CATL(SZ:300750) 行家说储能·2025-11-12 10:13Core Viewpoint - The strategic cooperation agreement between Haibosichuang and CATL aims to secure a stable supply of battery cells for energy storage, reflecting the growing demand in the energy storage sector [2][4]. Group 1: Strategic Cooperation Agreement - Haibosichuang has signed a strategic cooperation agreement with CATL for the period from 2026 to 2035, with a commitment to purchase no less than 200 GWh of electricity from CATL between 2026 and 2028 [2]. - The agreement includes annual updates on cooperation goals and the signing of corresponding memorandums for the next three years [2]. - The procurement will primarily focus on energy storage battery cells and systems, given that 99.77% of Haibosichuang's revenue comes from energy storage systems [2]. Group 2: Supply Chain and Competitive Advantage - CATL will provide Haibosichuang with priority supply and competitive pricing under equal market conditions, with specific details to be outlined in a separate procurement agreement [2]. - The collaboration aims to integrate core advantages from both companies, exploring innovative business models, including the establishment of energy storage project industrial funds and a comprehensive management platform [4]. - This partnership is expected to enhance supply chain stability, maintain industry leadership, and improve overall competitiveness and profitability for Haibosichuang [4]. Group 3: Market Position and Future Orders - Haibosichuang's largest battery supplier is CATL, with the supply ratio decreasing from 87% to 37% recently, while also expanding partnerships with other leading battery manufacturers [4]. - In the first half of 2025, Haibosichuang anticipates shipping and recognizing revenue from approximately 9.5 GWh of projects [5]. - The company has a substantial order scale in the independent energy storage sector, with a domestic reserve of about 30 GWh to meet a future delivery target of 50 GWh [5].