宁德时代第一大客户易主！

Core Viewpoint - CATL maintains a leading position in the power battery market with a 44.7% market share in April, while Xiaomi Auto emerges as its largest customer, reflecting significant shifts in the electric vehicle (EV) landscape [1][2][3] Group 1: CATL and Xiaomi Cooperation - Xiaomi Auto's SU7 model has achieved impressive sales, delivering over 28,000 units in April alone, and surpassing 100,000 units in total sales from January to April [2] - The SU7 model features three versions with varying battery configurations, including a 73.6 kWh lithium iron phosphate battery for the standard version and a 101 kWh ternary lithium battery for the Max version, all supplied by CATL [5] - A joint venture named Beijing Times Power Battery Company was established with a registered capital of 1 billion yuan, aimed at building a battery manufacturing base with an expected annual output value exceeding 6 billion yuan [6][8] Group 2: Changes in CATL's Customer Base - The competitive landscape in the EV market is intensifying, with CATL's largest customer, Tesla, seeing a decrease in its share from nearly 20% to 13.93% due to slower sales growth [10][11] - CATL's top three customers in 2024 are Tesla, Geely, and Aito, with Geely's supply from CATL increasing by nearly 50% [11][12] - CATL's customer base is diverse, with the top three customers accounting for about 33% of its supply, indicating a healthier customer structure compared to many competitors [12][13] Group 3: CATL's Market Position and Strategy - CATL holds a dominant position in the domestic market, with a 57% market share in the new energy logistics vehicle sector and 83% in the REEV (range-extended electric vehicle) segment [12] - The company has established strong partnerships with major international automakers, achieving a 38% market share in Europe, which is expected to grow [13] - CATL is actively expanding its customer base to mitigate risks from automakers building their own battery factories and is exploring new business models [13]