CATL(SZ:300750) Huaxin Securities·2025-09-21 12:03Core Insights - The report highlights a positive outlook for the electric vehicle (EV) industry, driven by supportive policies and an improving supply-demand structure. In August, the production and sales of new energy vehicles reached 1.391 million and 1.395 million units, respectively, marking year-on-year growth of 27.4% and 26.8% [3][70] - For the first eight months of 2025, cumulative production and sales of new energy vehicles reached 9.625 million and 9.62 million units, with year-on-year growth of 37.3% and 36.7% [3][70] - The report emphasizes that the supply side is seeing new products from battery and main engine manufacturers, while demand feedback remains positive, supported by ongoing policy initiatives [3][70] Industry Ratings and Investment Strategy - The report maintains a "recommended" rating for the new energy vehicle industry, indicating a favorable investment environment. It suggests focusing on companies that are likely to deliver excess returns, particularly in areas such as solid-state batteries, battery materials, and liquid cooling technologies [4][71] - Key companies highlighted include CATL (宁德时代), Zhejiang Rongtai (浙江荣泰), and Shenzhen New Star (深圳新星), among others, which are expected to contribute to the industry's growth [4][71] Market Performance - The report provides a recap of market performance, noting that the new energy vehicle index, lithium battery index, and other related indices have shown varying performance, with the new energy vehicle index increasing by 41.74% year-to-date [22][5] - Specific companies such as Tianhong Lithium (天宏锂电) and Ganfeng Lithium (赣锋锂业) have shown significant weekly gains, reflecting strong market interest [5][26] Price Tracking in the Lithium Battery Supply Chain - The report tracks lithium battery supply chain prices, noting fluctuations in key materials. For instance, lithium carbonate prices increased by 1.6% to 73,600 yuan per ton, while lithium hydroxide prices decreased by 0.2% [32][31] - The report indicates that the overall price structure in the supply chain is at a low point, with expectations for price recovery as demand remains resilient [3][70] Production and Sales Data - The report details production and sales data for the new energy vehicle sector, indicating that in August, the production and sales of new energy vehicles accounted for 45.5% of total new car sales in China [45][46] - Cumulative data for the first eight months of 2025 shows that the new energy vehicle market continues to lead overall automotive sales growth [45][46] Key Company Announcements - The report includes significant announcements from key companies, such as plans for stock buybacks and strategic partnerships aimed at enhancing production capabilities and market reach [67][68]