宁德时代(300750)CATL目前的投资价值是多少

ThisreportisdistributedbyChinaSecuritiesCo.,LhePeople’sRepublicofChina(forthepurposesofthisReportonly,excludingHongKong,MacaoandTaiwan),andsubjecttoapplicablelawsandregulations,thisreportmaybedistributedbyChinaSecurities(International)BrokerageCompanyLimitedinHongKong.ThisreporthasbeentranslatedintoEnglishfromtheoriginalChineseversion.IfthereisanyinconsistencyorambiguitybetweentheEnglishversionandtheChineseversion,theChineseversionshallprevail.ForthedetailsoftheChineseversion,othercertificationanddisclosures,pleasealsoseetheimportantstatementinthelastpage.Pleaserefertotheimportantstatementonthelastpage.SecuritiesResearchReport·A-ShareCompanySecuritiesResearchReport·A-ShareCompanyIn-depthBatteryWhatIstheCurrentInvestmentValueofCATL?Thecompany’srealitiesandthemarketexpectationaboutitdiffergreatlymainlybecauseofthefollowingpointsofcontention:(1)intheshortterm,themarkethasdoubtsaboutthecompany’sabilityinpricetransmissionandperformancerobustnessaslithiumcarbonatepricescontinuetorise;(2)inthelongterm,howwillthecompany’sleadingpositionandcompetitiveadvantagebesustainedastheindustrycontinuestomature?Webelievethatintheshortterm,themarketsimplyviewedlithiumcarbonateandbatteryasadichotomy,thecompany’s2Qpricetransmissionexceededmarketexpectations,andthecostpressureitfacesisnotasseriousasexpected.Theunitearningsin2Qand3QwillcontinuetoimproveQoQ.Withthemidstreamsegmententeringthepeakseasonforscheduledproduction,theannualshipmentsarealsoexpectedtobeatexpectations.IfwelookattheainecsccomcnSACRegNoSngyichicsccomcn5159272SACRegNoS520070002ReleasedateAugust17,2022Targetpricein6months:RMB668Keydataiceabsoluterelativeperformancelongterm,themarketsimplyequatestheindustrycapacitytotheactualoutput,thereforereckoningthattheindustryisheadingforovercapacity.Butactually,batteryisacustomizedproduct.Thecompanyadoptsatwo-prongedapproachfeaturingR&Dandmanufacturingtobringdowncostsfortheindustry.Ithasalwaysbeenthefirsttorolloutthenextgenerationproducts,therebymaintainingitsmarketshare.Specifically:1.The1Qperformanceisbelowmarketexpectations.Weareoptimisticaboutthemarginalrevenuereversalofthecompanybasedonthegradualmaterializationofanewroundofpriceincreasesinthebatterysegmentin2Q,therapidvolumeramp-up,andtheinflectionpointofprofitabilityin2Q.(1)Price:anewroundofpricehikematerializes,and2QbatteryearningsarelikelytoreboundtoRMB0.067/Wh.Since4Q21,thepriceofrawmaterialshasrisensharply.From1Q22to2Q22,thecompanyincreasedtheproductpricesformajorcustomersbyatotalof20%-40%,andestablishedapriceco-movementmechanism.Duetothetug-of-warinthenegotiationsoverpricehikeandthetimedifferencebetweenrawmaterialprocurementanddeliverysettlement,theactualbatterypriceincreasemaynotbeimmediatelyreflectedontheearningsreport,buttheactualmagnitudeofpricetransmissionishigherthanmarketexpectations,andthecompanystillhasastrongsayovertheproductprices.Weprojectthesellingpriceasreflectedin2Qstatementto 33months27.35/21.1112monthhighest/lowestprice(RMB)Totalshares(in10k)Floatingshares(in10k)Marketcap(RMB’00mn)Negotiablemarketcap(RMB’00mn)Averagedailytradingvolumeinthepastthreemonths(10kshares)MajorshareholderNingboMeishanBondedPortAreaRuitingInvestmentCo.,Ltd.Shareperformance36%26%6%-4%-24%-34% CATL ShanghaiCompositeIndexRelatedresearchreportsApril28,1February12months-6.26/1.9692.0/353.0233,085.12203,865.6512,143.7310,621.41,926.87[ChinaSecuritiesElectricalEquipment]CATL(300750.SZ):Furtherprogresstobemadeontopofpastsuccess1month2.59/3.6423.33%CATLeindepthreporttstatementonthelastpagebeup14.5%YoYand2QbatteryearningstoreboundtoRMB0.067/Wh(notincludingminorityshareholdergainsandlosses),up351%YoY.