CATL(SZ:300750) Xin Lang Cai Jing·2025-07-26 01:53Core Viewpoint - CATL is recognized as a technology platform rather than just a manufacturing company, with a premium valuation in Hong Kong compared to A-shares, indicating higher foreign investor confidence [2][25]. Group 1: Technological Innovation and Capital Returns - CATL's core competency lies in continuous technological evolution and ecosystem building, with battery energy density improving over 20% every two years [3][10]. - The company's business model is driven by "technology upgrades that enhance returns," maintaining high ROIC even amid industry overcapacity [4][6]. - CATL's deep investment in materials science establishes a significant technological moat, with advancements in various battery technologies [7]. Group 2: Global Market Penetration and Growth - CATL's growth is attributed to technological empowerment rather than mere industry cycle benefits, with electric vehicle (EV) penetration still on the rise globally [10][11]. - The company is expanding its market share in Europe, establishing supply relationships with high-end brands, positioning itself as a global technology exporter [11][12]. - CATL's battery capacity is expected to increase significantly over the next three years, driven by high-performance electric drive systems and AI-assisted driving demands [12][13]. Group 3: Emerging Applications and Future Growth - CATL is venturing into new applications such as eVTOL, humanoid robots, and battery swapping networks, which are expected to drive future growth [18][20]. - The eVTOL market presents opportunities for CATL, with its cold-condensing battery technology showing potential for aviation applications [20][22]. - The battery swapping network aims to enhance user acceptance and create strong network effects, positioning CATL as a leader in battery asset management [23][24]. Conclusion - CATL is fundamentally a technology-driven energy company with a robust ecosystem, moving beyond traditional manufacturing paradigms [25].