Shares of CALB Group Ltd (HKG: 3931) climbed more than 6% in the morning session.

The stock was up 6.05% at the latest check, trading at HK$31.9 with a turnover of HK$146 million.

Recent analysis points to robust demand for energy storage system (ESS) and commercial electric vehicle (EV) batteries as key drivers supporting the company's projected high shipment growth for the fiscal years 2026 and 2027.

Following the release of CALB's fiscal 2025 results, a major financial institution updated its forecast model, raising the company's profit estimates for fiscal 2026 and 2027 by 7% and 34%, respectively.

The revised forecasts, reaching RMB 2.835 billion and RMB 4.817 billion, primarily reflect management guidance and higher assumptions for battery sales volume.

Another leading bank projects that CALB could achieve robust shipment growth in 2026, with management targeting annual shipments of 180 GWh, representing a 55% year-on-year increase.

In an optimistic scenario, shipments could potentially reach 190-200 GWh.

As new production capacity gradually comes online from the third quarter of 2026, shipment growth in 2027 is expected to further surpass the 2026 rate.

Based on the company's trend of gaining market share and benefiting from product mix upgrades, this bank maintains its positive long-term outlook for the firm.