曾毓群，不下牌桌

Core Viewpoint - The article discusses the upcoming secondary listing of CATL (Contemporary Amperex Technology Co., Limited) on the Hong Kong Stock Exchange, highlighting its potential to raise at least $5 billion for international expansion and operational funding, amidst a competitive landscape in the lithium battery industry [5][11][12]. Group 1: Company Overview - CATL is recognized as a leading player in the Chinese power battery industry, having achieved a significant market share and impressive growth since its IPO in 2018 [3][4]. - The company plans to issue no more than 5% of its total shares in the upcoming IPO, with a potential fundraising target of approximately 364 billion RMB [8][9]. Group 2: Financial Performance - CATL reported revenues of approximately 328.59 billion RMB, 400.92 billion RMB, and 259.05 billion RMB for the years 2022, 2023, and the first nine months of 2024, respectively, with net profits of 33.46 billion RMB, 47.34 billion RMB, and 38.81 billion RMB for the same periods [12]. - The company anticipates a revenue decline of 8.7% to 11.2% in 2024 compared to 2023, while projecting a net profit growth of 11% to 20% [12]. Group 3: Strategic Initiatives - The funds raised from the IPO are expected to be allocated towards expanding overseas production capacity, particularly in Hungary, and enhancing operational liquidity [11][15]. - CATL has established multiple battery production bases globally, including significant investments in Germany and Hungary, to cater to local automotive manufacturers [15][16]. Group 4: Market Dynamics - Despite maintaining a leading position with a market share of 37.9% and an installed capacity of 339.3 GWh in 2024, CATL faces increasing competition from domestic and international players [17]. - The company is shifting focus towards international markets, with overseas revenue accounting for 30.3% of total income in the first half of 2024, indicating growth potential in these regions [19]. Group 5: Diversification Efforts - CATL is exploring new business avenues, including battery swapping and robotics, to diversify its operations and mitigate risks associated with market saturation [23][24]. - The company has set ambitious goals for establishing battery swap stations and is investing in robotics technology, indicating a strategic pivot beyond traditional battery manufacturing [24][26].