里昂发布研报称，在前往宁德时代（300750）(03750)参加2025年世界储能大会期间，参观了宁德，得 知其目前的电动车和ESS生产均处于满载状态，需求强劲，尤其是海外ESS市场。由于假设2026至2027 年电池出货量增加10%，该行上调2026及2027年每股盈利预测各9%。里昂对宁德时代A和H股目标价分 别由390元人民币和535港元，上调至490元人民币和670港元，重申跑赢大市评级。 ...

Group 1 - The core viewpoint of the article highlights that demand for electric vehicle (EV) batteries and energy storage systems (ESS) at CATL is strong, particularly in the overseas ESS market [1] - CATL's production capacity for both EV batteries and ESS is currently at full load, indicating robust market demand [1] - Based on the assumption of a 10% increase in battery shipments from 2026 to 2027, the brokerage firm has raised its earnings per share (EPS) forecasts for CATL by 9% for both 2026 and 2027 [1] Group 2 - The target prices for CATL's A and H shares have been increased to 490 RMB and 670 HKD, respectively, from previous targets of 390 RMB and 535 HKD [1] - The brokerage firm maintains an "outperform" rating on CATL's stock [1]

Core Viewpoint - Citigroup has updated the valuation model for Zhongxin Innovation航, raising the company's profit forecasts for 2025 to 2027 by 28%, 22%, and 18% respectively, with expected net profits reaching 1.721 billion, 2.64 billion, and 3.583 billion RMB [1] Group 1 - The upward revision is primarily based on management guidance and higher assumptions for battery sales volume [1] - Citigroup has increased the target price for Zhongxin Innovation航 from HKD 19.9 to HKD 33.4 while maintaining a "Buy" rating [1] - Strong demand for energy storage system batteries and commercial electric vehicle batteries is expected to significantly support Zhongxin Innovation航's battery shipment growth from 2025 to 2027 [1]