$CXMT(688825.SH)

Nomura gave a target price of 116, meaning it could double from today's high in the future. According to Nomura's analysis framework, this stock price is based on at least four assumptions: 1. CXMT can fairly and effectively use all 58 billion yuan of financing to expand capacity and upgrade technology; 2. Storage prices will continue to rise over the next three years, and even if they peak crazily, the price after falling back in 2028 will still be several times higher than today's; 3. CXMT's net profit CAGR over three years can maintain above 74%, with a positive growth outlook continuing until the end of 2028; 4. Under the premise that storage supply remains severely insufficient for more than three years and cannot be improved, CXMT must expand capacity much faster than the market, increasing its market share from below 8% to above 18% by 2028, with an expansion outlook reaching 30% by 2030.

Even telling such a myth, CXMT's price would only double from today's high. Hmm, I really don't know whether Nomura wrote this myth story to be bullish or bearish.