Aijian Securities Research Report pointed out that concerns about declining profits in the Ningde era were amplified, and technological leading+scale advantages created high cost performance. The company's leading technology, supply chain control capabilities and scale advantages have created a moat, and is currently cost-effective. 1) Ningde Era's supply chain control capabilities are significantly leading, increasing the company's profits; 2) Under the diversified demand of automakers in the supply chain, the momentum to increase Ningde Era's share will be weakened, but its technical advantages will still support the stability of its position in the industry. Furthermore, the company uses leading net interest rates to mother as the core to boost ROE, showing the company's sustainable and high-quality profitability; 3) We believe that the current market's concerns about declining demand and overcapacity have been amplified, and the company is currently cost-effective. It is believed that the Ningde era can gradually improve the layout of upstream raw materials through self-mining and shareholding, etc., have a comprehensive layout in the fields of lithium ore resources, positive and negative electrodes, and recover lithium resources earlier, which can effectively curb the negative impact of fluctuations in raw material prices. Considering that the company has a leading edge in scale and technology, supply chain control capabilities further strengthen its profitability. In 2026-2028, the company's PE was lower than the average of comparable companies, covered for the first time, and given a “buy” rating.

Aijian Securities Research Report pointed out that concerns about declining profits in the Ningde era were amplified, and technological leading+scale advantages created high cost performance. The company's leading technology, supply chain control capabilities and scale advantages have created a moat, and is currently cost-effective. 1) Ningde Era's supply chain control capabilities are significantly leading, increasing the company's profits; 2) Under the diversified demand of automakers in the supply chain, the momentum to increase Ningde Era's share will be weakened, but its technical advantages will still support the stability of its position in the industry. Furthermore, the company uses leading net interest rates to mother as the core to boost ROE, showing the company's sustainable and high-quality profitability; 3) We believe that the current market's concerns about declining demand and overcapacity have been amplified, and the company is currently cost-effective. It is believed that the Ningde era can gradually improve the layout of upstream raw materials through self-mining and shareholding, etc., have a comprehensive layout in the fields of lithium ore resources, positive and negative electrodes, and recover lithium resources earlier, which can effectively curb the negative impact of fluctuations in raw material prices. Considering that the company has a leading edge in scale and technology, supply chain control capabilities further strengthen its profitability. In 2026-2028, the company's PE was lower than the average of comparable companies, covered for the first time, and given a “buy” rating.