CATL(SZ:300750) 智通财经网·2025-09-17 03:13Core Insights - Morgan Stanley conducted an on-site assessment of CATL (宁德时代) and reported that the company's self-developed manufacturing lines exhibit high complexity and intelligence, supported by advanced molecular-level material science, which will continue to create high barriers to entry, resulting in quality premiums and cost competitiveness [1][4][5]. Manufacturing Efficiency - CATL's factory has a production capacity of 2.2 million battery cells per day, with over 6,800 real-time quality control points ensuring high yield rates and quality premiums [4]. - The factory processes 340,000 data transactions per second, establishing it as a truly smart factory [4]. Capacity Expansion - CATL's current capacity utilization exceeds 90%, and the company is constructing an additional 250 GWh of capacity [6]. - The company aims to reach 800 GWh of capacity by 2025 and 1 TWh by 2026, which is expected to meet future order demands [7]. - Overseas capacity expansion is progressing as planned, with projects in Hungary and Indonesia set to commence production in 2026, and a project in Spain planned for 2027 [7]. Energy Storage Systems (ESS) - CATL's products in the energy storage system market can provide customers with approximately a 14% internal rate of return (IRR) premium globally, and a 7-8% premium in the Chinese market [1][9]. - The company plans to enhance its energy storage product structure in the coming years, focusing on higher-margin AC system products [9]. Future Innovations - CATL anticipates achieving small-scale production of solid-state batteries by 2027, with a positive outlook on electric vehicle and energy storage system deployments for the coming year [8].