Core Viewpoint - Contemporary Amperex Technology Co., Limited (CATL) has significantly raised its production guidance for 2026, indicating strong growth in battery demand driven by overseas markets and energy storage needs [1][2]. Group 1: Production Guidance - CATL has revised its 2026 production guidance to 1100 GWh, representing a 46% year-on-year increase [1]. - The expected production for 2026 is projected to be between 900-1000 GWh, with invoicing anticipated to be around 800-900 GWh [1]. - For the upcoming year, the production guidance is expected to be around 1000 GWh, with invoicing typically 10% lower than production [1]. Group 2: Battery Types and Demand - The production expectations for both lithium iron phosphate (LFP) and ternary batteries are high, with LFP demand particularly benefiting from overseas energy storage needs [2]. - Demand for ternary materials is also strong, with expectations for 2026 to double compared to 2025, driven by robust sales of high-end vehicle models [2]. - The increase in demand is likely to enhance the capacity utilization rates of suppliers, prompting some to consider expansion [2]. Group 3: Supply Chain Insights - A supplier has confirmed that CATL's product demand currently exceeds supply, indicating a need for potential expansion based on actual market conditions [3]. - The overall trend shows that not only CATL but many battery companies are experiencing an increase in orders [2].

证券研究报告 | 2025 年 05 月 16 日 | | --- | | | | 评级变动： 维持 行业涨跌幅比较 % 1M 3M 12M 新能源电池 5.78 -4.47 -5.61 沪深 300 3.94 -0.81 6.84 -18% -8% 2% 12% 22% 32% 2024-05 2024-08 2024-11 2025-02 新能源电池 沪深300 杨鑫 分析师 执业证书编号:S0530524050001 yangxin13@hnchasing.com 相关报告 1 AIDC 电池行业深度报告：AIDC 高景气，UPS 及 BBU 电池受益 2025-04-10 2 3 月电池月度数据点评：3 月电池产量 118.3GWh，同比增长 54.3%2025-04-14 3 新能源电池行业点评："海星"钠电发布，看 好未来应用趋势 2025-03-31 行业点评 新能源电池 4 月电池产量 118.2GWh，同比增长 49.0% | 重点股票 | 2024A | | 2025E | | 2026E | | 评级 | | --- | --- | --- | --- | --- | --- | --- ...