Group 1: Industry Outlook - The retail and wholesale sales of passenger cars in China are expected to reach new highs by 2025, with a stable outlook for 2026 despite subsidy reductions [1] - In 2026, retail sales of new energy vehicles (NEVs) are projected to grow by 15.5% year-on-year, reaching 14.93 million units, capturing a market share of 61.8% [1] - Wholesale sales of NEVs are anticipated to increase by 18.5% to 18.5 million units, driven by the introduction of numerous new models [1] - NEV exports are expected to rise by 40%, contributing to growth in the overseas NEV market in 2026 [1] Group 2: Company Analysis - Zhengli New Energy is identified as a top pick with a "Buy" rating and a target price of HKD 18, as it remains underappreciated by investors [2] - The company has a lighter historical burden compared to most peers, and management is enhancing production efficiency through standardized battery cells and platform-based battery packs, achieving industry-leading gross margins [2] - Strong sales growth from Leap Motor is expected to boost Zhengli New Energy's sales and gross margins in 2025, with an improved customer base including major clients like GAC Toyota, Volkswagen, and SAIC Group [2] - The optimistic outlook for the energy storage battery market and potential price increases in 2026 may benefit the company [2] - The lithium battery market continues to grow robustly, with Zhengli New Energy currently holding about 2% of the Chinese market, indicating significant growth potential [2]
大行评级丨招银国际：将正力新能列为“买入”首选股之一，高效管理带来的强劲盈利能力有望被市场充分挖掘