大摩：降宁德时代评级至“与大市同步” 重申其A股“增持”评级

Core Viewpoint - Morgan Stanley has raised its EBITDA forecast for CATL and increased the target price for its A-shares from 425 RMB to 490 RMB, maintaining an "Overweight" rating; the target price for H-shares has been raised from 465 HKD to 585 HKD, with the rating downgraded from "Overweight" to "In Line with the Market" [1] Group 1: Company Analysis - Morgan Stanley expects CATL's market share in the domestic energy storage industry to increase from approximately 10% to over 50% within the next three years [1] - The company's products are projected to provide a premium of 7 to 15 percentage points in investment returns for energy storage projects compared to smaller battery manufacturers [1] Group 2: Industry Outlook - The report anticipates a shift in the domestic energy storage industry from low-quality to high-quality development over the next five years [1]