The SDIC Securities Research Report pointed out that moving and storage continues to be booming, and high-dividend repurchases during the Ningde era boosted confidence. 2026H1 achieved operating income of 276.9 billion yuan, +55% year-on-year; realized net profit of 43.3 billion yuan, +42% year-on-year. Power energy storage increased in both directions, breaking through the global share. Domestic and international energy storage business projects continue to be implemented, 60 GWh sodium-ion energy storage cooperation was signed, and 2 GWh large-scale energy storage project was launched; 587Ah energy storage batteries, 9MWh TENER Stack and other products were mass-produced, ranking in the first tier of global energy storage system integrators. The dynamic storage business is expanding in both directions based on technology and channel advantages. Continuously expand the electrification scenario layout, and develop forensic breakthroughs in emerging fields such as ship shipping, low-altitude eVTOL, and AI data centers. Increase dividend repurchases and consolidate shareholder returns. Considering the high increase in the company's power storage in both directions, its ability to innovate and lead the market, and its excellent supply chain integration and management capabilities, maintaining a “buy-A” investment rating, the target price for 12 months is 520 yuan, which is equivalent to a dynamic price-earnings ratio of 24 times in 2026.

The SDIC Securities Research Report pointed out that moving and storage continues to be booming, and high-dividend repurchases during the Ningde era boosted confidence. 2026H1 achieved operating income of 276.9 billion yuan, +55% year-on-year; realized net profit of 43.3 billion yuan, +42% year-on-year. Power energy storage increased in both directions, breaking through the global share. Domestic and international energy storage business projects continue to be implemented, 60 GWh sodium-ion energy storage cooperation was signed, and 2 GWh large-scale energy storage project was launched; 587Ah energy storage batteries, 9MWh TENER Stack and other products were mass-produced, ranking in the first tier of global energy storage system integrators. The dynamic storage business is expanding in both directions based on technology and channel advantages. Continuously expand the electrification scenario layout, and develop forensic breakthroughs in emerging fields such as ship shipping, low-altitude eVTOL, and AI data centers. Increase dividend repurchases and consolidate shareholder returns. Considering the high increase in the company's power storage in both directions, its ability to innovate and lead the market, and its excellent supply chain integration and management capabilities, maintaining a “buy-A” investment rating, the target price for 12 months is 520 yuan, which is equivalent to a dynamic price-earnings ratio of 24 times in 2026.