CATL(SZ:300750) 智通财经网·2025-08-12 02:39Core Viewpoint - Morgan Stanley reports that CATL's (宁德时代) lithium mine in Yichun, with an annual production capacity of 100,000 tons of lithium carbonate equivalent, has seen its mining license expire, leading to a production halt. Despite this, the firm maintains a positive outlook on CATL's competitive pricing due to its scale advantage and the ability to pass on rising costs to automakers, assigning an "Overweight" rating with a target price of HKD 465 [1]. Group 1 - The Yichun lithium mine accounts for approximately 30% of CATL's total demand, previously serving as a global lithium supply regulator [1]. - The mine has experienced low utilization rates in recent quarters, resulting in breakeven or slight losses [1]. - CATL recorded over RMB 3 billion in asset impairment losses in Q3 of last year to reflect weak lithium prices, indicating a proactive approach to financial management [1]. Group 2 - The suspension of production at the Yichun lithium mine may lead to an increase in lithium prices, which could enhance the value of CATL's existing raw material inventory [1].