CATL(SZ:300750) 2 1 Shi Ji Jing Ji Bao Dao·2025-09-16 23:15Core Viewpoint - CATL (Contemporary Amperex Technology Co., Limited) has seen significant stock price increases following its secondary listing in Hong Kong, with market capitalization reaching new highs, reflecting strong investor confidence and positive market sentiment in the battery industry [1][3]. Company Performance - On September 15, CATL's stock price surged over 9%, achieving a market capitalization of 1.63 trillion RMB in A-shares and 1.78 trillion HKD in H-shares, equivalent to approximately 1.62 trillion RMB [1]. - The trading volume for CATL's A-shares exceeded 10 billion RMB on September 16, indicating robust market activity [1]. Industry Impact - CATL's stock price increase has triggered a strong positive response across the battery supply chain, with related companies like Longpan Technology and Tianci Materials experiencing significant stock price gains [3][4]. - The battery index saw a peak increase of over 8% on September 15, highlighting a sector-wide rally driven by CATL's performance [3]. Market Forecasts - Morgan Stanley upgraded CATL's H-share rating from neutral to overweight, citing a notable increase in the demand for energy storage batteries and a corresponding rise in prices, leading to a 10% upward revision in profit forecasts for 2025-2026 [4]. - CATL's guidance for battery supply has been revised upwards to 1,100 GWh by 2026, representing a 46% year-on-year increase [3]. Policy and Demand Drivers - The National Development and Reform Commission and the National Energy Administration have set ambitious targets for new energy storage installations, aiming for over 180 million kW by 2027, which is expected to drive significant investment in the sector [6]. - The cancellation of mandatory storage requirements has led to increased market activity and investment attractiveness in the energy storage sector, with a reported 264% year-on-year increase in the bidding market size for energy storage systems [7]. Supply Chain and Production - CATL is actively expanding its production capacity and controlling costs to ensure stable supply, with plans for full production resumption at its lithium mine [9][10]. - The company is focusing on cost reduction across the entire supply chain, which is expected to enhance its competitive edge even in a low-price environment for lithium carbonate [10].