Guosheng Securities Research Report pointed out that Q3 profits were disrupted in the short term during the Ningde era, and the global share+electricity exchange layout continued to strengthen. Net profit to mother for the first three quarters of 2026 was 64.53 billion yuan, +31.6% year-on-year; of these, Q3 net profit to mother was 21.25 billion yuan, -5.8% month-on-month. In the first three quarters, Ningde Era's global power battery load share was 39.1%, +1.6 pct year on year. Buyback and employee shareholding demonstrate confidence in long-term development. The company lays out a power exchange ecosystem, gradually transforming from a battery supplier to an energy service provider. Since October, the company has signed power exchange cooperation with a number of companies. Among them, on October 19, the company signed a strategic cooperation framework with Diwang and Times Electric Service, which will pioneer “intelligent and sensorless energy supplementation”, and Dianhope will also join the chocolate electricity exchange ecosystem; on October 22, the company and BAIC Group signed a strategic cooperation agreement with BAIC Group. Considering the impact of declining consumption tax and export tax rebates, the company's net profit due to the 2026-2028 is estimated to be 880.0/1067.3/126.11 billion yuan, an increase of 21.9%/21.3%/18.2%. Based on the closing price on November 10, it corresponds to PE13.1x/10.8x/9.2x. Maintain a “buy” rating.

Guosheng Securities Research Report pointed out that Q3 profits were disrupted in the short term during the Ningde era, and the global share+electricity exchange layout continued to strengthen. Net profit to mother for the first three quarters of 2026 was 64.53 billion yuan, +31.6% year-on-year; of these, Q3 net profit to mother was 21.25 billion yuan, -5.8% month-on-month. In the first three quarters, Ningde Era's global power battery load share was 39.1%, +1.6 pct year on year. Buyback and employee shareholding demonstrate confidence in long-term development. The company lays out a power exchange ecosystem, gradually transforming from a battery supplier to an energy service provider. Since October, the company has signed power exchange cooperation with a number of companies. Among them, on October 19, the company signed a strategic cooperation framework with Diwang and Times Electric Service, which will pioneer “intelligent and sensorless energy supplementation”, and Dianhope will also join the chocolate electricity exchange ecosystem; on October 22, the company and BAIC Group signed a strategic cooperation agreement with BAIC Group. Considering the impact of declining consumption tax and export tax rebates, the company's net profit due to the 2026-2028 is estimated to be 880.0/1067.3/126.11 billion yuan, an increase of 21.9%/21.3%/18.2%. Based on the closing price on November 10, it corresponds to PE13.1x/10.8x/9.2x. Maintain a “buy” rating.