CATL(SZ:300750) Sou Hu Cai Jing·2025-10-20 13:35Core Insights - Goldman Sachs released a report titled "China Strategy: Going Global," highlighting the potential for Chinese companies to expand overseas and the importance of focusing on those increasing their foreign revenue [1] Group 1: Global Expansion Trends - Chinese companies are increasingly looking to expand internationally, driven by favorable exchange rates, dominant supply chain positions, high overseas profit margins, cultural proximity, and product cost and quality advantages [1] - Since joining the WTO in 2001, China has shifted towards higher value-added exports, reducing reliance on trade with the U.S., with exports to the U.S. declining by 0.6% annually since 2018, while exports to other countries have increased by 7.5% annually [1] Group 2: Financial Projections - The proportion of overseas sales for MSCI China index constituents has risen from 11% in 2018 to 15% currently, with projections suggesting it could reach 19% by 2028, potentially increasing earnings per share growth by 1.5 percentage points [1] - Goldman Sachs recommends 25 leading companies across 25 industries, which derive approximately one-third of their revenue from overseas, with an average stock price increase of nearly 40% this year, outperforming the Hang Seng Index and CSI 300 Index [1] Group 3: Notable Company Performances - Specific companies have shown significant increases in their overseas revenue share, such as Alibaba, which increased from 7% in 2021 to 13% last year, and CATL, which rose from 21% to 30% [1] - Zhongji Xuchuang is projected to have 87% of its revenue from exports in 2024, indicating a strong trend towards export services supported by cost and quality advantages [1]