大摩评宁德时代：欧洲取得突破，行业地位稳固，固态电池目前是炒作，宁王将继续引领

Core Insights - CATL's industry leadership has not only been maintained but has strengthened amid competition, particularly with breakthroughs in the European market [2][3] - Smaller competitors are struggling in the energy storage sector, while CATL's valuation is now considered significantly attractive, making it the "cheapest in the industry" [2][7] Competitive Landscape - CATL has achieved significant market share growth in the European electric vehicle battery market, while smaller manufacturers remain stagnant [3] - The global strategy of CATL is yielding tangible results, converting technology, capacity, and customer relationships into market share [3] Energy Storage Business - Despite high demand in the energy storage (ESS) market, smaller manufacturers are mostly at breakeven or loss, with declining profit margins [4] - CATL's strategy of leveraging cost advantages and superior warranty terms is pressuring competitors' profits below breakeven [4] - The bankruptcy protection case of Powin serves as a warning about the potential warranty claims issues for low-reliability products in the energy storage sector [4] Solid-State Battery Market - The recent hype around solid-state batteries is viewed as more of a speculative trend rather than a genuine opportunity [6] - The report emphasizes that the commercialization of solid-state batteries requires significant R&D investment, with CATL expected to lead this frontier market [6] Valuation and Capital Expenditure - CATL is projected to maintain a steady expansion of 150-200 GWh of new capacity annually from 2025 to 2027 to meet demand growth [7] - In contrast, smaller manufacturers are advised to slow down capacity expansion due to low utilization rates and profitability challenges [7] - CATL's A-share valuation is currently at a P/E ratio of 17.5 for 2026, making it significantly cheaper compared to peers [7][8]