Core Viewpoint - CATL has officially listed on the Hong Kong Stock Exchange, marking a significant milestone in its global expansion strategy and capital operations [1][4]. Group 1: IPO Details - CATL's H-shares surged by 16.43% to HKD 306.2 per share, with an initial offering price of HKD 263 per share, resulting in a total market capitalization of HKD 1.39 trillion [1]. - The IPO raised approximately HKD 356.57 billion, with net proceeds around HKD 353.31 billion, making it one of the largest IPOs in the Hong Kong market in recent years [4]. - The company aims to use about 90% of the net proceeds for the construction of its Hungarian project, with the remaining 10% allocated for working capital and general corporate purposes [5]. Group 2: Financial Performance - In 2024, CATL reported a revenue of CNY 362.01 billion and a net profit of CNY 50.75 billion, reflecting a year-on-year growth of 15.01% [6]. - The first quarter of 2025 saw revenues of CNY 84.70 billion and a net profit of CNY 13.96 billion, with a gross margin of 24.4% [6]. - Despite the growth in sales volume, the company experienced a revenue decline of 9.7% in 2024 compared to 2023, attributed to lower sales prices due to a decrease in raw material costs [6]. Group 3: Market Position - CATL maintained its position as the global leader in energy storage, with a shipment volume of 110 GWh in 2024, nearly three times that of its closest competitor [7]. - In April 2024, CATL's domestic market share for power batteries fell to 39.44%, a decrease of 2.94% from the previous month, while BYD's market share increased to 26.35% [11]. Group 4: Strategic Initiatives - CATL has achieved AS9100 certification, enabling it to enter the aerospace sector, which is crucial for its expansion into drone and eVTOL markets [12]. - The company is also focusing on the battery swapping market, with plans to establish a nationwide battery swap network by 2030 and aims for a 50% market penetration in heavy-duty electric vehicles within three years [13]. - CATL's commitment to zero-carbon technology includes plans for carbon neutrality across all battery factories by the end of the year and the development of solutions for renewable energy investments [13].

证券研究报告 | 2025年04月16日 宁德时代（300750.SZ）-2025 年一季报点评 优于大市 动储电池盈利能力稳中向好，换电站布局加速推进 公司 2025Q1 实现归母净利润 139.63 亿元，同比+33%、环比-5%。公司 2025Q1 营收 847.05 亿元，同比+6%、环比-18%；实现归母净利润为 139.63 亿元， 同比+33%、环比-5%；实现扣非归母净利润 118.29 亿元，同比+28%、环比-8%。 会计准则最新口径下，公司 2025Q1 毛利率为 24.4%，同比+1.1pct、环比 +1.3pct；净利率为 17.55%，同比+3.5pct、环比+2.7pct。 公司电池出货量稳健增长，市场领先地位稳固。我们估计公司 2025Q1 动储 电池出货量超 124GWh，同比增长超 30%、环比下滑 14%；其中动力电池出货 量 100GWh 左右、储能电池出货量超 20GWh。公司全球动力电池市场领先地位 稳固；根据 SNE Research 数据，2025 年 1-2 月公司在全球动力电池市场份 额为38.2%，同比基本稳定；在海外动力电池市场份额为28.8%，同比+1 ...