300750.SZ · A-shares
300750.SZ CATL: EV+ESS dual leadership and share re-concentration
CATL Global EV battery leader with China H1’26 share back near ~46%; ESS is the second curve—can share and margins coexist through the price war? See [[article:china-power-battery-compe
Cite a section with a deep link, e.g. /en/r/catl-300750-research#thesis
Snapshot
- Price
- CNY 400
- Mkt cap
- CNY 1900.0B
- Revenue
- CNY 360.0B
- China install share
- 0
Thesis
CATL Global EV battery leader with China H1’26 share back near ~46%; ESS is the second curve—can share and margins coexist through the price war? See competition note.
Business
Model: EV and ESS cells/systems. Flagships: LFP/NMC EV batteries; ESS; overseas plants. Edge: scale, customer breadth, tech/cost. Strategy: localization, ESS, fast-charge and next-gen chemistries.
Value chain
Midstream cells; upstream Li/cathode/separator/Cu foil; downstream OEMs and grid ESS. Risks: Li prices; tariffs/localization; overcapacity price war.
Valuation
Growth manufacturing multiple on installs and NI margin; sensitive to Li₂CO₃ and OEM pricing.
Financial trend (~24 months)
Illustrative 8Q with YoY/QoQ (reconstructed from public disclosures; not audit-line):
Revenue · last 8Q
Interactive chart available in the reader.
Gross margin · last 8Q
Interactive chart available in the reader.
Operations
Volume: GWh; price: cell ASP; cost: materials and utilization.
Key financials
| Item | Value | YoY | Note |
|---|---|---|---|
| 国内份额 H1'26 | 约 46% | +约 3ppt | 联盟口径转述 |
| 动力+储能 | 双轮 | 储能增速更快 | 平滑周期 |
| 毛利率 | 中二十区间（示意） | 承压后修复看利用率 | 价格战关键 |
| 海外 | 欧洲等地产能爬坡 | 政策敏感 | 本地化 |
Competition
Peer strengths/weaknesses:
Peer map
| Company | Share/role | Margin | Strength | Weakness |
|---|---|---|---|---|
| 宁德时代 | 全球龙头 | 中 | 规模+客户 | 价格战 |
| 比亚迪 | 垂直一体化 | 中 | 车电协同 | 外供有限 |
| 国轩高科 | 二线上升 | 中低 | 客户突破 | 规模差距 |
| LGES 等 | 海外巨头 | 中 | 车企关系 | 中国份额低 |
Management
Management (24m)
| Role | Name | Since | 24m change |
|---|---|---|---|
| 董事长 | 曾毓群 | 长期 | 战略连续 |
| 总裁/核心经营层 | 核心团队 | 稳定 | 无重大公开动荡 |
| 海外业务 | 区域负责人 | 扩张期 | 本地化关键 |
Stability: Founder-led; stable globalization and tech roadmap.
Outlook
Track monthly share, cell ASPs, ESS wins, overseas utilization, next-gen awards.
Scenarios
| Scenario | Condition | Implication |
|---|---|---|
| Bull | Demand/execution beats | Upside |
| Base | Trend continues | Hold/watch |
| Bear | Cycle/competition worsens | Drawdown/reassess |
Risks
References
Issuer / key sources:
- https://www.catl.com/
- https://investor-web.linchen19921016.workers.dev/r/china-power-battery-competition-2026 {#references}
- Latest company filings / IR (see issuer website)
- Exchange filings / SEC EDGAR — https://www.sec.gov/edgar
- Related on-site notes via wiki-links in the body
Not investment advice; defer to latest company filings.