After the "Snow King" stock price has doubled, what will happen to the "Ning King"'s path of being Listed in Hong Kong?

Following the successful listing of $MIXUE GROUP (02097.HK)$ After a successful listing, "the Global leader in power Battery" $CATL (03750.HK)$ has announced its plans to list in Hong Kong, expecting to becomethe largest IPO in the Hong Kong stock market within three years.

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Ning Wang $Contemporary Amperex Technology (300750.SZ)$ The scene of A-shares listing feels like yesterday.June 11, 2018Contemporary Amperex Technology is listed on the GEM of the Shenzhen Stock Exchange. On the first day of trading, the company's stock price soared by 44%, closing at 36.2 yuan/share, with a total Market Cap reaching 78.642 billion yuan.With the $Electric Vehicles (LIST2568.US)$ With the industry's growth, Contemporary Amperex Technology also rose with the tide. As ofMarch 14, 2025, the company's stock price has risen to 262 yuan/share, with a total Market Capreaching nearly 1.2 trillion yuan.In 6 years, the company's Market Cap has tripled.about 15.26 times.

Now, the path of Contemporary Amperex Technology's H shares naturally fills many investors with expectations.

Regarding the market analysis of Contemporary Amperex Technology's H share listing, we can focus on the following points:

1. Global strategy: The core goal of Contemporary Amperex Technology's listing in Hong Kong is to deepen its Global layout. Currently, the electrification rate in the USA and Europe remains relatively low (22% in Europe and 10% in the USA),the growth space in overseas markets is enormous.. The company has established overseas Battery production bases in Germany, Hungary, and Spain, with a total planned capacity of over 150GWh. Financing from the Hong Kong stock market can provide financial support for the construction of overseas factories and Industry Chain investments. In addition, the listing in Hong KongIn addition, listing in Hong Konghelps enhance international brand influence,

attracting overseas customers and partners, such as leading car manufacturers like BMW and Volkswagen with whom it has already collaborated.: The domestic New energy Fund vehicle market is highly competitive, and the price of power batteries continues to decline (the PACK price may drop to 400 yuan/kWh by 2025). Coupled with the pressure from automakers to 'reduce costs and increase efficiency', Contemporary Amperex Technology needs to expand its profit space through listing in Hong Kong. At the same time, the Hong Kong stock marketAt the same time, the Hong Kong stock market can provide diversified financing channels.，降低對A股單一市場的依賴，並通過國際資本運作Binding more Industry Chain resources.。

3.估值重構的潛在機會‌Currently, Contemporary Amperex Technology.A股市盈率僅16倍（2025年預期）It is significantly lower than overseas peers. For example, LG New Energy's shipment volume is only 26% of Contemporary Amperex Technology's, but its Market Cap reaches 36% of Contemporary Amperex Technology's A-shares, and its EV/EBITDA valuation is 2.7 times that of Contemporary Amperex Technology. After being Listed in Hong Kong, if it benchmarks against the international valuation system.可能帶動A股估值修復‌。

Regarding the A+H share IPO suggestions for Contemporary Amperex Technology, we should focus on the following analysis points:

1. Strong fundamentalsEstimated net profit for Contemporary Amperex Technology in 2024 is expected to be 49 billion to -53 billion yuan, with a gross margin increase to 29.65%, and overseas business accounting for 27%.Profitability is significantly better than peers。

2. Clear market prospectsGlobal demand for power batteries continues to grow, with Contemporary Amperex Technology holding a 26.8% market share overseas.Technological advantages (Qilin Battery, Shenxing Supercharging) strengthen the position in the high-end market.。

3. Short-term enthusiasm supports.: The Hong Kong stock market has high attention to the New energy Fund leaders, subscription and first-day gains may exceed expectations; and this IPO raised 5 billion USD (the largest scale in the Hong Kong stock market in nearly four years), with participation from international top investment banks in underwriting.The market subscription enthusiasm may be high.。

4. The essence of A+H shares.: Investors need to rationally view the "stepmother stock" label.Avoid emotional operations., for high-quality symbols, such as $CATL (03750.HK)$ 、 $MIDEA GROUP (00300.HK)$ 、 $SF HOLDING (06936.HK)$ and other items, A+H is the price discovery process of the same asset in different markets.

A comprehensive assessment of Contemporary Amperex Technology's H-share listing status shows that the subscription strategy can summarize the following points of attention:

1. Focus on long-term value.If the issuance pricing is reasonable (10%-15% discount compared to A-shares), and the funds are clearly used for overseas expansion,Long-term prospects are promising to benefit from Globalization dividends.。

2. Pricing Reasonableness: Focus on pricing reasonableness, if the issuance price of Listed in Hong Kongcorresponds to a 2025 PE lower than 15 times(current A-shares are about 16 times), with a high safety margin.

3. Tracking Market Sentiment: Recently, the subscription of new stocks in Hong Kong and international placements has been quite hot, and their listing performance is commendable.A good timing to participate in new shares listed in Hong Kong.。

4. Diversify risks.: Can be allocated with other fundamentally strong Hong Kong stocks/sector combinations,Reduce the impact of volatility from a single symbol.。

5. Analyze the probability of falling below the issue price.: A+H listed.If there is sufficient fundamental support, combined with the recent heat of the new stock market, 'stepmother stocks' may also have the chance to benefit.

Summary: For ordinary investors investing in A+H shares listed IPOs, it is preferable to choose H shares with a high A/H premium and sound fundamentals for long-term positioning.The core subscription strategy of Contemporary Amperex Technology.Should be to take advantage of market fragmentation to obtain valuation difference returns, and to balance risks through asset allocation, while closely tracking policy and Capital Trend changes in both markets.

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$Hang Seng Index (800000.HK)$$SSE Composite Index (000001.SH)$$Shenzhen Component Index (399001.SZ)$

Analyst name: Liu Rongxin Eva Liu.

Licensed status: Securities Regulatory Commission licensed person (Central Number: BQX164).

The analyst and/or their associates do not hold any financial interests in the listed corporation discussed in this research report. This document is not and should not be considered as an invitation, solicitation, proposal to buy or sell any investment products or basis for investment decisions, nor should it be interpreted as professional advice. Investors should be aware that significant changes in the market investment atmosphere may occur during the offering period, and new shares may fall below the offering price on the first day of trading. Before making investment decisions, investors should understand the nature and risks of the relevant company's business thoroughly read its prospectus/sale document/brochure summary, company financial reports, and consult professional opinions.

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