CATL(SZ:300750) Zheng Quan Shi Bao Wang·2024-12-12 05:48Core Insights - Lithium iron phosphate (LFP) batteries continue to capture market share from ternary batteries, with LFP battery installation volume reaching 53.6 GWh in November, accounting for 79.7% of total installations, a year-on-year increase of 84% [3] - CATL remains the leader in domestic power battery installations with 28.7 GWh in November, holding a market share of 42.71%, although this represents a decline for the fourth consecutive month [1][2] - BYD ranks second with an installation volume of 16.87 GWh and a market share of 25.11%, also experiencing a month-on-month decline [2] - The ternary battery installation volume was 13.6 GWh in November, down 13.5% year-on-year, leading to a market share drop to 20.2% [3] Market Share Dynamics - CATL's market share has decreased by a total of 4.58 percentage points over the last four months, reaching a new low for the year [1] - Other companies like Gotion High-Tech and Honeycomb Energy have seen their market shares increase, with Gotion at 5.29% and Honeycomb at 3.49% [2] - The top ten battery manufacturers include companies like EVE Energy, Sunwoda, and LG Energy, with varying degrees of market share changes [2] Export Trends - In November, total battery exports reached 21.9 GWh, a year-on-year increase of 23.5%, with exports accounting for 18.5% of total sales [4] - Power battery exports were 12.5 GWh, down 2.2% year-on-year, while other battery exports surged by 90% to 9.4 GWh [5] - CATL led in power battery exports but saw a 22.8% year-on-year decline, marking the fifth consecutive month of decline in this category [6] - BYD's power battery exports also fell by 12.5%, while companies in the second tier, such as Gotion and Honeycomb, reported growth in their export volumes [6]