Citi lowered the target price of Ningde Times A shares from $500 to $479 and the target price of H shares from HK$765 to HK$732. The company's results for the third quarter of 2026 fell short of expectations. Analysts such as Jack Shang said in the report that net profit for the third quarter fell short of expectations, mainly due to lower-than-expected gross margin and increased expenses and asset impairment losses. The low gross margin is mainly due to confirmation of shipments of low-profit products, the impact of consumption tax, and a reduction in the battery export tax rebate rate. The bank lowered Ningde Era's 2026-28 profit forecast by 9%, 14%, and 15% respectively to RMB 860, 1030, and 122 billion yuan. The stock is still the first choice for the sector. However, given that performance falls short of expectations, Citi expects that after all negative news has been digested, the next window for the stock price to outperform may be the first quarter of 2027. The closing price of Ningde Times A shares on Tuesday was 259.08 yuan. The target price after the reduction was equivalent to about 85% of the upward space. The company's stock price has declined by 29.5% year to date.

Citi lowered the target price of Ningde Times A shares from $500 to $479 and the target price of H shares from HK$765 to HK$732. The company's results for the third quarter of 2026 fell short of expectations. Analysts such as Jack Shang said in the report that net profit for the third quarter fell short of expectations, mainly due to lower-than-expected gross margin and increased expenses and asset impairment losses. The low gross margin is mainly due to confirmation of shipments of low-profit products, the impact of consumption tax, and a reduction in the battery export tax rebate rate. The bank lowered Ningde Era's 2026-28 profit forecast by 9%, 14%, and 15% respectively to RMB 860, 1030, and 122 billion yuan. The stock is still the first choice for the sector. However, given that performance falls short of expectations, Citi expects that after all negative news has been digested, the next window for the stock price to outperform may be the first quarter of 2027. The closing price of Ningde Times A shares on Tuesday was 259.08 yuan. The target price after the reduction was equivalent to about 85% of the upward space. The company's stock price has dropped 29.5% year to date.