The CITIC Construction Investment Securities Research Report points out that during the Ningde era, shipments increased rapidly and profits were steady. The company's 26H1 achieved revenue/return/deduction of 2769/433/39 billion yuan, +55%/+42%/+43% year-on-year; of these, 26Q2 achieved revenue/return/deduction of not 1478/225/20.9 billion yuan, +57%/+36% YoY, +14%/+9%/+16% month-on-month. In terms of volume, 26H1 has entered the inventory cycle, and the peak season is in short supply. The 26h1 production/sales volume is expected to be 498/435 GWh, respectively, +61% compared to the same period, with energy storage sales accounting for nearly 25%; H1 generates 63 GWh of inventory. The current total inventory of finished products is estimated to be about 250GWh, or +71% over the same period. The increase is mainly in inventory products. It is expected that the company's H2 production capacity will be in short supply to ensure early production and preparation. The company announced that it plans to use 20 to 40 billion yuan to repurchase A-shares and cancel them. Based on a median value of 30 billion yuan, the corresponding dividend rate is about 1.6%. If the previous dividend rhythm continues at the end of the year, the dividend rate will continue to exceed expectations. The company's valuation is at the bottom of history, giving it a “buy” rating.

The CITIC Construction Investment Securities Research Report points out that during the Ningde era, shipments increased rapidly and profits were steady. The company's 26H1 achieved revenue/return/deduction of 2769/433/39 billion yuan, +55%/+42%/+43% year-on-year; of these, 26Q2 achieved revenue/return/deduction of not 1478/225/20.9 billion yuan, +57%/+36% YoY, +14%/+9%/+16% month-on-month. In terms of volume, 26H1 has entered the inventory cycle, and the peak season is in short supply. The 26h1 production/sales volume is expected to be 498/435 GWh, respectively, +61% compared to the same period, with energy storage sales accounting for nearly 25%; H1 generates 63 GWh of inventory. The current total inventory of finished products is estimated to be about 250GWh, or +71% over the same period. The increase is mainly in inventory products. It is expected that the company's H2 production capacity will be in short supply to ensure early production and preparation. The company announced that it plans to use 20 to 40 billion yuan to repurchase A-shares and cancel them. Based on a median value of 30 billion yuan, the corresponding dividend rate is about 1.6%. If the previous dividend rhythm continues at the end of the year, the dividend rate will continue to exceed expectations. The company's valuation is at the bottom of history, giving it a “buy” rating.