高盛_超越电池，迈向能源解决方案：首予宁德时代买入评级.pdfVIP

GoldmanResearch

Sachs

Initiation

CATL(300750.SZ/3750.HK

BeyondCells,IntoEnergy

Solutions;InitiateatBuy

WeinitiateCATL,theworldslargestbatterymanufacturer,atBuyonbothH/A-shares,with12mTPsofHK$946/Rmb566,

implying51%/57%upside.Ourdifferentiatedviewcentersonitsbatteryenergystoragesystems(BEsS):themarketsees

incrementalvolume,whileweseeastrategicintegrationpushthatcanliftmargins,earningsquality,shareandvaluations,

supportedbyadeepeningmoatvsChinesebatterypeersbuiltonyearsofcost,technologyleadership,andecosystem

build-out.

foundationforitsunderapprecia