Goldman Sachs listed Ningde Times and Zhengli New Energy as key targets in China's battery industry, and believes that as demand for electric vehicles and energy storage continues to grow, the industry share will be further concentrated on companies with advantages in scale, technology, and cost. Among them, the Ningde Era continues to be ranked as the industry's first choice. Goldman Sachs believes that the profit base of the company's power battery business is stable, and that more important future increases will come from energy storage and integrated energy solutions; as the business expands from simply selling batteries to system integration and services, the value and profit margin of a single project is expected to increase. The bank gave Ningde Times a 12-month target price of HK$947 for H shares and $565 for A-shares. As for Zhengli New Energy, Goldman Sachs is optimistic that it will continue to gain market share through customer expansion, increased capacity utilization, and energy storage business development, and anticipates that its future EBITDA growth rate may rank among the battery companies covered. Goldman Sachs maintains its “buy” rating and a target price of HK$9. Goldman Sachs believes that these two companies each represent the two growth logics of industry leaders continuing to expand their advantages and that second-tier manufacturers are speeding up their share.

Goldman Sachs listed Ningde Times and Zhengli New Energy as key targets in China's battery industry, and believes that as demand for electric vehicles and energy storage continues to grow, the industry share will be further concentrated on companies with advantages in scale, technology, and cost. Among them, the Ningde Era continues to be ranked as the industry's first choice. Goldman Sachs believes that the profit base of the company's power battery business is stable, and that more important future increases will come from energy storage and integrated energy solutions; as the business expands from simply selling batteries to system integration and services, the value and profit margin of a single project is expected to increase. The bank gave Ningde Times a 12-month target price of HK$947 for H shares and $565 for A-shares. As for Zhengli New Energy, Goldman Sachs is optimistic that it will continue to gain market share through customer expansion, increased capacity utilization, and energy storage business development, and anticipates that its future EBITDA growth rate may rank among the battery companies covered. Goldman Sachs maintains its “buy” rating and a target price of HK$9. Goldman Sachs believes that these two companies each represent the two growth logics of industry leaders continuing to expand their advantages and that second-tier manufacturers are speeding up their share.