技术领先，打造面向消费者的电池品牌

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is a global leader in battery technology, holding a 36.8% market share in the power battery market for seven consecutive years, with a profit margin that has rebounded despite industry challenges [6][10] - The company has significantly increased its R&D investment, reaching 18.35% growth in 2023, which has helped maintain its technological edge and product innovation [6][30] - The establishment of the "CATL inside" brand is enhancing consumer trust and becoming a key factor in electric vehicle purchasing decisions [6][45][49] - The company is focused on creating a robust manufacturing system with high reliability and low defect rates, supported by extensive quality control measures [6][53] Summary by Sections 1. Global Battery Leader - The company has a strong historical foundation, originating from ATL and has established significant partnerships with major automotive manufacturers [11][12] - The company has a stable shareholding structure, with experienced management leading its operations [12][14] - Financially, the company has shown strong cash flow and profitability, with a revenue of 400.92 billion yuan in 2023, a 22.01% increase year-on-year [21][26] 2. Technological Leadership and Brand Advantage - The company has invested over 528 billion yuan in R&D since 2016, significantly outpacing competitors [30][33] - New product launches, including sodium-ion batteries and the innovative Kirin battery, demonstrate the company's commitment to technological advancement [36][39] - The company has established a strong brand presence in the high-end market, achieving over 60% market share in high-end electric vehicles [45] 3. Integrated Global Layout and Extreme Manufacturing - The company has developed a comprehensive supply chain strategy, ensuring the availability and cost control of essential raw materials [50][52] - The company operates three "lighthouse factories," recognized for their advanced manufacturing capabilities and quality control systems [53]