CATL(SZ:300750) Zhi Tong Cai Jing·2025-12-01 08:58Core Viewpoint - Morgan Stanley has downgraded the rating of CATL (300750) to "Neutral" due to the stock price exceeding the target price and the upcoming expiration of the IPO lock-up period [1] Group 1: Rating Adjustments - The target price for CATL's A-shares has been raised from 480 RMB to 520 RMB based on a 25x price-to-earnings ratio [1] - The rating for CATL's H-shares has been upgraded to "Overweight," with the target price increased from 575 HKD to 650 HKD, applying a 29x price-to-earnings ratio, which reflects a 15% premium over A-shares [1] Group 2: Market Expectations - Since mid-September, market expectations for CATL's earnings have been raised by approximately 10%, aligning with the bank's previous forecasts [1] - The bank has increased its 2026 earnings forecast for CATL by 10% to 94 billion RMB, which is about 10% higher than market predictions, driven by optimistic global ESS battery demand outlook and long-term needs driven by automation, information technology, and data [1]