Flash | 16 Mar 2025 16:03:30 ET │ 16 pages CATL (300750.SZ) 2024 NP +15% YoY, Maintain as Top Pick CITI'S TAKE CATL reported 2024 net profit at Rmb50.7bn, up 15% YoY, and core net profit at Rmb45.0bn, up 12% YoY, both in line with the results pre- announcement. 4Q24 bottom line came in at Rmb14.7bn, up 13.6% YoY and up 12.2% QoQ, and core net profit at Rmb12.8bn, -2.2% YoY and +5.7% QoQ. Adjusted 4Q GP margin at 26.1%, down 4.5ppt QoQ while still 0.9ppt higher YoY. The company proposed Rmb4.553/sh cash divi ...

Global Markets Strategy 16 Mar 2025 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. China/HK Equity Strategy Dashboard Table of Contents | Wendy Liu AC | • | Market & Sector Performance | P2 | | --- | --- | --- | --- | | (852) 2800 1087 | • | Catalyst Calend ...

Flash | 16 Mar 2025 15:07:06 ET │ 11 pages China Equity Strategy US Investors Showing Significant Interest in China Stocks, Though Many of them Do Not Own Much Yet CITI'S TAKE Citi's China Economist and China Equity Strategist accomplished a joint US marketing last week which was well received with a full schedule in New York starting from 7:30am and ending at 8:30pm. The interest from US investors for due diligence this time was the most in the last three years. Among investors, long-funds are more positiv ...

16 Mar 2025 11:51:42 ET │ 14 pages V i e w p o i n t | China Infant Milk Formula Scenario analysis of birth outlook upon fertility subsidy CITI'S TAKE We expect a moderate birth retreat in 2025E after the Year of the Dragon in 2024. With the gradual rollout of fertility subsidy by more local governments following Huhhot's favorable policy (see our note), we expect to see the stimulus impact starting from 2026E. Considering the subsidy level and implementation may vary in different regions, we expect bull/ba ...

March 16, 2025 09:00 PM GMT Investor Presentation | Asia Pacific M Foundation China Equity Strategy: Getting Out of the Woods Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision. For analyst certification and ot ...

March 16, 2025 10:12 PM GMT Phison Electronics Corp | Asia Pacific Positive Read from Reported China YMTC NAND Price Hike for April What's new? According to a March 14 MyDrivers report, YMTC's retail brand, Zhitai, plans to raise its channel price in April. Although the exact increase level is not known, it could exceed 10%, the report adds. If realized, it would be the third NAND player announcing a price hike since January, following SanDisk and Micron Technology. TrendForce also raised its NAND pricing e ...

March 16, 2025 10:00 PM GMT New Slide Refreshed Slide Key MORGAN STANLEY & CO LLC. Sean Laaman Equity Analyst sean.laaman@ms.com +1 212 761-4947 Terence Flynn Equity Analyst terence.flynn@ms.com +1 212 761-2230 Vikram Purohit Equity Analyst vikram.purohit@ms.com +1 212 761-3804 Judah Frommer Equity Analyst judah.frommer@ms.com +1 212 761-1270 Michael Ulz Equity Analyst michael.ulz@ms.com +1 212 761-4650 Maxwell Skor Equity Analyst maxwell.skor@ms.com +1 212 761-4804 Finger On The Pulse US SMID Cap Biotech B ...

Flash | 16 Mar 2025 15:16:09 ET │ 9 pages China Materials Takeaways from On-ground Demand Monitor Call Series #5- Aluminum product CITI'S TAKE In our China Materials On-ground Demand Monitor Call Series, we aim to track and analyze high-frequency demand trends to see the demand recovery pace post CNY. Our market update call with Mr. Tong Yilai, Aluminum Product Research Analyst of Mysteel. Due to low processing fee currently, the aluminum profile producers are less incentivized to fill the orders from solar ...

14 March 2025 | 5:53PM EDT US Weekly Kickstart n The S&P 500 entered -10% correction territory this week as investors digested the implications of policy uncertainty on the economic outlook. We trimmed our S&P 500 earnings estimates and reduced our year-end price target to 6200, representing 10% upside from current levels. n Due to the softer macroeconomic and market backdrop, we reduce our forecast for completed 2025 US M&A volume growth to +7% (from +25%). We model completed M&A activity as a function of ...

The staples sector is up c.7% YTD (on a mkt cap weighted avg basis) and up c.6% on average this week (vs. MSCI China YTD rally at 20%). Meanwhile, we observe market sentiment gradually improving with steadier consumer confidence index and higher interest in potential upside from policy stimulus implementation (see our Europe marketing feedback takeaways) post the Two Sessions this year which ranks domestic consumption demand recovery as one of the top priorities. Therefore, we expect that market would likel ...