CATL(SZ:300750) Guan Cha Zhe Wang·2025-09-24 10:37Core Viewpoint - The global energy transition is accelerating in 2025, presenting a historic opportunity for the energy storage sector, particularly for Hithium Energy, which is currently embroiled in a significant lawsuit with CATL, impacting its IPO prospects [1][2]. Group 1: Legal Dispute - CATL is suing Hithium Energy for unfair competition, seeking damages of 150 million yuan [2]. - The lawsuit centers on Hithium's flagship product, a 587Ah high-capacity energy storage cell, which CATL claims closely resembles its patented products, with only a 4.4% deviation in energy density, significantly lower than the industry standard of 10% [3][4]. - This is the fourth legal action CATL has taken against Hithium since 2023, indicating a long-standing rivalry between the two companies [4]. Group 2: Company Background - Hithium Energy, founded in December 2019, focuses on lithium-ion battery manufacturing and has rapidly ascended to become the third-largest player globally in the energy storage sector [5][8]. - The company reported explosive revenue growth, with figures rising from 3.615 billion yuan in 2022 to 12.917 billion yuan in 2024, reflecting a compound annual growth rate of 89% [8]. - Hithium's core products include energy storage cells and systems, with projected revenues of 7.96 billion yuan and 4.67 billion yuan for these segments in 2024, respectively [5]. Group 3: IPO and Market Impact - Hithium Energy filed for an IPO on the Hong Kong Stock Exchange on March 25, 2025, but the ongoing lawsuit poses a risk to its listing process [9][13]. - The company is facing pressure from private equity investors, with reported losses of 370 million yuan, and some institutions have begun to withdraw from the subscription process due to diminished market confidence [13]. - A potential loss in the lawsuit could lead to a ban on the sale of its core products, jeopardizing its 62GWh production capacity and potentially halting its IPO journey [13].