CATL(SZ:300750) Xin Lang Cai Jing·2025-08-01 06:15Core Viewpoint - Ningde Times is expected to achieve over 30% year-on-year growth in net profit for the first half of 2025, with both quarter-on-quarter and year-on-year increases in Q2 net profit, indicating resilient profitability and ongoing growth in R&D investment [1] Financial Performance - In H1 2025, the company's gross margin was 25.02%, a decrease of 1.51 percentage points year-on-year; net profit margin was 18.09%, an increase of 3.17 percentage points year-on-year; return on equity (ROE) was 10.34%, a decrease of 1.31 percentage points year-on-year [1] Product Innovation - The company has continuously launched innovative products in H1 2025, including the second-generation supercharging battery and dual-core battery for passenger vehicles, and a new integrated battery for heavy trucks in commercial vehicles [1] - In the energy storage sector, the company delivered 587Ah large-capacity energy storage cells and released the world's first mass-producible ultra-large capacity energy storage system solution, TENERStack [1] Market Position and Growth - As of January to May 2025, the company's global market share for power battery installations reached 38.1%, an increase of 0.6 percentage points year-on-year [1] - The company maintained the highest global production of energy storage batteries from January to June 2025 [1] - The rapid growth of the new energy vehicle market and the increasing demand for renewable energy and new data center storage are driving the energy storage market's growth, with a high certainty of lithium battery demand increase [1] Strategic Development - The company is accelerating the construction of a battery swapping ecosystem since 2025 and plans to start small-scale production of solid-state batteries in 2027 [1] - The continuous technological and product innovation is solidifying the company's market position, maintaining a "buy" rating [1]