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<Research>JPM Sees CATL's Mkt Shr Gain Next Yr w/ A-shr TP RMB480
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CATL (03750.HK)(300750.SZ) experienced a decline in market share in both energy storage system and the Chinese EV market in 1H25, causing concerns among some investors, JPMorgan released a research report saying.

However, the broker believed that this is mainly due to output constraints and the Company's strategy to allocate resources to higher-margin businesses.

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JPMorgan expected CATL to achieve market share gain in most markets next year, including the Chinese and European EV markets, as well as the global energy storage system market.

Therefore, CATL's A-share remains the broker's top pick in China's battery value chain, with a target price of RMB480 and rating at Overweight.
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