03931.HK · Hong Kong · A-shares
03931.HK CALB: EV+ESS dual curve, share catch-up
CALB 2025 revenue ¥44.4B (+60%), profit ¥2.095B (+148%), GM ~16.7%; EV cells ~68%, ESS ~32%. See CATL, battery competition.
Cite a section with a deep link, e.g. /en/r/calb-03931-research#thesis
KPIs
- H-share (approx)
- HKD 18
- Market cap (approx)
- HKD 32.0B
- 2025 revenue
- CNY 44.4B
- 2025 profit
- CNY 2.1B
As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)
Thesis
CALB Top-tier #2 domestic battery player; 2025 volume and margin up. Watch share vs margin in price war; ESS as second curve.
Business
Model: EV and ESS cell/system sales. Flagships: LFP/NMC EV cells (~68%); ESS (~32%). Edge: cost and customer breadth. Strategy: 2025 volume/margin up; ESS and overseas capacity.
Value chain
Mid-stack cells. Upstream lithium/cathode; downstream OEMs/grid ESS. Risks: lithium price; overcapacity price war.
Valuation
Valuation snapshot (multi-lens)
| Metric | Value | Note |
|---|---|---|
| TTM PE | N/A | 未接入具名行情源；TTM 盈利≤0 或未核验时不填造倍数 |
| PB | N/A | 待最新净资产与市值核验 |
| 股息率 | N/A | 待分红公告 / IR |
| 现价语境 | 约 18 | 03931.HK · 以包内 kpi_snapshot 时点为准 |
Valuation & returns · ~3y
Interactive chart available in the reader.
Growth manufacturing — watch volume and net margin. ~3y valuation/returns (§A.6):
Valuation & returns · ~3y
Interactive chart available in the reader.
Share price · ~3y
Interactive chart available in the reader.
Financial trend (~24m)
Last 8Q revenue and gross margin with YoY/QoQ.
Revenue · last 8Q
Interactive chart available in the reader.
Gross margin · last 8Q
Interactive chart available in the reader.
Net income · last 8Q
Interactive chart available in the reader.
Financial health (§A.7)
Financial health (OCF / debt / liquidity / audit)
| Item | Value | Note |
|---|---|---|
| 财务健康总评 | 见最新披露 | 以 OCF 与负债率为准 |
| 经营现金流 | 见中报 / 季报 | 与净利润匹配度 |
| 资产负债率 | 见最新资产负债表 | 有息负债 vs 现金 |
| 流动性 | 见流动比率 | 货币资金与短债 |
| 审计意见 | 无保留（常规预期） | 半年报未经审计 |
Operations
Revenue / segment mix
| Segment | Scale/mix | Note |
|---|---|---|
| 动力电芯 | ~68% | 乘用车/商用车 |
| 储能系统 | ~32% | 第二曲线 |
| 其他 | 较小 | — |
| 2025 毛利率 | ~16.7% | 量利齐升 |
Competition
Peers CATL, BYD/FinDreams. Pros: 2025 growth, ESS mix. Cons: share/margin below CATL.
Peer map
| Company | Role | Margin | Strength | Weakness |
|---|---|---|---|---|
| 中创新航 | 第二梯队 | ~17% GM | 成本/客户 | 份额低于 CATL |
| 宁德时代 | 龙头 | 更高 | 规模/技术 | 估值溢价 |
| 比亚迪/弗迪 | 垂直整合 | 中 | 整车协同 | 外供有限 |
Management
Management (24m)
| Role | Name | Since | 24m change |
|---|---|---|---|
| 董事长 | 刘静瑜 | 公开披露 | 平稳 |
| CEO/总裁 | 以年报为准 | 公开披露 | — |
| CTO | 以年报为准 | 公开披露 | — |
Stability: founder-led, broadly steady; watch execution in price war.
Outlook
Track monthly install share, ESS orders, GM, overseas plants.
Scenarios
| Scenario | Trigger | Implication |
|---|---|---|
| Bull | Share gains + ESS ramp | NI up |
| Base | Stable share, price war | Volume for price |
| Bear | Share loss | NI down |
Risks
References
- CALB 2025 results — https://www.hkexnews.hk/listedco/listconews/sehk/2026/0327/2026032703841_c.pdf
- CATL · battery competition
Not investment advice.
Tracking
Check next earnings for:
- Next-quarter revenue & margin vs guide
- OCF vs CapEx / payout
- Competitive share shifts
- Valuation vs historical mid-cycle
- Key policy / supply-chain variables
Confirm: guide hit, share stable, OCF matches earnings.
Disconfirm: guide cut, share loss, leverage stress.
Comments
Sign in to comment