BERNSTEIN27April2026SOCIETECENERALECROUPGlobal Energy StorageGlobalEnergy Storage:BatterytakeawaysfromBeijing AutoShowcellmanufacturersparticipated in theBeingAutoShow:CATLNeilBeveridge,Ph.D.CATLheld product launch events during the first twodavs of theteibeveridge@bernsteinsg.comBrianHo,CFAmes at the auto showcenteron sodium-ion, semi-solid/Tianho@bersteinsg.comnditions, particularlyimprove, thepaceofprogress' makers such as CATL andLincludinademonstrationsayas-30*C. At the same time,Sunwoda, CALB, and CATL all showcasedimprovingbothenergydensity andoda introduced sodium-ion batteries that could entev densit has lread eached round 120 Whr/kg.v-endLFP batteries.AsconventionalLFPchemistryappearstobeticalenergy-density cellingofroughly 190 Wh/kg, battery manufacturersarecreasingly shifting theirfocus toward al ternative chemistries and next-generation batteryon its2026TechDay(Link)integratedbattery,emphasizedbattery:LFP and NCM-basedimprovecapacity and energy density, reflecting the industry's broader push todlustrv intechnology positioning, withthis year's producthicke,semi-solid/solid-state, andsodium-ion battris.Its dominanChinain1026.combined withohued emphasis on safety, shouldbetivemot. Nevertheles, ival battery makers are catching up moreatleastonparwith CATL,suggesting thecompettivelandscapeinnextpassengerEVapplications,ncludingCALB'sultra-long-lifeheavy-truck battery packs and Sunwoda'shigher-energy-density LxfFPsolution.In ESS, CATLand Sunwoda both highlighted sodium-ion batteries, while Sunwodastood outfor offeringa broaderrange ofstorage solutions across residentil,commercial, and industrialseamentsSeethe DisclosureAppendixofthisreportforrequired disclosures, analyst certifications and other importantinformation.Alternatively,visitour GilobalResearcoh Disclosure WebsteFirstPublished:26Apr202620:30UTCCompletionDate:26Apr202618:53UTC
NeilBeveridge, Ph.D.+8522123 2648neilbeveridge@lbernsteinsg.com27April2026RERNSTEINTICKFRTARIF24Apr2026ReportedP/E(X)ClosingTickerRatingCurPriceTarget2026E2027E300750.CHICATLIoCNYMMMMNKRW387,50010051910.KS(LGChem)373220.KS(LGES)KF479,000006400.KS(SDI)KRM642,000330,000KRM250,500190,000DPOON247540.KS(EcoProBM)KRY208,500106,000002466.CH(TiangiLithium)73.7073.0013.6%CNY9696.HK(TianqiLithium)HKD60.4561.0C3750.HK(CATL)HKD695.00600.001,827.77INVESTMENTIMPLICATIONSCLOBALENERCYSTORACIBERNSTEIN|SOCETECENERALECROUP
NeilBeveridge, Ph.D.+8522123 2648neilbeveridge@lbernsteinsg.com27April2026VALIIATIONCOMPSTABIFEXHIBIT:Global energy storage companies comparisonBatterycomps9SDIotionHighTechgolonHighTechCATNeredbyEuniceLeeCLOBALENERCYSTORACIBERNSTEIN|SOCETECENERALECROUP
NeilBeveridge, Ph.D.+8522123 2648neilbeveridge@lbernsteinsg.com27April2026DETAILSlaunchevents during the firsttwodaysof theexhibition, whileCALBshowcaseditsbatteryproductsatitsbooth withoutaformalpresentation.Thisnotesummarizes someofthekerhiphliotsPROGRESSTOWARDSHIGHENERGYDENSITVBATTERIESCATLhighlighted its Condensed Battery atits2026 TechDay,featuring an energy density of 360 Wh/kg, signitficantyaboveconventionalLFP batteries,which appearto be aproaching their practical celling ofaround 190 Wih/kg, andalsowl...
