CATL(SZ:300750) 华尔街见闻·2025-09-17 11:02Core Viewpoint - Morgan Stanley's report highlights CATL's high complexity and intelligence in its self-developed manufacturing lines, which, combined with advanced molecular-level material science, will continue to build high barriers, creating quality premiums and cost competitiveness [1][6]. Manufacturing Efficiency - CATL's factory has a production capacity of 2.2 million battery cells per day, with over 6,800 real-time quality control points ensuring high yield rates and quality premiums [5]. - The factory processes 340,000 data transactions per second, establishing it as a truly smart factory [5]. - The report emphasizes that CATL's manufacturing efficiency sets a high standard compared to other manufacturers, creating cost advantages while leveraging advanced material science at the molecular level [6]. Capacity Expansion - CATL's current capacity utilization rate exceeds 90%, and the company is constructing an additional 250 GWh of capacity [8]. - The company aims to reach a capacity of 800 GWh by 2025 and 1 TWh by 2026, which is expected to meet future order demands [9]. - Overseas capacity expansion is progressing as planned, with projects in Hungary and Indonesia set to commence production in 2026, and a project in Spain planned for 2027 [9]. - Management indicates that the profitability of overseas factories is comparable to or even better than that of the domestic market [9]. Energy Storage Business - CATL's energy storage products provide customers with approximately a 14% internal rate of return (IRR) premium in the global market and a 7-8% premium in the Chinese market [12]. - The company plans to enhance its energy storage product structure in the coming years, focusing on higher-margin AC system products [13]. - Management is optimistic about the deployment of electric vehicles and energy storage systems in the coming year [10].