CATL(SZ:300750) 高工锂电·2025-12-30 10:55Core Viewpoint - CATL is redefining its position in the industry chain from a battery manufacturer to a system player focusing on "power assets, automotive intelligence entry, and physical AI coupling" through a series of seemingly scattered investments [4][17]. Investment in Hydropower Project - CATL has invested in a hydropower project in Sichuan, partnering with State Power Investment Corporation and Sichuan Tieneng Power Development Co., with a total installed capacity of 1.15 million kilowatts and a dynamic total investment of 15.273 billion yuan [4][6]. - The project is expected to yield an internal rate of return of approximately 5.95% based on certain assumptions, with CATL's direct investment estimated at around 458 million yuan [4][5]. Strategic Shift and Regulatory Support - The investment in the hydropower station is not merely a financial investment but aligns with the national policy encouraging private enterprises to invest in energy infrastructure, thus providing a clearer pathway for private capital in large energy projects [5]. - CATL signed a strategic cooperation agreement with the State Power Investment Corporation in 2021, covering various energy sectors including wind, solar, and hydropower [5]. Energy and Carbon Neutrality Goals - CATL aims to achieve core operational carbon neutrality by 2025 and value chain carbon neutrality by 2035, responding to the EU's new battery regulations that require digital battery passports for electric vehicle batteries starting February 18, 2027 [8]. - The investment in the hydropower project allows CATL to secure a more stable and traceable green electricity supply, which is crucial for meeting these sustainability requirements [8]. Expansion into Automotive Intelligence - CATL's recent investments extend beyond energy assets; it is also entering the automotive domain by investing in automotive domain control chip development through a partnership with Unisoc [9]. - This move positions CATL deeper into the automotive intelligence supply chain, betting on the second growth curve for car manufacturers beyond electrification [9]. Semiconductor and AI Investments - CATL has been actively investing in semiconductor and key chip sectors, including power semiconductor companies and chip design firms, to enhance its supply chain control and product definition capabilities [10][9]. - The company is also investing in AI-related technologies, such as a recent investment in a robotics company to enhance manufacturing efficiency and integrate AI into production processes [12][13]. Systematic Layout and Competitive Advantages - CATL's investments in hydropower, automotive chips, and AI reflect a systematic approach to building competitive advantages in energy control, automotive intelligence, and manufacturing efficiency [14][17]. - This strategy is similar to other industry players like Tesla and BYD, who are also focusing on integrating energy systems with advanced technologies [15][16].