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CALB(3931)
Analysis¡G
CALB is primarily engaged in the design, R&D, production and sales of power batteries and energy storage system products. It focuses on achieving technological breakthroughs in ¡§advanced materials, high-performance battery technology, new battery technology, advanced manufacturing technology, and full-lifecycle battery management,¡¨ and has established a comprehensive patent portfolio covering the entire battery industry chain, including battery materials, battery structure, system integration, electrical circuits, BMS, manufacturing process equipment, and battery recycling and regeneration. The Group is also concentrating on key technological breakthroughs in all-solid-state batteries. It has completed the independent development of core materials such as high-performance solid-state electrolytes. The energy density of its all-solid-state silicon-based battery system has reached 430 Wh/kg, and it has finished constructing a dedicated all-solid-state battery production line, laying a solid foundation for further R&D and future industrialization of all-solid-state battery technology.
Leveraging its proprietary technology and industrialization capabilities, the Group continuously pursues higher energy density and stable safety performance in power batteries. It has launched more competitive new ternary and phosphate-system products and is deeply penetrating application scenarios such as power energy storage (new-energy power generation side and grid side), industrial & commercial energy storage, and residential energy storage, maintaining industry-leading product strength. In the first half of 2025, the Group¡¦s power battery installed capacity reached 21.8 GWh, up 22.7% year-on-year, ranking No. 4 globally and No. 3 domestically, with a single-month high of 4.7 GWh. Energy storage cell shipments also recorded substantial growth, ranking No. 4 globally.
Overseas, the Group successfully supported the largest power station projects in Latin America and South Africa, entered the supplier lists of multiple leading developers and grid companies, and achieved new breakthroughs in its overseas power station business. In the marine sector, it delivered the world¡¦s largest oil company¡¦s first hybrid-power vessel project and is also involved in the high-end Middle East marine engineering equipment market, secured its first international megawatt-level marine battery system order, and won bulk orders for the Singapore port electric vessel berthing project¡Xrealizing business breakthroughs in multiple new regions. In emerging markets, it achieved volume deliveries in the low-altitude flight sector; the solid-state battery project co-developed with a leading humanoid robot company reached a phased milestone, while it continues to expand into rail transit, mining, and other new markets.
The Group earlier issued a positive profit alert, expecting net profit for the year ending 31 December 2025 to be in the range of approximately RMB 2.025 billion to RMB 2.193 billion, representing a 140%¡V160% increase compared with the same period in 2024. This is primarily driven by sustained high growth of its leading technology products in passenger vehicles, commercial vehicles, energy storage and other fields.
Looking ahead, the Group will further accelerate its internationalization strategy. On the capacity side, the Thailand base has been successfully completed and put into production, while the European base officially broke ground in Q1 2025. With the steady progress of the European base, the Group¡¦s international delivery efficiency and capability will be further strengthened, effectively enhancing its global competitiveness and brand recognition.(I do not hold the above stock.)
Strategy¡G
Buy-in Price$28.00 ¡ATarget Price: $31.00 ¡ACut Loss Price:$26.80
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VSTECS(856)
Analysis¡G
VSTECS Holdings Limited is a leading technology product channel developer and technology solution integration service provider in the Asia-Pacific region, operating within the information technology industry. Founded in 1991 and listed on the Main Board of the Hong Kong Stock Exchange in 2002, the company is a constituent of the Stock Connect program, focusing on delivering end-to-end technology product distribution and system integration services to both enterprise clients and the consumer market. According to the annual results announced for the year ended last December, the company recorded revenue of HK$97.626 billion, representing a year-on-year increase of 9.6%. Net profit stood at HK$1.353 billion, up 28.7% year-on-year; earnings per share were HK$0.9768. A final dividend of HK$0.4177 per share was declared, compared to the final dividend of HK$0.257 per share in the previous year. The company is now riding the wave of AI-driven industrial upgrading. Leveraging its dual-track computing ecosystem strategy that encompasses both domestic and overseas markets, the rapid growth of its cloud computing business, and its continued expansion into Southeast Asia, VSTECS is well-positioned to benefit from industry tailwinds. In 2025, the company achieved record-high performance, with improving financial health and steadily increasing shareholder returns, laying a solid foundation for long-term development. As AI technology moves from concept to practical application, VSTECS, as a leading ICT distribution and integrated solutions provider in the Asia-Pacific region, demonstrates increasingly clear growth logic and growing business certainty.
