动力电池市场份额下降，宁德时代进入扩产周期

Core Viewpoint - CATL (Contemporary Amperex Technology Co., Limited) is focusing on capacity expansion to address the challenges of slower revenue growth compared to profit growth, as evidenced by its recent financial performance [2][3]. Financial Performance - In Q3 2025, CATL reported a net profit of 18.549 billion yuan, a year-on-year increase of 41.21%, significantly outpacing the 12.9% revenue growth [2][4]. - For the first three quarters of 2025, CATL's total revenue reached 283.072 billion yuan, reflecting a year-on-year growth of 9.28%, although still below the levels of 2023 [3][4]. - The company's gross profit margin for the first three quarters of 2025 was 25.31%, showing a gradual increase despite being slightly lower than the previous year's margin [4][5]. Market Context - The lithium battery industry faced a challenging environment in 2024, characterized by increased volume but decreased prices, leading to a revenue decline for CATL [3][4]. - The average price of lithium-ion battery packs fell by 20% in 2024, with cell prices dropping by 30%, primarily due to oversupply and competitive pricing strategies among manufacturers [3][4]. Product and Sales Dynamics - In Q3 2025, CATL's total shipment volume for power and energy storage batteries approached 180 GWh, with energy storage accounting for approximately 20% of the total [4]. - The company has maintained a stable product pricing range of 0.55 to 0.6 yuan/Wh, with costs stabilizing between 0.4 and 0.45 yuan/Wh [4][5]. Capacity Expansion Strategy - CATL is actively expanding its production capacity in response to increasing customer demand, with significant expansions planned across multiple domestic bases, including a projected addition of over 100 GWh of energy storage capacity at the Jining base by 2026 [6]. - As of mid-2025, CATL's total production capacity was 690 GWh, with an additional 235 GWh under construction, aiming for a total planned capacity of 925 GWh, an increase of 30 GWh from the end of 2024 [6].