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Contemporary Amperex Technology Co Ltd Class A 300750

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Stock XSHE Rating as of
CNY 177.71 −1.89 (1.05%)
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As of Delayed Price Open
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Company Report

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CATL: Concerns About Geopolitical Risk in US Market Overdone; Shares Remain Undervalued

Vincent Sun

We reduce our fair value estimate for Contemporary Amperex Technology to CNY 227 per share from CNY 242 to factor in the company's geopolitical risk regarding the United States market. Our fair value estimate implies a forward price/earnings ratio of 20 times. Shares of CATL have declined 8% in the past two trading days after US members of Congress called for the inclusion of CATL to the US import ban list, alleging the company’s supply chains have links to forced labor. At current levels, shares are undervalued, with stock trading in 4-star territory.

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Price vs Fair Value

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300750 is trading at a 567% premium.
Price
CNY 179.60
Fair Value
CNY 416.00
Uncertainty
High
1-Star Price
CNY 296.54
5-Star Price
CNY 366.70
Economic Moat
Xbbh
Capital Allocation
Cmyrrjxz

Bulls Say, Bears Say

Bulls

EV battery demand will remain resilient, driven by the global vehicle electrification trend. As the largest player, CATL will benefit from the robust demand growth.

Bears

Fluctuation in raw material prices will have a significant impact on CATL’s profitability, resulting in volatility and uncertainty in its earnings forecast.

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Trading Information

Previous Close Price
CNY 179.60
Day Range
CNY 176.50–182.49
52-Week Range
CNY 142.30–251.33
Bid/Ask
CNY 177.71 / CNY 177.76
Market Cap
CNY 781.67 Bil
Volume/Avg
7.5 Mil / 19.2 Mil

Key Statistics

Price/Earnings (Normalized)
15.28
Price/Sales
1.72
Dividend Yield (Trailing)
—
Dividend Yield (Forward)
—
Total Yield
—

Company Profile

CATL, headquartered in Ningde, Fujian Province, is a global leading Chinese battery manufacturer founded in 2011. The company specializes in the development and production of lithium-ion batteries for EVs and energy storage systems. CATL is the largest EV battery manufacturer in the world and leads the industry in innovative battery technology development for higher-energy density and safety, longer battery service life and super-fast charging. CATL is also involved in the manufacturing of cathode and other related battery materials. Through its subsidiary Brunp, it works with customers to create a closed-loop battery life cycle from production, application, to recycling.
Sector
Industrials
Industry
Electrical Equipment & Parts
Stock Style Box
Large Growth
Total Number of Employees
116,055
Website
http://www.catlbattery.com

Competitors

Valuation

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Metric
300750
006400
03931
Price/Earnings (Normalized)
 15.2812.5621.70
Price/Book Value
 3.801.330.64
Price/Sales
 1.721.090.82
Price/Cash Flow
 6.718.229.67
Price/Earnings
300750
006400
03931

Financial Strength

Metric
300750
006400
03931
Quick Ratio
 1.440.630.60
Current Ratio
 1.651.020.87
Interest Coverage
 13.558.181.90
Quick Ratio
300750
006400
03931

Profitability

Metric
300750
006400
03931
Return on Assets (Normalized)
 6.11%6.13%1.18%
Return on Equity (Normalized)
 22.01%11.42%3.37%
Return on Invested Capital (Normalized)
 11.60%8.86%1.90%
Return on Assets
300750
006400
03931
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