Hua Er Jie Jian Wen·2025-09-25 06:13Core Viewpoint - Contemporary Amperex Technology Co., Limited (CATL) has reached a historic high in stock price, with a market capitalization of 1.83 trillion RMB, surpassing Kweichow Moutai's valuation, making it the third-largest domestic listed company in China [1] Group 1: Stock Performance and Market Position - CATL's stock price increased by 6% at one point, currently trading at 393.25 RMB, with a cumulative increase of 30% this month [1] - Morgan Stanley's field research indicates that CATL is building competitive barriers through advanced manufacturing and material science technologies, maintaining an "overweight" rating with a target price of 425 RMB, indicating an 8% upside potential from current levels [3] Group 2: Manufacturing Capabilities - CATL's manufacturing capabilities are at an industry-leading level, producing 2.2 million battery cells daily, with over 6,800 real-time quality control points and processing 340,000 data transactions per second [4] - The company has a production capacity utilization rate exceeding 90% and is constructing new capacity of 250 GWh, aiming to increase total capacity to 1 TWh by next year to meet growing market demand [4] Group 3: Energy Storage Business - CATL's energy storage systems demonstrate significant economic value, providing approximately a 14% internal rate of return (IRR) premium in the global market and a 7-8% premium in the Chinese market [5] - The company is expected to further expand its market share, particularly in the European market, as the demand for energy storage accelerates due to global energy transition [6] Group 4: Competitive Advantage - CATL's industry leadership is strengthening, with smaller competitors facing profitability challenges in key energy storage areas, making CATL's competitive advantages more pronounced [7] - The company is considered "the cheapest in the industry" based on its valuation compared to peers, with a robust long-term investment value supported by a solid competitive moat [7]