Haitong International Initiates CALB with HK$23.4 Target Price and Outperform Rating

Deep News10-16

Haitong International has released a research report initiating coverage of CALB (03931) with an "Outperform" rating and a target price of HK$23.4.

The report notes that CALB's net profit attributable to shareholders is expected to achieve a compound annual growth rate of approximately 36% from 2026 to 2028, placing it at a relatively high level among comparable companies. The brokerage assigns a 2027 PE multiple of 9.5x with an exchange rate of 0.86.

Haitong International believes that the combination of rising power battery market share and an upward shift in customer structure constitutes the ballast for the company's high revenue growth. The report estimates that the company's battery shipments will rise from 116GWh in 2025 to 180/253/335GWh in 2026-2028, representing year-on-year growth of 55%/41%/32%.

Haitong International points out that energy storage serves as the company's second growth curve, contributing 52% of the revenue increment from 2025 to 2028. Energy storage system revenue is projected to reach RMB 27.36/41.88/56.08 billion in 2026-2028, with its revenue share rising to 38%/43%/45%, reflecting a compound annual growth rate of approximately 58% from 2025 to 2028.

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