CATL(SZ:300750) 鑫椤储能·2025-11-07 06:46Core Insights - The global energy storage battery shipments reached 428 GWh in the first nine months of 2025, representing a year-on-year growth of 90.7% [1][3]. Company Analysis - CATL leads the market with over 100 GWh of shipments, significantly ahead of competitors, especially in overseas markets [3]. - Other companies such as Hicharge, EVE Energy, and Fudi Battery shipped over 30 GWh, placing them in the second tier [3]. - The demand for 314 Ah battery cells has exceeded supply since Q2, leading to price increases, driven by major clients like Tesla and others [9]. Market Segmentation - The source-side market accounted for 79.2% of shipments, while commercial and industrial sectors contributed 9.4%, and residential & portable storage made up 9.1% [5]. - The source-side storage demand has surged due to new compensation pricing policies in regions with high renewable energy generation [7]. - In the commercial sector, demand has slowed for small and medium enterprises due to external pressures, but large energy-consuming industries are driving growth [13]. Regional Insights - Emerging markets such as Saudi Arabia, Australia, and Chile are experiencing increased demand for storage solutions due to declining costs of solar and storage technologies [7]. - The European market has seen a resurgence in demand for residential and portable storage, particularly driven by subsidy policies [15]. Future Outlook - The industry is expected to maintain high growth momentum in Q4, with tight supply for 314 Ah and 100 Ah battery cells [22]. - Recent easing of trade tensions between the US and China, along with significant orders secured by Chinese companies in Australia, sets a positive tone for overseas market expansion in the coming year [22].