According to the Dongwu Securities Research Report, shipments continued to increase during the Ningde era, and taxes and product structure affected profits. The company's net profit for 26Q1-3 was 64.53 billion yuan, +32% year-on-year, of which net profit for 26Q3 was 21.25 billion yuan, +15%/-6% year-on-month. Mobile storage production and sales are booming, and demand continues to grow. Prices are stable month-on-month, and changes in taxes and product structure affect unit profits, which are expected to be partially transmitted in the future. Overall, due to the impact of consumption tax and export tax rebates, and the increase in the share of domestic energy storage, etc., the profit of a battery caliber single Wh was 0.057 yuan, and the company's profit per caliber single Wh was 0.081 yuan. The company actively cooperates with downstream customers, and profits are expected to stabilize in the future. The company's 26Q3 net operating cash flow was 1.41 billion yuan, -94%/-95%. Mainly due to the impact of a decrease of 22.1 billion yuan in bills payable and accounts payable, it has reached a good supply model with suppliers, which will improve markedly in the future; Q3 capital expenditure was 17.1 billion yuan, +73%/+35% year-on-month, and production expansion progressed steadily. Considering the company's leading position in global batteries, customers, technical advantages and business growth potential, it was given 20x PE for 27 years, with a target price of 431 yuan, maintaining a “buy” rating.

According to the Dongwu Securities Research Report, shipments continued to increase during the Ningde era, and taxes and product structure affected profits. The company's net profit for 26Q1-3 was 64.53 billion yuan, +32% year-on-year, of which net profit for 26Q3 was 21.25 billion yuan, +15%/-6% year-on-month. Mobile storage production and sales are booming, and demand continues to grow. Prices are stable month-on-month, and changes in taxes and product structure affect unit profits, which are expected to be partially transmitted in the future. Overall, due to the impact of consumption tax and export tax rebates, and the increase in the share of domestic energy storage, etc., the profit of a battery caliber single Wh was 0.057 yuan, and the company's profit per caliber single Wh was 0.081 yuan. The company actively cooperates with downstream customers, and profits are expected to stabilize in the future. The company's 26Q3 net operating cash flow was 1.41 billion yuan, -94%/-95%. Mainly due to the impact of a decrease of 22.1 billion yuan in bills payable and accounts payable, it has reached a good supply model with suppliers, which will improve markedly in the future; Q3 capital expenditure was 17.1 billion yuan, +73%/+35% year-on-month, and production expansion progressed steadily. Considering the company's leading position in global batteries, customers, technical advantages and business growth potential, it was given 20x PE for 27 years, with a target price of 431 yuan, maintaining a “buy” rating.