(2)Volume:Therateofproductionexpansionisunparalleledandthecustomermixisdiverseandstable.Thecompany’sexpansionplanfarexceedsthatofitspeers,withtotalcapacityexpectedtoreach401GWhbytheendof2022and1TWhby2025.Itscustomerstructureissignificantlybetterthanthatofitspeers,asthecompanyhasbasicallycovereddomesticandforeignmainstreamautomakersastheleadingbatterysupplier.2.Howisthecompany’sleadingpositionsecured?Thecompanyshoresupitscorecompetitivenessduringthetechnologyiterationperiodandalwaysleadthemarketinrollingoutthenextgenerationproductandtechnology.Inresponsetopainpointssuchasrange,safety,andprice,CATLhasbeeninnovatinganditeratingonbatterytechnologyintermsofmaterialsandstructure,andhastakentheleadindevelopingsodium-ionbatteries,LMFPbatteries,CTPandCTCtechnologies,etc.,toalwaysleadthemarketinthenextgenerationproductandtechnology.3.Whatisthecompany’scompetitiveadvantage?SeizetheessenceofthemanufacturingindustrytoturnR&Dstrengthquicklyintomanufacturingprowess,andbringdowncostsfortheindustryinthelongrun.Thecompanyhasalreadymovedawayfromtheprofit-makingmodeloftraditionalmanufacturing,andpositioneditselfasaleaderintechnologicalinnovationandanintegratorofresourcesalongtheindustrialchain.Thecompanymaintainsitsleadingpositionthroughtechnologicalinnovation,lowersitscostthroughin-depthsupplychainmanagementandextrememanufacturingsystem,cultivatesbrandpremiumsthroughhighqualityproducts,reducecapitalcostsbyleveragingfundsinupstreamanddownstreamsegments,inordertoobtainexcessprofits.(1)Supplychainmanagement:equityparticipationinupstreammaterialsandresourceproducts,buildingcapacityinresourcerecycling,introducingOEMmodel,cooperatingwithmultiplesuppliers,etc.From2023onwards,thelithiumcarbonateprojectsinvestedbythecompanywillseemassiveproductionvolumeramp-up.Itisexpectedthatthecompany’sself-supplyrateoflithiumcarbonate(ontheequitybasis)willreach9.4%,19.9%and26%from2022to2024,bringingaboutRMB3.8bn,RMB10.8bnandRMB14.1bninearningsincrements.(2)Extrememanufacturingsystem:greatlyimproveefficiencyandyield,andreduceproductioncosts.(3)Tappingintoupstreamanddownstreamfundstomaintainsufficientcashflow;supportinglargecapexwithlowinterest-bearingliabilities;andreducingthecostoffunds.Itisestimatedthatthecompany’snetprofitattributabletotheparentcompanyin2022E-2024EwillbeRMB27.2bn/RMB40.8bn/RMB54.6bn,implyingaP/Eof47.2x/31.5x/23.5xonthebasisofthestockpriceonJuly21.Wemaintain“Buy”ratingonthecompany(thelatestclosingpriceofCATLbeforetheChineseversionofthisreportwasissuedonJuly23,SaturdaywasRMB532.00/share.)CATLeindepthreporttstatementonthelastpagertantFinancialIndicators202020212E3E4EOperatingrevenue(RMB'mn)50,319130,35676,771YoY(%)9.9159.1.2Netprofit(RMB'mn)5,58315,931178,755YoY(%)22.4185.3ROE(%)8.8EPS(RMB/share,diluted)2.406.8336P/E219.577.07.2.5P/B19.716.7porateearningsreportChinaSecuritiesCATLeindepthreportlumerampupandsmoothpricetransmissionpacityleavespeersinthedustleadingtothediversityand ProfitPricetransmissionlagsbutnotstagnates,andprofitabilityquicklyrecovers 3Howisthecompanysleadingpositionsecured?Continuedmarketleadershipinnextgenerationproducttechnology 7atteryAmasterpieceofCTPapathfinderontheroadtoCTC 2Na-ionbattery:strongtechnicalreservesmakeitreadytotakethetailwindoftheindustryboom 10LMFPbatteryoptimizeenergydensityperformanceandventureintoanewverticalinwakeofholding WhatisthecompanyscompetitiveadvantageGrasptheessenceofthemanufacturingindustryandbringcostotheindustryinthelongrun Openupthecoredirectionofsupplychainmanagement+achievefulllifecyclemanagementthroughrecycling 