The Dongwu Securities Research Report pointed out that in the Ningde era, there was a high increase in shipping performance and steady performance, and repurchases showed the confidence of leading leaders. The company's 26H1 net profit was 43.28 billion yuan, +42% year-on-year, of which 26Q2 net profit was 22.55 billion yuan, +36%/+9% year-on-month. The performance was in line with our expectations. The company simultaneously announced that it plans to repurchase shares for 20 to 40 billion yuan. The repurchase price will not exceed 573 yuan/share, demonstrating the company's confidence in long-term development. Looking at the whole year, the company's production schedule is 1.1-1.2 TWh, corresponding to shipments of about 1000 GWh, an increase of 50% over the previous year, of which energy storage accounts for 25% +. Looking ahead to 27 years, the company's production schedule is 1.6-1.7 TWh, and the corresponding revenue is expected to reach 1.2-1.3 TWh. It also predicts a compound annual growth of 20-30% over the next 5 years, and demand resilience is strong. Overall, raw material costs are rising in stages, and gross margins are slightly affected, but they are hedged on a large scale, and profit resilience is strong. Battery materials and other business performance increased significantly. The financial performance was impressive, and the number of products in stock increased. The bank maintained its estimated net profit of 962/1214/146.8 billion yuan in 26-28, +33%/+26%/+21% over the same period. The corresponding PE was 18/15/12x, and the target price was about 656 yuan for 27, maintaining the “buy” rating.

The Dongwu Securities Research Report pointed out that in the Ningde era, there was a high increase in shipping performance and steady performance, and repurchases showed the confidence of leading leaders. The company's 26H1 net profit was 43.28 billion yuan, +42% year-on-year, of which 26Q2 net profit was 22.55 billion yuan, +36%/+9% year-on-month. The performance was in line with our expectations. The company simultaneously announced that it plans to repurchase shares for 20 to 40 billion yuan. The repurchase price will not exceed 573 yuan/share, demonstrating the company's confidence in long-term development. Looking at the whole year, the company's production schedule is 1.1-1.2 TWh, corresponding to shipments of about 1000 GWh, an increase of 50% over the previous year, of which energy storage accounts for 25% +. Looking ahead to 27 years, the company's production schedule is 1.6-1.7 TWh, and the corresponding revenue is expected to reach 1.2-1.3 TWh. It also predicts a compound annual growth of 20-30% over the next 5 years, and demand resilience is strong. Overall, raw material costs are rising in stages, and gross margins are slightly affected, but they are hedged on a large scale, and profit resilience is strong. The performance of battery materials and other businesses increased significantly. The financial performance was impressive, and the number of products in stock increased. The bank maintained its estimated net profit of 962/1214/146.8 billion yuan in 26-28, +33%/+26%/+21% over the same period. The corresponding PE was 18/15/12x, and the target price was about 656 yuan for 27, maintaining the “buy” rating.