After attending CATL Technology Day, Citibank exclaimed: The industry ceiling has been raised again.

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On "2026 Super Tech Day" in 2026, CATL released a number of next-generation battery technologies, once again raising the global ceiling for the electric vehicle battery industry with this series of innovations.

At the event held on April 21, CATL Chairman Robin Zeng, China Passenger Vehicle Division CTO Gao Huan, and other executives showcased to the market the latest product matrix covering both lithium iron phosphate and ternary lithium technology routes. These products have achieved significant breakthroughs in charging rate, energy density, and stability under extreme environments.

According to Wind Chaser Trading Desk, after attending the event, Citi analyst Jack Shang’s team issued a report stating that CATL’s new technology has “once again raised the industry ceiling on key indicators,” and will directly translate into a market competitive advantage, helping the company further consolidate and expand its market share amid intense industry competition.

Recognizing its technological leadership, Citi announced it would maintain CATL as the industry “top pick” and reiterated its “Buy” rating. The bank gave CATL A-shares a target price of RMB 576, implying a potential total return of up to 30.5%, sending investors a clear positive signal.

Ultra-fast Charging and Lightweight Design Redefine Performance Limits

According to Citi’s report, CATL’s third-generation Shenxing ultra-fast charging battery (lithium iron phosphate) achieves an average 10C and peak 15C charging rate. The battery can charge from 10% to 35% in 1 minute and up to 98% in 6 minutes 27 seconds. Even at -30°C, it can reach 98% charge in just over 9 minutes, and after 1,000 ultra-fast charge cycles, battery health (SOH) remains above 90%.

At the same time, the third-generation Qilin battery (ternary lithium) also provides an average 10C and peak 15C charging rate while achieving a range above 1,000 km. Citi points out that the 125 kWh battery pack weighs only 625 kg, with an energy density of 280Wh/kg. Compared to an LFP battery providing the same range, its weight is reduced by 255 kg. Additionally, the Qilin solid-state battery, employing a new high-nickel ternary cathode and silicon-carbon anode, achieves an energy density of up to 350Wh/kg and is expected to extend the range to 1,500 km.

Hybrid Upgrades and Mass Production Timeline for Sodium-Ion Batteries

For the hybrid vehicle market, CATL launched the second-generation Qilin super hybrid battery.

Citi’s report notes that the LFP version of this product can enable 500km of pure electric range, while the ternary lithium version can reach 600km, both supporting an average 10C ultra-fast charge. Notably, the battery’s bulletproof coating can withstand an impact energy of 1,500 joules—ten times the national standard of 150 joules.

Regarding next-generation battery technology reserves, CATL management confirmed at the event that related technical challenges have been resolved, and its sodium-ion battery Naxtra will formally enter mass production in Q4 2026.

Battery Swap Network Expansion and Valuation Prospects

Beyond advancing battery technology, CATL continues to strengthen in infrastructure. The company launched ultra-fast charging and battery swap integrated stations to enhance energy efficiency, and released the 26# “Chocolate” swap block for the 800V platform, thus fully covering A0 to C segment electric vehicle models. CATL plans to build 4,000 ultra-fast charging and battery swap integrated stations by the end of 2026.

On valuation, Citi, based on 18.2x estimated 2026 EV/EBITDA, set a target price of RMB 576 for CATL A-shares and HKD 621 for H-shares.

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The above highlights are from Wind Chaser Trading Desk.

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