Citi Raises WUXI LEAD TP to HKD67; 2026 Unlikely to Be Upcycle Peak
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Citi has raised the target price for WUXI LEADfrom HKD62 to HKD67, maintaining a Buy rating. The company’s Board Secretary indicated that 2026 is unlikely to be the peak of the current upcycle due to capacity expansions and advancements in battery technology. New orders are expected to grow by 40-50% YoY, surpassing previous guidance. Solid-state battery orders are projected to reach RMB2 billion in 2026, with equal contributions from domestic and overseas customers.
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