JPMorgan cut its rating on CATL H-shares (03750.HK) to Neutral, kept an Overweight on A-shares and lowered its earnings estimates. The bank said it is increasingly concerned industry profitability is deteriorating faster than expected as profits shift across the EV supply chain. Policy changes — a battery consumption tax, lower export rebate rates — and rising trade barriers are pressuring automaker margins. JPMorgan warned CATL may be hit first but could ultimately emerge a net beneficiary if c

JPMorgan cut its rating on CATL H-shares (03750.HK) to Neutral, kept an Overweight on A-shares and lowered its earnings estimates. The bank said it is increasingly concerned industry profitability is deteriorating faster than expected as profits shift across the EV supply chain. Policy changes — a battery consumption tax, lower export rebate rates — and rising trade barriers are pressuring automaker margins. JPMorgan warned CATL may be hit first but could ultimately emerge a net beneficiary if cost pass-through or absorption increases customer stickiness.