CALB, China’s Third-Largest Battery Maker Playing Catch-Up; Initiate With HKD 20 FVE, Fairly Valued

CALB is one of the leading producers of lithium-ion rechargeable batteries for electric vehicles, or EVs, in China. According to Frost & Sullivan, CALB is ranked third in China, after Contemporary Amperex Technology Co. Limited, or CATL, and BYD, with a market share of 6% as measured by EV battery installed capacity in 2021 and seventh globally with 3% market share. CALB’s major customers include leading automakers such as Guangzhou Automobile, Xpeng, and Chang’an.