CATL(SZ:300750) Guoxin Securities·2025-05-18 10:50Investment Rating - The investment rating for the lithium battery industry is "Outperform the Market" [1] Core Views - The demand for new energy vehicles in Europe is steadily increasing, and CATL is set to launch its first 9MWh energy storage system [2][13] - The lithium salt prices have slightly decreased, while the prices for battery cells remain stable [2][19] - Domestic new energy vehicle sales in April reached 1.226 million units, a year-on-year increase of 44% [4][27] Industry Dynamics - CATL is preparing for its Hong Kong stock market debut on May 20, with an issuance of 118 million shares at a price of 263 HKD [4][13] - The sales of new energy vehicles in Europe and the US showed mixed results, with Europe seeing a 30% year-on-year increase in April [4][27] - The report suggests focusing on leading companies in low-altitude economy and robotics, solid-state battery materials, and consumer battery sectors [4][13] Lithium Battery Prices - The price of lithium carbonate is currently at 64,500 RMB per ton, down by 3,500 RMB from two weeks ago [2][19] - The prices for various battery cells, including square ternary and lithium iron phosphate cells, have remained stable [2][19] Key Announcements - Zhongxin Innovation has gained control of Suao Sensor, marking a significant shift in the automotive sensor market [4][13] - CATL has launched a modular design for its energy storage system, improving volume utilization by 45% and energy density by 50% [4][13] - The UK government has pledged nearly 10 billion RMB to support Envision's construction of a super battery factory [4][13]