电力设备行业快评报告：宁德时代发布骁遥超级增混电池，钠离子电池技术实现新突破

Investment Rating - The industry investment rating is "Outperform the Market" [7] Core Viewpoints - The release of the "Xiaoyao" super hybrid battery by CATL marks a significant advancement in sodium-ion battery technology, addressing key pain points in hybrid vehicles such as short range, slow charging, and performance degradation in low temperatures [2][3] - The "Xiaoyao" battery can achieve a pure electric range of over 400 kilometers and supports 4C fast charging, allowing for a 280-kilometer range with just 10 minutes of charging [2] - The sodium-ion battery technology is expected to accelerate industrialization, with a projected market growth from $500 million in 2023 to $1.2 billion by 2028, reflecting a CAGR of 21.5% [3] Summary by Sections Product Launch - On October 24, 2024, CATL launched the "Xiaoyao" super hybrid battery, which will be used in over 30 vehicle models from brands like Avita, Li Auto, and others [1] Market Trends - As of September 2024, the retail penetration rate of new energy vehicles in China reached 53.3%, with hybrid models accounting for 41% of new energy passenger vehicles [2] - The "Xiaoyao" battery is expected to enhance the market share of hybrid vehicles, contributing to the growth of new energy vehicle sales [2] Competitive Position - CATL has established a brand matrix with "Qilin," "Shenxing," and "Xiaoyao" batteries, covering high-end pure electric, cost-effective pure electric, and hybrid models [2] - In the first eight months of 2024, CATL achieved a power battery installation volume of 189.2 GWh, a year-on-year increase of 27.2%, maintaining a market share of 37.1% [2] Sodium-Ion Battery Development - Sodium-ion batteries are characterized by high cost-effectiveness and good low-temperature performance, with costs potentially 30%-40% lower than lithium-ion batteries [3] - The "Xiaoyao" battery represents a breakthrough in the application of sodium-ion technology in new energy vehicles, which is expected to drive market growth [5]