CATL(SZ:300750) 阿尔法工场研究院·2025-05-06 11:13Core Viewpoint - The battery suppliers are capturing over 90% of the profits in the new energy vehicle (NEV) industry, while vehicle manufacturers are struggling with losses, highlighting a significant imbalance in the industry dynamics [2][3]. Financial Performance - CATL reported a revenue of 362 billion yuan for 2024, a 9.7% decrease from 400.9 billion yuan in the previous year, but its net profit increased by 15.01% to 50.745 billion yuan, averaging over 100 million yuan in daily profit [2]. - Zeekr, a major client of CATL, reported a total revenue of 113.89 billion yuan in 2024, a 39% increase, but incurred a net loss of 5.79 billion yuan, reducing its losses from 8.264 billion yuan in 2023 [2]. Industry Dynamics - The current state of the automotive industry is unhealthy, with battery suppliers profiting significantly while vehicle manufacturers face continuous losses [3]. - The cost of battery procurement accounts for approximately 40% of the total vehicle cost, exacerbating the financial strain on NEV manufacturers [2]. Strategic Moves by Zeekr - Zeekr is implementing two major strategies to address its financial challenges: 1. Brand Integration and Cost Reduction: Zeekr acquired 51% of Lynk & Co for 9.367 billion yuan to streamline operations and reduce overlapping R&D costs, aiming for a 20% improvement in overall operational efficiency [3][7]. 2. Establishment of Jiyao Tongxing: This new battery group aims to reduce reliance on CATL by developing in-house battery solutions, potentially lowering costs by 20,000 to 30,000 yuan per vehicle, which could save 6 billion yuan annually if sales reach 300,000 units [12][13]. Market Positioning - The dual-brand strategy positions Zeekr as a global luxury tech brand (above 300,000 yuan) and Lynk & Co as a high-end NEV brand (above 200,000 yuan), fostering differentiated competition [7][10]. - The integration of Lynk & Co into Zeekr is expected to enhance product development efficiency by over 15% and reduce costs across both brands [7]. Future Outlook - The ongoing changes within Zeekr and Lynk & Co are aimed at achieving better synergy and operational efficiency, while the establishment of Jiyao Tongxing signifies a strategic shift to mitigate high battery costs and challenge CATL's dominance [14][15]. - The current profit margins enjoyed by CATL are anticipated to be challenged, with the potential for a significant shift in the NEV industry's profit landscape in the near future [15].