Report Summary
- Stock: CATL-H (3750.HK)
- Action: ADD (Buy) – No change
- Target Price: HK\$726.0 (current price: HK\$736.0)
- Key Highlights:
- CATL unveiled multiple new battery products at its 2026 Super Technology Day, including the third-generation Shenxing and Qilin batteries, second-generation Freevoy hybrid battery, sodium-ion batteries, and new charging/swapping stations.
- The third-generation Shenxing battery sets an industry record for superfast charging, achieving an 80% charge in under 4 minutes and 98% in about 6.5 minutes, even in low-temperature conditions. Offers over 90% capacity retention after 1,000 fast-charge cycles.
- The third-generation Qilin battery, aimed at mid- to high-end vehicles, features high energy density (280Wh/kg), reduced weight (up to 255kg lighter), and a driving range of up to 1,000km. A condensed version achieves 350Wh/kg and 1,500km range.
- The second-generation Freevoy hybrid battery boosts all-electric range (500-600km) and fast charging, with total driving range up to 2,000km.
- Sodium-ion battery mass production targeted for Q4 2026.
- CATL plans to build 4,000 superfast charging and battery swap stations by end-2026.
- Investment Rationale: Reiterate ADD rating due to CATL’s leading global market position and technological advancements. Key catalysts: new product penetration and further battery technology breakthroughs.
- Risks: Slower EV adoption overseas; faster innovation by competitors.
Call to Action: Investors should focus on CATL-H, which is rated ADD with a target price of HK\$726.0.
Above is an excerpt from a report by China Galaxy International Securities (CGS International). Clients of CGS International can be the first to access the full report from the CGS International website: https://www.chinastock.com.hk
