CATL Capacity Utilization Exceeds 90%: Multidimensional In-depth Analysis of the Energy Storage Industry

According to the latest data and industry information, I will systematically analyze the deep implications of CATL’s capacity utilization rate exceeding 90%:

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The current energy storage industry is experiencing an unprecedented demand boom. According to authoritative data,

[1][2]. Among them:

• Domestic newly connected installations: 82 GWh, up 61% year-on-year
• Overseas energy storage: 94 GWh, up 74% year-on-year

This strong demand growth is mainly driven by three factors:

1. Concentrated release of the peak grid connection of domestic new energy power stations
2. Increased demand for new energy consumption overseas
3. Growth in supporting energy storage demand brought by U.S. AI infrastructure [1][2]

Enterprise	Capacity Utilization Status
CATL	Exceeded 90% in Q3
EVE Energy	Full orders and full production status
Rept Blue	Maintained above 90% in Q2, reached 100% in July
Haichen Energy Storage	Xiamen and Chongqing bases have been in full production since March

[1][2]. As an industry leader, CATL’s capacity utilization rate of over 90% reflects , not an isolated phenomenon of individual enterprises.

A capacity utilization rate exceeding 90% means the industry as a whole is in a

state, and enterprises have strong bargaining power and order selection rights. Some enterprises even have the phenomenon of “production lines choosing orders”[1][2].

Securities firms point out that lithium battery supply has passed the overcapacity cycle and officially entered a prosperous period of “active inventory replenishment”[3]. A wave of long-term orders has swept the industry:

• CATL signed a 47 billion yuan contract with Wanrun New Energy
• Longpan Technology signed a 45 billion yuan contract with Chuen Energy
• CATL signed a 7.268 billion yuan electrolyte supply contract with Enchem[1][2][3]

High operating rates have directly driven up prices of upstream raw materials:

• Battery-grade lithium carbonate: rose 31.80% in two months to 96,230 yuan/ton
• Lithium hexafluorophosphate: soared more than 260% in five months, exceeding 180,000 yuan/ton[1][2]

As of December, at least 10 companies have disclosed new capacity expansion trends, involving a capital scale of

[1][2][3]. Different from the previous expansion wave, this round of expansion .

CATL’s current stock price is $369.20, market capitalization is $1.63 trillion, P/E ratio is 26.27 times, and ROE reaches 22.84%[0]. High capacity utilization indicates:

1. High Earnings Certainty
   : High capacity utilization usually translates into revenue and profit growth
2. Continued Industry Prosperity
   : Production scheduling for all links in the industrial chain has extended to mid-2026[1][2]
3. Need to Watch Overcapacity Risks
   : Historically, the photovoltaic industry experienced price wars due to over-expansion, so similar risks need to be vigilant[1]

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[0] Jinling AI Financial Database - CATL (300750.SZ) Company Profile

[1] Huaxia Energy Network - “Long-term order wave drives 400 billion expansion, energy storage is on the old path of photovoltaic overcapacity!” (https://caifuhao.eastmoney.com/news/20251225092119082033460)

[2] Sina Finance - “Long-term order wave drives 400 billion expansion, energy storage is on the old path of photovoltaic overcapacity!” (https://finance.sina.com.cn/stock/relnews/cn/2025-12-25/doc-inhcyrur3705242.shtml)

[3] Futu Information - “King Ning takes action again! Lithium battery long-term orders and expansion announcements fly together, a new cycle is coming?” (https://news.futunn.com/post/66642370/king-ning-takes-action-again-lithium-battery-long-term-orders)