CATL (03750) H-Shares Perform Brightly: Analysis of Global Leading Position and Growth Drivers

CATL (03750) listed in Hong Kong on May 20, 2025 [2], with an H-share issue price of HK$263. As of November 12, the share price reached HK$550, representing an increase of 109.13% [5], and a premium of 30.28% over A-shares [5], breaking the traditional A/H share discount惯例. As the global leader in power batteries and energy storage, the company’s power batteries have ranked first in global market share for 8 consecutive years (37.9% in 2024), and energy storage batteries for 4 consecutive years (36.5% in 2024) [0]. It has delivered strong financial performance: non-GAAP net profit attributable to parent company increased by 35.56% year-on-year in the first three quarters of 2025, with operating cash flow of 80.66 billion yuan [0]. In terms of technological innovation, the 5th-gen lithium iron phosphate battery has been mass-produced, all-solid-state battery R&D is globally leading, and sodium-ion battery has passed the new national standard certification [0]. Global layout is accelerating: the Hungary plant has an investment of 7.3 billion euros (100GWh capacity), the Germany plant has achieved profitability, and the Spain joint venture project has been launched [0]. The energy storage business has become the second growth curve, signing a 20-year 200GWh long-term contract with HyperStrong [6], with shipment volume increasing by over 30% year-on-year [0]. Institutional recognition is high: CLSA upgraded the rating to “High Conviction Outperform” with a target price of HK$685 [7][8].

1. The H-share premium reflects global capital’s recognition of the company’s long-term value, highlighting its core position in the global new energy supply chain [5];
2. The energy storage business has signed large long-term contracts, becoming the second growth curve after power batteries, which is expected to drive sustained performance growth in the future [6];
3. Technological innovation and global layout build high barriers, consolidating the leading position and resisting industry competition [0].

: The increase in global electric vehicle penetration rate and the explosion of energy storage demand provide broad market space for the company; overseas plant layout helps seize international market share [0].
: The construction progress of overseas plants may be affected by local policies, supply chains and other factors; raw material price fluctuations may affect profit margins; intensified industry competition may put pressure on market share [0].

CATL (03750) has delivered bright H-share performance relying on its global leading position, technological innovation capabilities, strong financial performance, and energy storage business growth. Global capital’s recognition of its long-term value drives the H-share premium, and institutional rating upgrades reflect confidence in future development. This report only provides objective analysis and does not constitute investment advice.