DBS published a research report. It is expected that profitability in the Ningde era will weaken due to rising tax rates, and unit profit is expected to fall month-on-month, but it is believed that long-term growth potential still exists. The bank maintained its “buy” rating. The target price for Hong Kong stocks was lowered from HK$736 to HK$695, the target price for A-shares was lowered from $484 to $438, and the earnings forecast per share for next year was lowered from $24.2 to $21.9. The bank expects the industry's profitability to remain under pressure next year, as China's battery export tax rebates will be reduced from 6% to zero in 2027, and the pressure on unit profit may continue. However, the company continues to target a 20% to 30% year-on-year increase in shipments in 2027, and expects a steady expansion of sales until 2030. Demand for overseas electric vehicles and energy storage batteries is stronger than expected, and the continued increase in shipments should partially offset the decline in unit profit.

DBS published a research report. It is expected that profitability in the Ningde era will weaken due to rising tax rates, and unit profit is expected to fall month-on-month, but it is believed that long-term growth potential still exists. The bank maintained its “buy” rating. The target price for Hong Kong stocks was lowered from HK$736 to HK$695, the target price for A-shares was lowered from $484 to $438, and the earnings forecast per share for next year was lowered from $24.2 to $21.9. The bank expects the industry's profitability to remain under pressure next year, as China's battery export tax rebates will be reduced from 6% to zero in 2027, and the pressure on unit profit may continue. However, the company continues to target a 20% to 30% year-on-year increase in shipments in 2027, and expects a steady expansion of sales until 2030. Demand for overseas electric vehicles and energy storage batteries is stronger than expected, and the continued increase in shipments should partially offset the decline in unit profit.