CATL(SZ:300750) Huachuang Securities·2025-03-31 12:03Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [57]. Core Insights - Ruipu Lanjun reported a record annual revenue of RMB 17.79591 billion, a year-on-year increase of 29.4%, with losses significantly reduced by 30.4% [10]. - CATL has received approval for its listing in Hong Kong, with the funds raised primarily aimed at overseas capacity expansion and international business development [10]. - The electric new energy sector experienced a decline of 1.58% this week, ranking 16th among 30 industry sectors, underperforming the CSI 300 index, which rose by 0.01% [11]. Summary by Sections Section 1: Company Performance - Ruipu Lanjun's revenue reached RMB 17.79591 billion, marking a 29.4% increase year-on-year, while losses decreased by 30.4% [10]. - CATL's approval for overseas listing is a significant milestone, with a focus on expanding production capacity in Hungary and Spain [10]. Section 2: Market Review - The electric new energy sector's performance this week was a decline of 1.58%, ranking 16th among all sectors [11]. - The top three performing sub-sectors were vehicle motor control (0.23%), solar energy (-0.46%), and lithium batteries (-0.54%) [11]. Section 3: New Energy Vehicle Industry Tracking - Lithium carbonate prices increased by 0.13% to RMB 74,300 per ton, while cobalt sulfate prices rose by 0.61% to RMB 49,650 per ton [29]. - The prices of various battery materials remained stable, with significant components like nickel sulfate and lithium hydroxide holding steady [29]. Section 4: Important Company Announcements - Zhuhai Guanyu announced plans to engage in hedging activities to mitigate risks associated with material price fluctuations [38]. - Ganfeng Lithium signed a strategic cooperation agreement with Xingyun Co., focusing on solid-state batteries and energy storage systems [43].