港股锂电双雄决战产业寒潮｜独家

Core Viewpoint - The article compares the financial performance and strategic directions of two leading companies in the lithium battery sector, Contemporary Amperex Technology Co., Limited (CATL) and Ruipu Lanjun, highlighting their revenue, growth rates, profitability, R&D investments, and international expansion efforts [1][2][4]. Revenue and Growth - In terms of overall revenue, CATL achieved 27.752 billion yuan in 2024, which is 1.56 times that of Ruipu Lanjun's 17.796 billion yuan. However, Ruipu Lanjun outperformed CATL in growth rate, with a revenue increase of 29.30% compared to CATL's 2.76% [1][5]. - CATL's revenue from energy storage products grew by 72.40%, while Ruipu Lanjun's revenue from power battery products increased by 73.84% [1][5]. Profitability - CATL's comprehensive gross profit margin was 15.89%, significantly higher than Ruipu Lanjun's 4.14%. In 2024, Ruipu Lanjun reported a net loss of 1.163 billion yuan, while CATL made a profit of 632 million yuan [2][6]. Research and Development - CATL's R&D expenditure reached 1.418 billion yuan in 2024, a year-on-year increase of 42.94%, which is 82.03% higher than Ruipu Lanjun's 779 million yuan, which saw a decline [2][6]. - Ruipu Lanjun had 1,249 R&D personnel in 2024, a decrease of 34.88% from the previous year [2]. International Expansion - Ruipu Lanjun's overseas revenue was 2.663 billion yuan in 2024, a remarkable increase of 153.41%, while CATL's overseas revenue decreased by 1.98% to 640 million yuan [2][6]. - Ruipu Lanjun has established subsidiaries in the U.S., Germany, and Southeast Asia, with plans for battery manufacturing bases in these regions [2][3]. Future Outlook - Ruipu Lanjun aims to achieve over 150 GWh of battery production capacity by the end of 2025, while CATL plans to exceed 500 GWh by 2025 and reach 1 TWh by 2030 [4]. - As of December 2024, Ruipu Lanjun's net asset value was 1.214 billion yuan, down 80.89%, while CATL's net asset value was -8.066 billion yuan, reflecting a significant capital shortfall [4][7]. Market Dynamics - The article notes that the lithium battery industry is facing a significant downturn, with 63 listed companies in the energy storage sector expected to report a net profit decline of 59.41% to 42.44% in 2024 [8]. - The competitive landscape is shifting, with over 700 major manufacturing projects announced in the past two and a half years, indicating a potential oversupply in the market [8][10].