JPMorgan released a research report stating that CATL's A-share (300750.SZ) and H-share (03750) prices rose by 7.6% and 3.2%, respectively, on November 13, primarily benefiting from a strategic cooperation agreement with Hyper Strong, securing orders for no less than 200GWh. Recently, investor expectations for CATL's 2026 production capacity have increased amid market discussions.

JPMorgan remains optimistic about CATL's A-shares, considering them the preferred choice in China's battery industry chain, with a target price of RMB 480, implying a 19% upside from the latest closing price. However, the H-share target price was revised down from HK$600 to HK$575. Even accounting for an approximate 10% valuation premium of H-shares over A-shares, this suggests only a 6% upside from the latest closing price, warranting a "Neutral" rating.