17nagementleadingbottomuptechnologicalinnovation Createanextrememanufacturingsystemgreatlyimproveefficiencyandyield fundstomaintainsufficientcashflowandreducecapitalcost tfinancialsystemtolowerperformancerisks 4.Earningsforecastandinvestmentrecommendation 264.1Earningsforecast 26 Financialstatementforecast 30guresFigureItisestimatedthatthecompanystotalproductioncapacitywillreach401GWhbytheendof2022and igureDuetoitsfirstmoveradvantagealongwithrapidexpansionthecompanysproductioncapacityleavesthedustGWh FigureExceptforBYDwhichmakesitsownbatterythetopOEMsintermsofinstalledcapacityareall FigureThenumberofcustomerscoveredbythecompanyisincreasingyearbyyear 3FigureThecompanymainlyactsastheexclusiveormajorsupplier 3hecompanysprofitabilityhasoutperformedtheindustrysignificantlyinthepast increasesforcorecustomerstotaled FigureLithiumcarbonateandelectrolytepricesbothfellinMarchMayRMBkton 5reBOMcostofLFPbatteryfellfromApriltoJuneRMBWh costofNCMbatteryfellfromApriltoJuneRMBWh CATLeindepthreportFigureUnderneutralestimatestheunitearningsofthecompanysbatteryinQrecoveredtoRMB.067/WhtyshareholdersgainsandlossesQoQ srecoveryinthebatterysegmentRMBmnGWh FigureIn2Q22,thebatterysegmentaccountsforasignificantlyhighershareofprofitdistributionalongtheindustrychain 6tteryremovesheadinsulationpadswatercooledpanelsandtransversebeams FigureMultifunctionalmodulessharebottomspaceincreasingenergyspaceby6% 7FigureThewatercooledpanelsareplacedbetweenthecellstoincreasetheheatexchangeareaby4times8Figure17:Largesurfacecoolingtechnologycansupport5minhotstartand10minfastcharging 8esvolumeutilization eachesWhkgandsupportsCfastcharging ecompanysCTPtechnologycanimprovetheenergydensityandvolumeutilizationofbattery stolaunchthefourthgenerationhighlyintegratedCTCbatterysystemin FigureBOMcomparisonofNaionbatteryandlithiumionbattery 10tteriesthatusesodiummanganateasthecathodeode FigureComprehensivecomparisonofsodium-ionbatteriesandlithium-ionbatteries 12nbatteriesaresuperiortoLFPbatteriesinmanyaspectsintegratessodiumionlithiumionbatteriesintothesamebatterysystem Figure29:DifferentbatterysystemscanbecontrolledthroughtheaccuratealgorithmofBMS 13Figure30:Thecompanytakestheleadinthenumberofpatentsforsodium-ionbatteries 13igherthanthatofLFPwithhigherenergydensity Figure32:Capacityandvoltageversusli+/liofolivinecathodematerial 14Figure3:Capacity-voltagecurvesofFe-Mn-Licathodeswithdifferentcompositions 15urvesofFeMnLicathodewithdifferentrates ributionofthetopapplicantsforLMFPpatents ologypremiumbrandpremiumleading FigureThecompanycomprehensivelyventuresintoupstreamresourceproducts,coveringlithium,nickelandcobalt 18Figure:Itisconservativelyestimatedthattherevenueoflithiumbatterymaterialsbusinessin2022and2024bn FigureItisexpectedthatthesalesvolumeofthecompany’slithiumbatterymaterialbusinesswillreach630kand1.23mntonsin2022and2024 18Figure:Thecompanyhasventuredintothemidstreammaterials,coveringcathodes,anodes,separators,electrolytesolution,copperfoils,andCNT 19upstreamresourceproductscoveringlithiumnickelandcobalt FigureExtensivepatentportfoliointhefieldofbatterymaterials 21CATLeindepthreportFigure3:Loweringrawmaterialcostthroughcontractmanufacturing 21cloudedgeendmultilevellinkageachievesrealtimeandefficientoperations 22rgymanagementsystempromotesthedevelopmentofenergysaving owwhichcanbasicallycoveritscapexRMBmn ignificantlyhigherthanthatofitspeers mn atofotherdomesticbatteryfactories FigureInrecentyearsthecompanyputsasideabout%ofpaymentcollectedasqualityassurancefund25reInthequalityassurancefundpaymentcollectionratioofCATLishigherthanthatofpeersnitprofitrisestoRMBmnGWhin