大摩表示，宁德时代已有208亿美元现金储备，H股发行的新增资金将可助公司加快全球产能部署。大摩预计，宁德时代未来投资将重点投入在中国国内换电站网络、固态电池研发和投产，这些潜在“第二波增长”可令公司保持高股本回报率(ROE)，在全球能源转型下，持续创新将创造新电池需求，亦可扩大电池总市场规模(TAM)。Recently, Contemporary Amperex Technology (300750.SZ) announced plans to issue Overseas listed foreign shares and apply for listing on the Main Board of the Hong Kong Stock Exchange.
According to Zhigong Finance APP, recently, Contemporary Amperex Technology (300750.SZ) announced plans to issue Overseas listed foreign shares and apply for listing on the Main Board of the Hong Kong Stock Exchange. The number of Hong Kong shares to be issued will not exceed 5% of the total share capital of the company after issuance, and there is an over-allotment option of up to 15% of the number of issued Hong Kong shares. Morgan Stanley referenced companies that recently completed H share dual listings, which had an average discount of 10% to 20% compared to A share prices. It is expected that Contemporary Amperex Technology's IPO in Hong Kong will raise between 6.8 billion and 7.7 billion USD (equivalent to 52.9 billion to 59.8 billion HKD).
Morgan Stanley pointed out that if Contemporary Amperex Technology raises an estimated 7.7 billion USD, its new stock fundraising amount will surpass Postal Savings Bank Of China, becoming the seventh largest fundraising company in Hong Kong's history, second only to AIA, Alibaba, and the four state-owned banks 'Industrial and Commercial Bank of China', 'Bank of China', 'China Construction Bank', and 'Agricultural Bank of China'.
Morgan Stanley indicated that Contemporary Amperex Technology already has 20.8 billion USD in cash reserves, and the new funds from the H share issuance will help the company accelerate its Global capacity deployment. Morgan Stanley expects that Contemporary Amperex Technology's future investments will focus on the domestic battery swap station network in China, research and development of Solid State Batteries, and production. These potential 'second wave growths' could allow the company to maintain a high ROI (ROE), and continuous innovation under the Global energy transition will create new battery demands and expand the total addressable market (TAM) for batteries.
Soochow Securities stated that with strong demand for energy storage in 2025, the shipping volume of Contemporary Amperex Technology is expected to achieve over 30% growth. It is estimated that from 2024 to 2026, the net income attributable to the parent company for Contemporary Amperex Technology will be 50.4 billion yuan, 65.5 billion yuan, and 80.1 billion yuan respectively, representing year-on-year growth of 14%, 30%, and 22%.