中金：首次覆盖宁德时代予“跑赢行业”评级 目标价580港元

Core Viewpoint - CICC initiates coverage on CATL (300750) with an "outperform industry" rating and a target price of HKD 580, corresponding to a 26.5x P/E ratio for 2026 [1] Financial Projections - The company is expected to achieve earnings per share of CNY 15.27 and CNY 19.74 for 2025 and 2026, respectively, with a compound annual growth rate of 31.6% from 2024 to 2026 [1] Company Positioning - CATL is recognized as a leading global player in power and energy storage batteries, having successfully tapped into overseas market growth potential [1] - The emergence of new application scenarios is driving continuous growth in lithium battery demand [1] - The company maintains a solid competitive advantage, exceptional profitability, and is a technology leader in the industry [1] Investment Appeal - CATL is characterized as a rare asset with high dividends and high return on equity, supported by prudent financial management and a solid earnings safety cushion [1]