FigureItisestimatedthatthecompanysnetprofitattributabletotheparentcompanyin2022E-2024EwillhitRMBbnRMBbnandRMBbn(RMB’00mn) 27CATLeindepthreporttstatementonthelastpage11.Howarethecompany’searningssecured?Rapidvolumeramp-upandsmoothpricetransmissionVolumeTherapidexpansionofproductioncapacityleavespeersinthedust,dingtothediversityandstabilityofitscustomerstructureThecompany’sproductioncapacityexpandsrapidly,withitswholly-owned/jointventureentitiesgainingfootholdsinboththedomesticandoverseasmarkets.Thecompanyhasbuiltitsownindustrialbasesandjointventurebatteryfactoriesintandem,whichacceleratesitscapacityexpansion.Accordingtotheannouncedplan,thecompanywillhave291/623GWhofwholly-ownedcapacityand110/136GWhofjointventurecapacityin2022/2025,correspondingto354/686GWhofownedcapacityand401/759GWhoftotalcapacity,witha4-yearCAGRof36%.mpanystotalproductioncapacitywillreachGWhbytheendofandGWhbytheendof2025teearningsreportWindChinaSecuritiesThecompany’sproductioncapacityisfaraheadofitspeersinChina,anditisdifficultforpeerstocatchupgivenitsfirst-moveradvantage.AsthedemandforNEVscontinuestobeatexpectations,theexpansionofbatteryfactorieshasaccelerated.However,benefitingfromthefirst-moveradvantageandscaleadvantageintermsofproductioncapacity,thespeedandscaleofthecompany’sproductioncapacityramp-uparebothhigherthanthoseofitspeers.Withnewexpansionprojectstobeannouncedinthenextthreeyears,thecompany’sproductioncapacityisexpectedtoreachCATLeindepthreporttstatementonthelastpage21,000GWhby2025,makingittheworld’sfirstTWh-levelbatterymanufacturer.Figure2:Duetoitsfirst-moveradvantagealongwithrapidexpansion,thecompany’sproductioncapacityleavesitspeersinhedustGWhmpanyannouncementsWindChinaSecuritiesThecompanysuppliesproductstoalmostallmainstreamautomakersinChinaandboastsadiverseandstablecustomerstructure.ExceptforBYD,allthetop20autocompaniesbycumulativeinstalledcapacityin2022areCATL’scustomers.Intermsofmarketshare,CATListheexclusivesupplierofmainstreamOEMsincludingNIO,LiAuto,FAWVolkswagen,SAICVolkswagen;themainsupplierofTesla,Geely,Xpeng,ChanganAuto,SAIC.CATL’scustomerqualityandmarketsharearesignificantlybetterthanthatofitspeers.Fromthecompany’sperspective,itensuresthediversityofitscustomermake-up,whilefromitscustomer’sperspective,it’saguaranteeofthecompany’ssupplyrobustness.Figure3:ExceptforBYDwhichmakesitsownbattery,thetop20OEMsintermsofinstalledcapacityareallsuppliedwithCATLeindepthreporttstatementonthelastpage3ealLiResearchChinaSecuritiesedbythecompanysingyearbyyearigureThecompanymainlyactsastheexclusiveormajorSource:RealLiResearch,ChinaSecuritiesSource:RealLiResearch,ChinaSecurities1.2Profit:Pricetransmissionlagsbutnotstagnates,andprofitabilityquicklyReviewhistory:Thecompanyenjoysstrongbargainingpowerandscaleadvantagewhentherawmaterialpricesarestable,therebyboastingindustry-leadingprofitability.Throughout2018-2021,benefitingfromthecompany’sforward-lookingcapacity-buildingalongtheindustrychain,strongbargainingpowerundertheleadingposition,thescaleeffectunderthehugeproductioncapacityandthelong-termaccumulatedadvantageinmanufacturingprocess,thecompanycanenhanceitsownprofitabilitybylockinginlow-pricedmaterials,anditsgrossprofitmarginandnetprofitmarginisalways5-10pctshigherthantheindustryaverage.CATLeindepthreporttstatementonthelastpage4FigureThecompany’sprofitabilityhasoutperformedtheindustrysignificantlypastsarecomposedofEVEGXHTGREATPOWER,AZURE,SUNWODA,PYLONTECHNOLOGIES,ofwhichEVEs’netprofitmargincalculationdoesn’taccountfortheimpactoftheinvestmentincomefromSMOORE.Pricetransmission:Duringtheperiodofsoaringrawmaterialprices,itstillholdsagreatsayoverthedownstreamcustomers,andthepricetransmissionlagsbehindbutdoesnotstagnate.Since4Q21,thepriceofrawmaterialshasrisensharply.From1Q22to2Q22,thecompanyincreasedtheproductpricesformajorcustomersbyatotalof20%-40%,andestablishedapriceco-movementmechanism.Duetothetug-of-warinthenegotiationsoverpricehikeandthetimedifferencebetweenrawmaterialprocurementanddeliverysettlement,theactualbatterypriceincreasemaynotbeimmediatelyreflectedontheearningsreport,buttheactualmagnitudeofpricetransmissionishigherthanmarketexpectations,andthecompany,asanindustryleader,stillhasastrongsayovertheproductprices.FigureThecompanystwopriceincreasesforcorecustomerstotaled-40%mpanyannouncementsWindChinaSecuritiesCATLeindepthreporttstatementonthelastpage5Costswellundercontrol:Wemeasuredtheactualcostofbatteriessoldin2QatRMB0.783/Wh,+9.2%QoQ.SinceMarch,thepricesoflithiumcarbonate,electrolyteandotherrawmaterialshavegonedown.Assumingthecompanymaintainsarawmaterialinventoryofaroundonemonth,weestimatethattheproductioncostsofLFPandNCMbatteries,measuredatmarketprices,alsodeclinedfromMarchtoMay.Thecompany’sinventoryproductsarepricedusingtheweightedaveragemethodwhenbeingshippedout.Weestimatethattheactualcostofbatteriessoldin2QwasRMB0.783/Wh,+9.2%QoQ,andthecostvisibilityishigh.Figure8:LithiumcarbonateandelectrolytepricesbothfellinMarch-MaytondChinaSecuritiesFigure9:BOMcostofLFPbatteryfellfromApriltoJunehFigure10:BOMcostofNCM523batteryfellfromApriltoJuneRMBWh)dChinaSecuritiesNote:Basedonmarketprices,assuming1monthofrawmaterialstockinthebatteryfactorydChinaSecuritiesNote:Basedonmarketprices,assuming1monthofrawmaterialstockinthebatteryfactoryCATLeindepthreporttstatementonthelastpage6Onthepriceside:Thecompanyreachedadealforanotherroundofpriceincreaseswithdownstreamcustomersin2Q.Thepricenegotiatedformostordershasincreasedby20%+QoQ,withacumulativeincreaseof30%+frombeforethepriceincreasein2021.Duetofactorssuchastheeffectivetimeoftheagreement,whethertheretroactiveprovisionsareincluded(andtheretroactivestartdate),andthepaceofrevenuerecognition,thereisstilluncertaintyabouttheactualpriceincreasereflectedinthefinancialstatements.Basedonourneutralestimates,assumingthepriceincreasein2Qstatementsis14.5%YoY,then2QbatteryunitearningsmayreboundtoRMB0.067/Wh(excludingminorityshareholders’gainsandlosses),+351%YoY.Figure11:Underneutralestimates,theunitearningsofthecompany’sbatteryin2QrecoveredtoRMB0.067/Wh(excludingminorityshareholders’gainsandlosses1%QoQdChinaSecuritiesFigureQearningsrecoveryinthebatterysegmentmnGWhFigure13:In2Q22,thebatterysegmentaccountsforasignificantlyhighershareofprofitdistributionalongthestrychainSource:Wind,ChinaSecuritiesSource:Wind,ChinaSecuritiesCATLeindepthreporttstatementonthelastpage72.Howisthecompany’sleadingpositionsecured?ContinuedmarketleadershipinnextgenerationproducttechnologyThecompany’sleadingpositionisnotonlyreflectedinitsleadingpositionintheindustryintermsofsalesvolumeandprofit,butalsoinitsdevelopmentofnext-generationproducttechnology.Inresponsetousers’painpointssuchasrange,safety,andprice,CATLhasbeeninnovatinganditeratingonbatterytechnologyintermsofmaterialsandstructure,andhastakentheleadindevelopingsodium-ionbatteries,LMFPbatteries,CTPandCTCtechnologies,etc.,toalwaysleadthemarketinthenextgenerationproductandtechnology.ontheroadtoCTCIncreasedvolumeutilizationunderstructuraloptimization,leadingtoincreasedenergydensityandrange:1)KirinBatteryintegratestheoriginallyindependentlydesignedtransversebeams,water-cooledpanelsandheatinsulationpadsintoamulti-functionalelasticinterlayer,andhasabuilt-inmicro-bridgeconnectiondevice,whichflexiblycooperateswiththerespirationofthebatterycelltofreelyexpandandcontract,andenhancesthereliabilityofthebatterycellthroughoutitslifecycle.2)KirinBatteryintelligentlydistributesfunctionalmodulessuchasstructuralprotection,high-voltageconnectionandthermalrunaway&gasexhaust,andallthesemodulessharethebottomspace,leadingto6%increaseinenergyspace.Figure14:KirinBatteryremovesheadinsulationpads,Figure15:Multi-functionalmodulessharebottomspace,water-cooledpanels,andtransversebeamsincreasingenergyspaceby6%Source:companyannouncements,ChinaSecuritiesSource:companyannouncements,ChinaSecuritiesInnovativewatercoolingwith4timescoolingcapacity,doublingtemperaturecontrolefficiency.KirinBatteryplacesthewater-cooledpanels,whichtraditionallylieatthebottomofthebattery,betweenthelargesurfacesofthecell,enlargingtheheatexchangeareaby4times,shorteningthetemperaturecontroltimeofthecellsby50%,andsupporting5minquickhotstartand10minfastcharging.Underextremecircumstances,thecellscanberapidlycooled,effectivelyblockingabnormalheattransferbetweenthecells.CATLeindepthreporttstatementonthelastpage8Figure16:Thewater-cooledpanelsareplacedbetweentheFigure17:Largesurfacecoolingtechnologycansupportcellstoincreasetheheatexchangeareaby4times5minhotstartand10minfastchargingSource:companyannouncements,ChinaSecuritiesSource:companyannouncements,ChinaSecuritiesInlightofitsmaterialandstructuralinnovation,Kirinbatteryachievescomprehensiveimprovementinrange,fastchargingsafety,batterylifeandefficiency,andlowtemperatureperformance:1)72%volumeutilizationrate,morethan63%of4680battery,becomingtheworld’smostintegratedbattery;2)255Wh/kgbatterysystemenergydensity;3)1000kmrange;4)4Cfastcharging;5)50%improvementinthermalconductivity.TheKirinBatteryisexpectedtobemassproducedatCATL’sgloballighthousefactoryin2023.FigureKirinBatteryachieves72%volumeutilizationFigure19:KirinBattery’senergydensityreaches255Wh/kgortsCfastchargingSource:companyannouncements,ChinaSecuritiesSource:companyannouncements,ChinaSecuritiesWehaveassessedtheimpactofthecompany’sthree-generationCTPtechnologyonbatteryperformance.Comparedwithconventionalbatteries,thevolumetricenergydensity,massenergydensity,andvolumeutilizationrateofthebatteryunderCTP3.0technologyareincreasedby46%,37%,and41%,respectively.Themassenergydensityofbatterypacksreachesmorethan250Wh/kg,whichcorroboratestheKirinbatterydatareleasedbythecompany.CATLeindepthreporttstatementonthelastpage9Figure20:Thecompany’sCTP3.0technologycanimprovetheenergydensityandvolumeutilizationofbatterypacksecompanyannouncementsRealLiResearchChinaSecuritiesWiththeintegrationtechnologyupgradingagain,CTCwillbelaunchedsoon.Thecompanyplanstolaunchthefourth-generationhighly-integratedCTCbatterysystem(cell-chassisintegration)in2025.Thissystemintegratesthemotor,electroniccontrol,highvoltageofvehicleassembly(e.g.,DC/DCconverter),andon-boardchargerOBCtogetherthroughaninnovativestructure,andoptimizepowerdistributionandreduceenergyconsumptionthroughsmartpowerdomaincontrollers.eCATLplanstolaunchthefourthgenerationhighlyintegratedCTCbatterysysteminTLChinaSecuritiesComparedwithconventionalbatteries,CATL’sCTP-CTCtechnologycanreducetheunitcostby8%-11%(onlyconsideringstructuralchanges).Itisexpectedthatwiththefurtherdevelopmentofthemanufacturingprocess,theyieldofCTCandCTBwillincrease,andthecostperunitwillbedecreasedthankstotheoptimizedbatterystructure.CATLeindepthreporttstatementonthelastpageFigure22:CATL’sCTP/CTCtechnologycansave8-11%ofunit