The Western Securities Research Report pointed out that the performance of the Ningde era was in line with expectations, and the global share continued to increase and strengthen the pattern. Increased market share at home and abroad has driven a high increase in the scale of shipments, and short-term disturbances in rising raw materials profits are manageable. It is estimated that 26Q2 shipped a total of 235GWh, +57% YoY and +15% month-on-month. The domestic share of the power business continued to increase. From January to June 2026, the company's share of passenger car loading in the domestic market reached 46.7%, +5.6 pct; the share of overseas markets increased steadily. According to SNE, the company's overseas market share reached 33.7% from January to May 2026, +3.7 pct year on year. The expansion of production capacity contributed to the increase in supply, and global orders for sodium-electric energy storage accelerated. The company's sodium-electric products are pioneering in the global market, driving sodium-electric energy storage from pilot to large-scale application. Considering the gradual release of the company's production expansion to meet downstream incremental demand, the battery shipment volume is expected to be about 1,000 GWh in '26. The company is expected to achieve net profit of 974.39/1387.32/165.734 billion yuan in 2026-2028, +35%/+19.5% year-on-year, corresponding EPS of 21.06/29.99/35.82 yuan, maintaining a “buy” rating.

The Western Securities Research Report pointed out that the performance of the Ningde era was in line with expectations, and the global share continued to increase and strengthen the pattern. Increased market share at home and abroad has driven a high increase in the scale of shipments, and short-term disturbances in rising raw materials profits are manageable. It is estimated that 26Q2 shipped a total of 235GWh, +57% YoY and +15% month-on-month. The domestic share of the power business continued to increase. From January to June 2026, the company's share of passenger car loading in the domestic market reached 46.7%, +5.6 pct; the share of overseas markets increased steadily. According to SNE, the company's overseas market share reached 33.7% from January to May 2026, +3.7 pct year on year. The expansion of production capacity contributed to the increase in supply, and global orders for sodium-electric energy storage accelerated. The company's sodium-electric products are pioneering in the global market, driving sodium-electric energy storage from pilot to large-scale application. Considering the gradual release of the company's production expansion to meet downstream incremental demand, the battery shipment volume is expected to be about 1,000 GWh in '26. The company is expected to achieve net profit of 974.39/1387.32/165.734 billion yuan in 2026-2028, +35%/+19.5% year-on-year, corresponding EPS of 21.06/29.99/35.82 yuan, maintaining a “buy” rating.