CATL(SZ:300750) Hua Er Jie Jian Wen·2025-09-17 02:23Core Viewpoint - Morgan Stanley believes that CATL's self-developed manufacturing lines have over 25,000 component units, with a daily production of 2.2 million battery cells and over 6,800 quality control points, processing 340,000 data transactions per second, creating high barriers through molecular-level material science [1] Group 1: Manufacturing Efficiency - CATL's factory sets a high standard for manufacturing efficiency, producing 2.2 million battery cells daily with over 6,800 real-time quality control points, ensuring high yield rates and quality premiums [3] - The factory's capability to process 340,000 data transactions per second establishes it as a truly smart factory [3] - The complexity of the production line, with over 25,000 component units, makes it extremely difficult for competitors to replicate [3] Group 2: Capacity Expansion - CATL's current capacity utilization exceeds 90%, with plans to build an additional 250GWh of capacity [4] - The company aims to reach 800GWh of capacity by 2025 and 1TWh by 2026, positioning itself to meet future order demands [4] - Overseas capacity expansion is on track, with projects in Hungary and Indonesia expected to start production in 2026, and a project in Spain planned for 2027 [4] Group 3: Energy Storage Business - CATL's energy storage systems (ESS) can provide customers with approximately a 14% IRR premium in the global market and a 7-8% premium in the Chinese market [1][5] - The company plans to enhance its energy storage product structure in the coming years, focusing on higher-margin AC system products [5] - The management holds a constructive outlook on the deployment of electric vehicles and energy storage systems for the upcoming year [4]