Asia Pacific Equity Research 10 March 2026 CATL - H Overweight Asia Autos & EV Battery Rebecca Wen AC (852) 2800-8505 rebecca.y.wen@jpmorgan.com J.P. Morgan Securities (Asia Pacific) Limited/ J.P. Morgan Broking (Hong Kong) Limited A pleasant beat; result call reaffirms OW conviction Price (09 Mar 26): HK$503.00 CATL-H is flattish YTD (-0.5% vs. HSI -0.9%), pausing 4Q25's momentum on concerns over higher materials and lithium costs. We believe the company's solid 4Q25 print (~20% above JPMe) and management' ...