CATL(SZ:300750) 2 1 Shi Ji Jing Ji Bao Dao·2025-09-05 10:04Core Viewpoint - The lithium battery industry is gaining new momentum due to the recent issuance of a growth action plan by the Ministry of Industry and Information Technology and the State Administration for Market Regulation, which aims for an average revenue growth rate of over 5% in the electronic information manufacturing industry from 2025 to 2026, driven by sectors including lithium batteries [1]. Industry Overview - The lithium battery sector remains a key driver for revenue growth in the electronic information manufacturing industry, with a notable increase in demand this year [2]. - The demand surge is primarily attributed to the growth in electric vehicle (EV) sales and energy storage needs, leading to increased production capacity and capital expenditures among major lithium battery companies [2][3]. Demand Drivers - The significant increase in EV sales has driven the demand for lithium batteries, with global EV sales reaching 9.1 million units in the first half of the year, a 28% year-on-year increase, with China contributing over half of this figure [4]. - The energy storage battery demand has exceeded expectations, with global battery storage system installations reaching 86.7 GWh in the first half of the year, a 54% increase year-on-year [5]. Capacity Expansion - Major lithium battery manufacturers are actively expanding production capacity in response to strong market demand, with companies like CATL reporting a capacity utilization rate of 89.86% in the first half of the year, an increase of over 24 percentage points from the previous year [7]. - CATL has announced multiple new capacity projects across various regions, with a total of 235 GWh of battery system capacity under construction as of mid-year [7][8]. Financial Performance - The lithium battery sector has shown signs of recovery in profitability, with the A-share lithium battery sector achieving a revenue of 1.13 trillion yuan in the first half of the year, a 13.78% year-on-year increase, and a net profit of 679.51 billion yuan, up 28.07% [10]. - Despite the overall recovery, there are performance disparities within the sector, with positive trends in certain segments like cathodes and anodes, while lithium mining and separators continue to face pressure [10].