This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. CATL Upgrade H-share to OW on 10% earnings lift; expect 40% upside to both A/H-share prices † We upgraded CATL-H to OW on 14-Sep (note), supported by a Street-high earnings estimate that was 10% above Bloomberg ...