CATL(SZ:300750) Shang Hai Zheng Quan Bao·2025-09-07 14:53Core Viewpoint - The development of new energy vessels along the Yangtze River is accelerating, with a significant increase in the number of vessels and a strong push from national policies aimed at achieving carbon neutrality [1][2]. Group 1: Industry Trends - As of now, 132 new energy vessels have been put into operation in the Sichuan to Anhui section of the Yangtze River, with plans to build an additional 406 vessels by 2025 and a total of 966 new vessels in the next five years, of which LNG vessels will account for 75%, electric vessels for 20%, and methanol-powered vessels for 5% [1]. - The rapid growth of new energy vessels is driven by the national "dual carbon" goals and the "old-for-new" policy, reflecting the internal demand for green development in the shipping industry [1][2]. - The electric vessel industry chain includes upstream raw materials and components, midstream shipbuilding, and downstream application scenarios, with a focus on battery manufacturing, electric motors, and charging services [1][2]. Group 2: Market Potential - According to industry research, the market size for electric vessels in China is expected to reach 36.75 billion yuan by 2026, with projections of 55 billion yuan by 2025 and 110 billion yuan by 2030, assuming a 40% penetration rate of lithium batteries in electric vessels [2]. - The average lithium battery capacity for a new energy vehicle is between 40kWh and 50kWh, while a luxury electric cruise ship can have a battery capacity exceeding 3000kWh, indicating a significant market opportunity for battery manufacturers [2]. Group 3: Key Players - CATL (Contemporary Amperex Technology Co., Limited) is recognized as a key player in the lithium battery supply chain for electric vessels, having entered the marine electrification sector as early as 2017 [3]. - Other battery companies such as Guoxuan High-Tech and EVE Energy have also made significant strides in the marine battery sector, with Guoxuan acquiring a majority stake in a ship technology company and EVE Energy supplying batteries for various types of vessels [4]. - Financial institutions are encouraged to explore "ship-electric separation" financial solutions for shipping companies, given the high initial investment but lower operational costs of electric vessels compared to traditional ships [4].