CATL(SZ:300750) Xin Jing Bao·2025-04-16 08:56Group 1 - CATL has recently been approved for listing on the Hong Kong Stock Exchange, becoming the first lithium battery company to be listed on both A-shares and H-shares [1] - The company is facing intensified competition in the domestic market, with a projected revenue decline of 9.7% to 362.01 billion yuan in 2024, marking its first negative growth since its listing in 2018 [1] - CATL's market share in domestic power batteries is expected to slightly increase by 1.89% to 45.08% in 2024, but this is a decrease from 52.1% in 2021 and 48.2% in 2022, indicating a shrinking competitive advantage [1] Group 2 - In response to challenges, CATL is seeking strategic transformation, planning to build 1,000 battery swap stations this year, although there are concerns regarding the standardization and profitability of this business model [2] - The company's overseas business revenue is projected to account for 30.48% in 2024, a year-on-year decrease of 15.77%, as it aims to expand its international market share through the Hong Kong listing [2] - CATL faces uncertainties in collaborating with international automakers and energy companies due to geopolitical tensions and potential cultural differences [2] Group 3 - To maintain its leadership in the power battery industry, CATL needs to adopt a cautious approach to various risks and challenges, focusing on technological innovation, supply chain optimization, and improving product quality and service levels [3]