Caixin Securities·2025-05-16 08:38Investment Rating - The industry investment rating is maintained as "Leading the Market" [12] Core Viewpoints - The battery production in April 2025 reached 118.2 GWh, showing a year-on-year growth of 49.0% [5] - Battery sales also increased significantly, with a year-on-year growth of 73.5%, indicating strong demand [5] - Exports of batteries grew by 64.2% year-on-year, reflecting the industry's expanding international market [5] - The top three companies in battery installation volume are CATL, BYD, and Zhongchuang Xinhang, with market shares of 39.44%, 26.35%, and 7.02% respectively [5] Summary by Sections Production and Sales Data - In April 2025, the total battery production was 118.2 GWh, with a slight month-on-month decrease of 0.03% but a significant year-on-year increase of 49.0% [5] - The production of lithium iron phosphate batteries accounted for 80.0% of the total, with a year-on-year growth of 68.6% [5] - Battery sales reached 118.1 GWh in April, with a month-on-month increase of 2.3% and a year-on-year increase of 73.5% [5] Export Performance - Total battery exports in April were 22.3 GWh, with a year-on-year increase of 64.2% [5] - The export volume of power batteries was 14.5 GWh, representing 64.8% of total exports, with a year-on-year growth of 53.6% [5] Market Dynamics - The demand for batteries remains strong, supported by the production and sales data [11] - The competitive landscape is stable, with leading companies like CATL and BYD maintaining their market positions [5][11] - The report suggests a positive outlook for the industry, with recommendations to focus on leading companies such as CATL and Zhongke Electric [11]