大摩：市场对电池需求及原材料价格意见分歧 估宁德时代最终仍胜同业

Group 1 - The core viewpoint of the article indicates that Morgan Stanley's research suggests weak demand for electric vehicles (EVs) will slow battery sales growth, while the materials sector anticipates strong demand from the energy storage market, supporting high prices for battery raw materials [1] - The divergence in views creates pressure on CATL's market positioning, raising concerns about its ability to pass on costs and maintain profit margins [1] - Morgan Stanley argues that the differing perspectives are unreasonable; if demand is indeed weak, CATL should reduce orders, which would also lead to a decline in material prices [1] Group 2 - The firm expects that as fundamentals normalize, market expectations are likely to align [1] - CATL's exposure to high-end markets, pricing power, and strategic positioning in the energy storage market should enable it to outperform peers once market sentiment recalibrates [1] - Morgan Stanley has designated CATL (300750.SZ) as a top pick with a target price of 490 RMB and an "overweight" rating [1]