Mei Ri Jing Ji Xin Wen·2025-09-25 06:46Core Viewpoint - CATL's market capitalization has surpassed Kweichow Moutai, marking a significant milestone in the Chinese stock market, with CATL's market value reaching approximately 1.82 trillion yuan compared to Kweichow Moutai's 1.80 trillion yuan [1][4]. Market Performance - As of September 25, CATL's stock price increased by over 4%, starting from a market cap of 1.75 trillion yuan and eventually surpassing 1.80 trillion yuan [1][4]. - Year-to-date, CATL's stock has risen by 48.83%, while Kweichow Moutai has seen a decline of 3.82% [4]. - Over the past 60 days, CATL's stock has increased by 47.10%, contrasting with Kweichow Moutai's modest gain of 1.55% [4]. - In the past month, CATL's stock surged by 25.70%, while Kweichow Moutai's stock fell by 2.87% [4]. Strategic Developments - CATL and Kweichow Moutai signed a strategic cooperation agreement aimed at integrating new energy technology with traditional industries to promote green and high-quality development [9][11]. - The partnership focuses on battery safety and ultra-fast charging technology, with both companies committed to expanding their domestic and international business [16]. Financial Performance - CATL's revenue for the first half of 2025 reached 178.86 billion yuan, a year-on-year increase of 7.27%, with a net profit of 30.48 billion yuan, up 33.33% [13][14]. - The company's battery systems accounted for 89.43% of total revenue, with the sales volume of power and energy storage batteries nearing 150 GWh, reflecting a growth of over 30% year-on-year [14]. Analyst Insights - Analysts from JPMorgan upgraded CATL's rating from neutral to overweight, citing a significant increase in demand for energy storage batteries and a tightening supply that has led to price increases [12][13]. - JPMorgan considers CATL to be the most undervalued battery stock globally and a preferred investment choice [12][13].