Morgan Stanley: Raising target prices for both Ningde Times A and H shares, energy storage shipments are expected to be boosted by AI demand.

Morgan Stanley stated that the adjustment of the assumptions for the shipment volume of CATL in order to reflect the potential opportunities brought by the increasing demand for artificial intelligence data center inference in the context of global power shortages. The target price of Company A's A shares and H shares was raised. Analyst Jack Lu pointed out in the report that CATL's performance in 2025 exceeded the bank's forecast by 7%, thus the company's 2026 profit forecast was accordingly raised. Due to the improvement in capital efficiency, the company's net cash position is stronger than expected; the target price for A shares was raised by 8.2% to 530 RMB, and the target price for H shares was raised by 12% to 655 Hong Kong dollars.