汇丰首予宁德时代目标价359港元 予以买入评级

Core Viewpoint - HSBC initiates coverage on CATL (宁德时代) with a target price of HKD 359 and maintains a buy rating for its A-shares at RMB 322, highlighting the company's strong market position and resilience in the face of industry challenges [1] Group 1: Company Performance - In the previous year, CATL's operating profit accounted for 87% of the entire domestic electric vehicle battery supply chain industry, demonstrating its dominant market position [1] - Despite the onset of a price war in the electric vehicle sector and a decline in lithium prices starting in 2022, CATL's operating profit remains resilient [1] Group 2: Industry Outlook - The anticipated oversupply issue in the electric vehicle industry is expected to have a limited impact on CATL, with high utilization rates projected to sustain profit margins during industry consolidation [1] - CATL is increasing its market share in overseas markets and building production capacity abroad, which will help mitigate challenges posed by tariffs on domestic suppliers [1] - The proportion of CATL's overseas production capacity is expected to rise from 2% in 2024 to 10% by 2027, indicating a strategic expansion in international markets [1]