CATL(SZ:300750) Jing Ji Guan Cha Wang·2025-05-31 05:06Core Viewpoint - The recent lawsuit against CATL by its supplier, Hanchuan Intelligent, due to unpaid debts has highlighted the challenges faced by CATL in its battery-swapping business, raising concerns within the industry [2][3]. Group 1: Legal Dispute - Hanchuan Intelligent announced on May 23 that it has filed multiple lawsuits against CATL and its subsidiaries for failing to fulfill payment obligations related to battery swap station contracts, totaling 60.88 million yuan [2][3]. - The contracts in question span from 2021 to 2024, with Hanchuan claiming that CATL has not made payments despite the equipment being operational [2][5]. - Hanchuan's internal sources indicated that CATL has delayed acceptance and refused to pay for entire batches of equipment due to disputes over individual products, which they argue should not affect payment for the entire order [5][6]. Group 2: Financial Performance - In 2024, CATL reported revenues of 362.01 billion yuan, a year-on-year decrease of 9.7%, while net profit increased by 15.01% to 50.75 billion yuan [2]. - For Q1 2025, CATL's revenue was 84.71 billion yuan, up 6.18% year-on-year, with net profit reaching 13.96 billion yuan, a 32.85% increase [2]. - Hanchuan Intelligent, on the other hand, reported a significant decline in revenue, with 2024 revenues at 474 million yuan, down 64.61%, and a net loss of 1.103 billion yuan [7]. Group 3: Market Challenges - CATL's battery-swapping business has faced difficulties since its inception in 2021, with limited partnerships and slow construction of swap stations, currently totaling only a few dozen [8]. - The company has shifted its strategy to collaborate with other firms, such as NIO and Sinopec, to build a national battery-swapping network, aiming for at least 500 stations this year and a long-term goal of 10,000 [8]. - CATL's market share in domestic battery installations has declined to 39.44% as of April 2023, down 2.94% from the previous period, while competitors like BYD have seen increases [9]. Group 4: Profitability Concerns - CATL's gross margin has decreased from a peak of 43.7% in 2016 to 22.91% in 2023, with a slight recovery to 24.4% in 2024, raising questions about its ability to invest in the uncertain battery-swapping business [9].