CATL(SZ:300750) Minmetals Securities·2025-05-28 08:23Investment Rating - The industry investment rating is "Positive" [4] Core Viewpoints - The report highlights the significant advancements in the second generation of sodium-ion batteries developed by Ningde Times, showcasing improved performance compared to the first generation released in July 2021 [3][8] - Sodium-ion batteries exhibit theoretical advantages in high rate and low-temperature performance due to their smaller Stokes radius and lower desolvation energy, which enhance interface transport kinetics [3][10] - The market potential for sodium-ion batteries is identified in specific applications such as start-stop power sources and in northern regions with low temperatures, suggesting investment opportunities in related materials and battery technologies [3][20] Summary by Sections Product Development - Ningde Times plans to mass-produce a 24V heavy truck start-stop integrated battery by June 2025 and a new sodium power battery by December 2025, with the latter aimed at the chocolate battery swap model [2][8] Performance Comparison - The second generation sodium-ion battery has an energy density of up to 175 Wh/kg, a cycle life exceeding 10,000 times, and improved fast charging capabilities, achieving 30-80% SOC in 10 minutes at low temperatures [10][19] Theoretical Advantages - Sodium-ion batteries possess a theoretical high rate performance and good low-temperature performance, making them suitable for specific market segments [3][20] - The report emphasizes that the performance enhancements in actual products are achieved through modifications in electrode materials, electrolyte design, and cell architecture [3][20]