CMB International Securities analyst Ji Shi maintained a Buy rating on Jiangsu Zenergy Battery Technologies Group Co Ltd. Class H today and set a price target of HK$18.00.
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Ji Shi has given his Buy rating due to a combination of factors tied to Zenergy’s improving fundamentals and growth visibility. He highlights that second-half 2025 earnings exceeded expectations thanks to stronger margins and tight cost control, which signal higher operational efficiency and a healthier client mix despite one-off asset impairments.
Looking ahead, he notes that management has lifted its sales volume guidance on the back of newly secured model wins and planned capacity additions, including a growing contribution from energy storage. While he acknowledges potential margin pressure from raw material costs and competition, he argues this should be cushioned by economies of scale and disciplined operating expenses, supporting upgraded profit forecasts and justifying the maintained Buy rating and target price.