According to a report published by Goldman Sachs, the net profit for the second quarter of the Ningde era increased 36% year on year to 22.55 billion yuan, in line with the bank and market expectations. Revenue during the period reached 147.79 billion yuan, up 57% year on year. Battery sales in the first half of the year increased 60% year on year to about 435 GWh, of which ESS energy storage systems accounted for a quarter of total sales; sales in the second quarter increased by about 60% year on year to about 235 GWh, continuing the strong growth since the fourth quarter of last year. Management remains optimistic about demand in the second half of the year and 2027, and reaffirms expectations for a long-term sales compound annual growth rate of 20% to 30%. The bank reiterated its “buy” rating. The target prices for H shares and A shares were HK$947 and $565, respectively. Goldman Sachs pointed out that Ningde Times announced the largest A-share repurchase plan in history, involving an amount of 20 billion to 40 billion yuan to repurchase and cancel shares, while also declaring an interim dividend of 6.49 billion yuan. Management revealed that most of the production capacity under construction will be put into operation in the next one to two years, and sodium-ion batteries have already received large orders from domestic and foreign customers, and it is expected that the AIDC dedicated power supply solution will achieve large-scale commercial deployment in the next one to two years. The bank believes that the Ningde Era is transforming from a battery manufacturer to a comprehensive energy solution provider, and that the battery energy storage system integration business will launch a new round of value creation.

According to a report published by Goldman Sachs, the net profit for the second quarter of the Ningde era increased 36% year on year to 22.55 billion yuan, in line with the bank and market expectations. Revenue during the period reached 147.79 billion yuan, up 57% year on year. Battery sales in the first half of the year increased 60% year on year to about 435 GWh, of which ESS energy storage systems accounted for a quarter of total sales; sales in the second quarter increased by about 60% year on year to about 235 GWh, continuing the strong growth since the fourth quarter of last year. Management remains optimistic about demand in the second half of the year and 2027, and reaffirms expectations for long-term sales volume compound annual growth of 20% to 30%. The bank reiterated its “buy” rating. The target prices for H shares and A shares were HK$947 and $565, respectively. Goldman Sachs pointed out that Ningde Times announced the largest A-share repurchase plan in history, involving an amount of 20 billion to 40 billion yuan to repurchase and cancel shares, while also declaring an interim dividend of 6.49 billion yuan. Management revealed that most of the production capacity under construction will be put into operation in the next one to two years, and sodium-ion batteries have already received large orders from domestic and foreign customers, and it is expected that the AIDC dedicated power supply solution will achieve large-scale commercial deployment in the next one to two years. The bank believes that the Ningde Era is transforming from a battery manufacturer to a comprehensive energy solution provider, and that the battery energy storage system integration business will launch a new round of value creation.