CATL(SZ:300750) Huan Qiu Lao Hu Cai Jing·2025-12-30 10:42Core Viewpoint - State Grid Power announced the establishment of a joint venture with Sichuan Tieneng Power Development Co., Ltd. and CATL to develop and operate the Danba Hydropower Station project with a total dynamic investment of 15.273 billion yuan [1] Group 1: Investment Details - The joint venture will have a capital contribution ratio of 30%, with the remaining funding sourced through bank loans [1] - The shareholding structure will be 56.11% for Dadu River Company, 33.89% for Sichuan Tieneng, and 10% for CATL [1] - Dadu River Company will directly invest 2.571 billion yuan in the project, while CATL's investment will amount to 458 million yuan [1] Group 2: Project Specifications - The Danba Hydropower Station is located in Danba County, Sichuan Province, with a total installed capacity of 1.15 million kilowatts [2] - The project plans to install four 275,000-kilowatt mixed-flow turbine generator sets and one 50,000-kilowatt ecological unit [2] - The project is expected to complete approval in 2025, commence construction in 2026, and start generating power in 2031 [2] Group 3: Environmental Impact and Financial Projections - Once operational, the project is projected to save approximately 1.507 million tons of standard coal annually and reduce carbon dioxide emissions by over 3 million tons [2] - Based on an electricity price of 0.2974 yuan per kilowatt-hour and an average annual power generation of 4.718 billion kilowatt-hours, the internal rate of return on capital is estimated to be 5.95% [2] Group 4: CATL's Strategic Moves - CATL has been actively investing across various sectors, including a recent lead investment of 1.1 billion yuan in Galaxy General in June [2] - The company is also collaborating with Unisoc to establish a company focused on automotive domain control chips [2] - As of the end of Q3, CATL's cash reserves reached 324.2 billion yuan, with an increase of approximately 20.7 billion yuan since the beginning of the year [2]