Zheng Quan Shi Bao Wang·2025-08-12 00:56Core Viewpoint - The research from CITIC Securities indicates that while the overall profitability of four major Japanese and South Korean battery companies (LGES, Samsung SDI, SKI, Panasonic) has improved quarter-on-quarter in Q2 2025, excluding the impact of the US IRA subsidies, LGES and Panasonic are barely profitable, while Samsung SDI and SKI remain in a loss position, highlighting a significant gap in profitability compared to domestic leader CATL [1] Group 1 - The European electric vehicle market is experiencing a significant recovery in demand, leading to a notable increase in CATL's market share, while the overall share of Japanese and South Korean companies has declined sharply [1] - The US electric vehicle market is expected to face pressure due to the cancellation of subsidies, prompting Japanese and South Korean companies to shift their production lines towards the energy storage market [1] - Chinese companies are facing increased entry barriers into the US energy storage market due to tariffs and FEOC policies, but they can expand their capacity and technology licensing in Southeast Asia to enter the US market [1] Group 2 - The demand for energy storage in AI data centers is growing beyond expectations, which is likely to provide significant incremental contributions to leading domestic and international battery companies [1] - Continued emphasis is placed on recommending domestic leading battery companies that are enhancing their overseas market share, demonstrating superior profitability, and possessing significant valuation advantages [1]