CICC has released a research report announcing upward revisions to the earnings forecasts for CATL's A-shares and H-shares for 2026. The A-share earnings estimate was raised by 9.1% and the H-share estimate by 6.5%, bringing the total projected earnings to 95.98 billion yuan. The report also introduced a 2027 earnings forecast of 120.22 billion yuan. Correspondingly, the target price for A-shares was increased by 10.1% to 490 yuan, while the H-share target price was raised by 12.1% to 650 Hong Kong dollars. The A-share target price implies a price-to-earnings ratio of 23.3 times for the current year and 18.6 times for the following year, representing a potential upside of 23.9%. The H-share target price implies a P/E ratio of 27.5 times for the current year and 21.7 times for the next, with a potential upside of 6.6%. CICC maintained its "Outperform Industry" rating on the stock. Last year, CATL reported revenue of 423.7 billion yuan, a 17% year-on-year increase, with net profit attributable to shareholders rising 42.3% to 72.2 billion yuan. Non-GAAP net profit reached 64.51 billion yuan, up 43.4% year-on-year. The company's 2025 performance exceeded market expectations, driven by steady gains in global market share and continuous improvement in profitability.