Nomura: Contemporary Amperex Technology's overseas battery shipments are expected to accelerate growth. We maintain a buy rating and raise the target price.

Nomura report states that despite the uncertainty of tariff negotiations, the risk of overseas battery shipments from CATL is gradually decreasing due to the gradual advancement of localized production. The company announced that overseas revenue in the first half of the year increased by 21% year-on-year, reaching 61.2 billion yuan, accounting for 34% of total revenue. Analysts believe that this growth may be driven by the expansion of market share for its electric vehicle battery business in Europe and the continued growth in overseas market demand. Nomura also stated that CATL has indicated that the first phase of cell production capacity at its Hungary factory may come online before the end of this year. Nomura maintains a buy rating on the stock and has raised its target price from 331.00 yuan to 362.00 yuan.