小摩：降宁德时代目标价至575港元 评级“中性”

Core Viewpoint - Morgan Stanley reports that CATL's stock prices in A-shares and H-shares rose by 7.6% and 3.2% respectively on November 13, primarily due to a strategic cooperation agreement with Hyper Strong, securing orders of no less than 200 GWh [1] Summary by Category Stock Performance - CATL's A-shares increased by 7.6% and H-shares by 3.2% on November 13 [1] Strategic Developments - The rise in stock prices is attributed to a strategic cooperation agreement with Hyper Strong, which includes securing orders of at least 200 GWh [1] Market Expectations - Investor expectations for CATL's production capacity in 2026 have increased amid market discussions [1] Analyst Outlook - Morgan Stanley maintains a positive outlook on CATL's A-shares, considering it a top choice in China's battery supply chain, with a target price of 480 RMB, indicating a 19% upside from the latest closing price [1] - The target price for H-shares has been adjusted from 600 HKD to 575 HKD, reflecting only a 6% upside potential from the latest closing price, despite a 10% valuation premium of H-shares over A-shares, leading to a "neutral" rating [1]