CATL(SZ:300750) Xin Lang Cai Jing·2025-10-20 16:02Core Insights - CATL maintains its leading position in the power battery industry, with increasing focus on its energy storage business, which is seen as a complex system requiring high safety and stability for long-term operation [1][2] Financial Performance - In Q3, CATL reported revenue of 104.186 billion yuan, a year-on-year increase of 12.90%, and a net profit of 18.549 billion yuan, up 41.21% year-on-year, with a net profit margin of 19.1%, an increase of 4.1 percentage points year-on-year [1] - The company’s inventory reached 80.212 billion yuan, a 34.05% increase compared to the end of 2024, attributed to business expansion and preparation for future deliveries [2][3] Energy Storage Business - Energy storage accounted for approximately 20% of the total shipment volume of around 180 GWh in Q3, with the company undergoing significant capacity expansion across multiple bases [2] - The Jining base alone is expected to add over 100 GWh of energy storage capacity by 2026 [2] Supply Chain and Material Costs - The management acknowledged rising prices of upstream lithium battery raw materials, attributing it to strong demand and supply chain dynamics [3] - The company has established a robust upstream supply chain to mitigate the impact of material price increases [3] Product Development and Market Expansion - CATL has launched several new products in the power battery segment, with new products expected to account for about 60% of shipments this year [5] - The company is expanding its presence in overseas markets, with domestic revenue accounting for approximately 70% and international revenue around 30% [5] Sodium Battery Development - CATL is accelerating the development of sodium-ion batteries, which are expected to have significant advantages in low-temperature performance and safety, reducing reliance on lithium resources [6] - The sodium battery is not intended to replace lithium batteries but to enhance and expand the electric vehicle market [6]