aiming for a 50% penetration rate of electric trucks within three years [4]. - The estimated annual battery demand for electric trucks could reach 660 GWh by 2028, with the company holding over 70% market share in this segment [4]. Group 4: Analyst Ratings and Price Targets - The company has received 34 buy ratings and 5 hold ratings from 39 institutions in the last 90 days, with an average target price of HKD 335.9 [8]. - The current stock price corresponds to a P/E ratio of 18.4, 16, and 14 for 2025, 2026, and 2027 respectively, suggesting a favorable investment opportunity [5].