BofA Securities: Lowers Contemporary Amperex Technology (03750) target price to HK$630, reiterates "Buy" rating

10:51 22/10/2026

BofA Securities has lowered CATL's 2026 adjusted net profit forecast by 8.6% to RMB 88.056 billion and its 2027 forecast by 14.8% to RMB 99.06 billion, to reflect higher energy storage system battery shipment forecasts as well as lower average battery selling prices and gross margins.

BofA Securities issued a research report stating that it has lowered the target price for Contemporary Amperex Technology (03750) from HK$775 to HK$630, while reiterating its "Buy" rating. The bank noted that the company's net profit for the third quarter of 2026 increased by 15% year-on-year, but fell by 6% quarter-on-quarter to RMB 21.2 billion, missing both the bank's and market expectations. BofA Securities has cut its adjusted net profit forecast for Contemporary Amperex Technology for 2026 by 8.6% to RMB 88.056 billion, and lowered its 2027 forecast by 14.8% to RMB 99.06 billion, mainly reflecting higher forecast battery shipments for energy storage systems, as well as lower average battery selling prices and gross margins.

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