Lyon: Contemporary Amperex Technology (03750) enters a wait-and-see period. Target price maintained at HK$820, with an "outperform" rating.

Lyon released a research report, stating that Contemporary Amperex Technology (03750) is expected to enter a wait-and-see period before the next wave of catalysts arrives in the second half of 2026, after a series of catalysts over the past two months. Lyon maintains a "outperform the market" rating for Contemporary Amperex Technology's A shares and H shares, with a target price of 570 RMB for A shares and 820 HKD for H shares, based on a sum-of-the-parts valuation method. The global lithium market may face more supply disruptions and concerns about rising costs, which could limit stock performance in the short term. However, the bank believes that investors should continue to accumulate shares. The bank expects that Contemporary Amperex Technology's catalysts in the second half of 2026 will include: the end of the H-share lock-up period at the end of July, second quarter performance in mid-August, and the production of sodium-ion batteries in the second half of the year.