[CATL: Data Center Power Is a High-Quality Growth Market for the Future] On March 14, CATL stated at its earnings briefing that since H2 2024, the company's capacity utilisation rate has been fully utilised, with H2 seeing a 20% increase compared to H1. The annual capacity utilisation rate reached 76.3%. The company is currently developing its second-generation sodium-ion battery, with performance indicators already approaching those of LFP batteries. It is expected that by 2025, Shenxing and Qilin batteries will account for 60-70% of the company's LFP and NCM product shipments. Additionally, due to the high power consumption and need for stable electricity in data centers, the quality requirements for ESS batteries are stringent, making it a high-quality growth market for the future. Based on current trends, the energy storage allocation for data centers is also increasing, such as the company's UAE project, which has reached a scale of 19 GWh and is still in its early stages.