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G Sachs Initiates Buy on CATL, Upbeat on BESS Integration Potential
2026-07-09 10:04:32
Goldman Sachs published a research report initiating coverage on CATL (03750.HK) with a Buy rating and an H-share TP of HKD946. The broker noted that the market broadly views the battery energy storage systems (BESS) as a incremental volume, but the broker considered BESS integration will become the key driver for CATL's next phase of value creation. It was expected to support gross margin expansion, generate recurring high-margin service income, and drive valuation re-rating.
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