Soochow's Research Reports indicate that Contemporary Amperex Technology (300750.SZ), to further promote the company's Global Strategy layout, create an international capital operation platform, and enhance overall competitiveness, intends to issue H Shares and apply for listing on the Main Board of the Hong Kong Stock Exchange. The proportion of this issuance is relatively small, and we expect it to be no more than 5%. Based on the current Market Cap and considering the discount on Hong Kong stocks, we estimate the total issuance scale will not exceed 40 billion yuan, with very low dilution impact. At the same time, the company's valuation is low, with an expected EV/EBITDA of 14x in 2024, while LG New Energy is expected at 26x, making it a globally scarce symbol in the Hong Kong new energy sector. Considering the company is a global leader in Battery production, it is given a 30x valuation for 2025, corresponding to a Target Price of 446 yuan, maintaining a "Buy" rating.
东吴证券：宁德时代拟港股上市搭建海外融资平台，维持“买入”评级
Soochow: Contemporary Amperex Technology plans to list H Shares in Hong Kong to build an overseas financing platform, maintaining a "Buy" rating.
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