Strategy¡G
Buy-in Price: $8.75 , Target Price: $10.26 , Cut Loss Price: $7.90
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Great Wall Motor (2333 HK) New Energy Vehicles and Overseas Markets Drive Sales Growth
Investment SummaryRevenue Growth Amid Transformation While Profits Face PressureAccording to the 2025 annual result forecast of Great Wall Motor, the Company reported total revenue of RMB222.79 billion in the full year (RMB, the same hereafter), up 10.2% yoy. Net profit attributable to shareholders was RMB9.912 billion, down 21.7% yoy. Non-GAAP net profit attributable to the parent company fell 36.5% yoy to RMB6.158 billion. The decline in profit was mainly due to the Company accelerating the build-out of a new channel model that connects directly with users, while also increasing investment in the launch and promotion of new models and technologies as well as brand enhancement, which reduced the Company's profitability. Looking at the fourth quarter alone, the Company recorded net profit attributable to the parent company of RMB1.28 billion, down 43.5% yoy and down 44.4% qoq, mainly due to one-time year-end bonus accruals and delayed tax refunds on scrapped vehicles. Excluding these factors, the Company's operations remained stable. New Energy Vehicles and Overseas Markets Drive Sales Growth, While Product Mix Optimisation Lifts Per-Vehicle RevenueSales volume of Great Wall Motor reached a record high of 1,324 thousand units in 2025, up 7.3% yoy, driven by the dual engines of new energy vehicles and overseas markets. Among them, sales of new energy vehicles reached 404 thousand units, up 25.4% yoy, with the proportion of NEVs expanding by 4.4 percentage points to 30.5%. Overseas sales reached 506 thousand units, up 11.7% yoy, with the overseas sales ratio expanding by 1.5 percentage points to 38.2%. Among the Company's sub-brands, Haval, WEY, Tank, Ora, and pickup recorded sales volume of 759 thousand, 102 thousand, 233 thousand, 48 thousand, and 182 thousand units respectively, up 7.41%/+86.29%/+0.74%/-23.68%/+2.57% yoy respectively. The high-end brand Tank remained stable, while WEY grew significantly, with WEY Alpine achieving over 10,000 monthly deliveries for three consecutive months. With the continuous optimisation of the product sales structure, the average selling price per vehicle rose steadily. In 2025, the Company's ASP rose up 2.7% yoy, or RMB4,400, to RMB168.3 thousand, reflecting further strengthening of the brand. Platform Opens a New Product CycleIn January 2026, Great Wall Motor launched the world's first native AI full-powertrain platform ¡V GWM One. The platform is compatible with five powertrain types: PHEV, HEV, EV, FCEV, and ICE, covering seven vehicle categories including sedan, SUV, pickup, MPV, and sports car. It is equipped with self-developed 6C cells and a 900V architecture. The first flagship six-seat model based on the GWM One platform, the WEY V9X, is set to debut soon. Deepening Globalisation Strategy to Support Long-Term GrowthThe Company has set a sales volume target of 1.8 million units for 2026, including 600 thousand units from overseas markets, equivalent to an increase of 18.6%. We expect the incremental volume to come mainly from the continued roll-out of overseas localised production capacity and the accelerated expansion of overseas dealer networks (currently deployed in 1,500 locations). The Company has established three complete vehicle production bases in Thailand, Brazil, and Russia, and operates multiple KD factories in Pakistan, Vietnam, Tunisia, and other locations. Investment ThesisThe Company has set resolute strategic objectives and clear steps for new energy and high-end-oriented transformation. The roll-out of a series of new models and the deepening of overseas market deployment in this strong product cycle, along with the scale effect emerging after channel improvements, are expected to support the Company's continued growth momentum. Considering latest financial forecast, we revised our target price to HK$17, equivalent to 13.2/9.5/7.6x P/E and 1.5/1.3/1.1x P/B in 2025/2026/2027. We maintain our Buy rating. (Closing price as at 10 March) GWM¡¦s P/E trend 
Source: Wind, Phillip Securities Hong Kong Research RisksNew vehicle sales fall short of expectations
The SUV market dramatically worsens
The progress of new energy vehicle/Pickup is poorer than expectations Financial Data
(Closing price as at 10 March) Download PDF Report
| Recommendation on 23-3-2026 | | Recommendation | Buy (Maintain) | | Price on Recommendation Date | $ 12.390 | | Suggested purchase price | N/A | | Target Price | $ 17.000 |
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