大行评级｜里昂：储能新政有利内地电池股，予宁德时代H股目标价535港元及“跑赢大市”评级

Group 1 - The National Energy Administration of China plans to add 100 GW of energy storage capacity from 2025 to 2027, equivalent to 300 GWh, which is expected to drive an investment scale of 250 billion yuan over three years [1] - The policy is significant as it indicates China's continued commitment to energy storage development, alleviating market concerns following the cancellation of mandatory renewable energy project storage policies earlier this year [1] - Domestic battery companies are expected to benefit from this policy, with CATL projected to see a 37% year-on-year increase in profit this year, receiving a target price of 535 HKD for H-shares and 390 CNY for A-shares, both with "outperform" ratings [1] Group 2 - Contemporary Amperex Technology Co., Ltd. (CATL) is identified as the global leader in electric vehicle and energy storage battery manufacturing [1] - China Innovation Aviation, the fourth-largest electric vehicle and energy storage battery manufacturer globally, is expected to achieve a compound annual growth rate of 76% in profits from 2025 to 2027, with a target price of 38 HKD and an "outperform" rating [1] - Ruipu Lanjun, the fifth-largest energy storage battery manufacturer globally, is considered to be on a recovery path, receiving a target price of 14 HKD and an "outperform" rating [1]