CICC International: Maintain "Buy" rating on NEEQ, optimistic about the long-term development of the company.

Guoyuan International released a report stating that after listing in Hong Kong, Contemporary Amperex Technology (CATL) will become a dual-listed A-share/H-share company, attracting both domestic and overseas capital, supporting overseas capacity expansion and technological research and development; at the same time, it can use localized production in Europe to address trade uncertainties, further consolidating its global leading position in the battery field, and setting a new benchmark for Chinese companies going global. CATL's battery technology and global layout lead the industry, expanding its business through battery swapping. The bank is optimistic about the company's long-term development. CATL's current market value corresponds to a 2025 price-to-earnings ratio of 18 times, making its valuation attractive. The bank maintains a "buy" rating and a target price of 314.11 yuan.