里昂：升宁德时代评级至“高度确信跑赢大市” 目标价维持685港元

Core Viewpoint - After the end of the IPO lock-up period for CATL (03750.HK), the stock price adjusted by 9% over the past two days, with the HA premium narrowing to 15% [1] Valuation and Growth - Based on a price-to-earnings ratio of 22 times and 18 times for the fiscal years 2026 and 2027, CATL's H-share valuation appears more attractive compared to its projected 31% compound annual growth rate in earnings from 2025 to 2027 [1] - The target price for CATL's H-shares is maintained at HKD 685, with the rating upgraded from "Outperform" to "Highly Confident Outperform" [1]