野村：宁德时代海外电池出货量料将加速增长 维持买入评级并上调目标价

Core Viewpoint - Despite the turbulence in tariff negotiations, the risk of CATL's overseas battery shipments is gradually decreasing due to the ongoing localization of production [1] Group 1: Financial Performance - CATL reported a 21% year-on-year increase in overseas revenue for the first half of the year, reaching RMB 61.2 billion, which accounts for 34% of total revenue [1] - The growth is likely driven by an expanded market share in the electric vehicle battery business in Europe and sustained demand in overseas markets [1] Group 2: Production Capacity - CATL indicated that the first phase of its battery cell production capacity at the Hungary plant is expected to commence production by the end of this year [1] Group 3: Analyst Ratings - Nomura maintains a "buy" rating on CATL's stock and has raised its target price from RMB 331.00 to RMB 362.00 [1]