宁德时代H股溢价之谜：翻倍涨幅背后的全球资本逻辑

Core Viewpoint - The listing of CATL on the Hong Kong Stock Exchange marks a significant shift in the valuation of Chinese new energy assets, with its H-shares experiencing a substantial premium over A-shares, reflecting global capital's recognition of its leading position in the battery industry [2][5]. Group 1: Market Performance - CATL's H-shares surged to 550.00 HKD by November 12, representing a 109.13% increase from the IPO price of 263.00 HKD, while A-shares rose by 49.18%, resulting in a premium of 30.28% for H-shares over A-shares [2]. - The IPO saw overwhelming demand, with the public offering being oversubscribed over 100 times and international offerings by more than 15 times, indicating strong institutional interest [2]. Group 2: Strategic Growth - 90% of the funds raised from the Hong Kong listing will be allocated to the construction of a factory in Hungary, which is strategically located near major clients like BMW and Volkswagen, enhancing logistics efficiency and reducing costs [3]. - The initial capacity of the Hungarian factory is set at 20 GWh, with future expansion plans to reach 100 GWh, alongside a planned 40 GWh facility in Spain by 2027, solidifying CATL's leadership in Europe [3][4]. Group 3: Financial Fundamentals - For the first three quarters of 2025, CATL reported a 35.56% year-on-year increase in net profit attributable to shareholders, with a return on equity of 17.76% and a 19.60% increase in net cash flow from operating activities [4]. - The company invested 150.68 billion RMB in R&D, accounting for 5.32% of revenue, which supports its technological advancements and competitive edge in the market [4]. Group 4: Industry Dynamics - CATL holds a 36.6% market share in global power battery usage, significantly ahead of its closest competitor, BYD, by 18.7 percentage points, while competitors from Japan and South Korea are losing market share [5]. - The premium on CATL's H-shares and its doubling in value reflect the market's recognition of its global leadership, technological barriers, and strategic expansion efforts [5].