Shen Wan Hongyuan's research indicates that the performance of the Ningde era was in line with expectations, and large repurchases strengthened shareholder returns. In the first half of the year, the company achieved operating income of 276.917 billion yuan, an increase of 54.80% over the previous year; net profit to mother was 43.284 billion yuan, an increase of 41.98% over the previous year. Looking at Q2 alone, the company achieved revenue of 147.8 billion yuan, about +57% year on year and +14% month on month; realized net profit of 225 billion yuan, +36% year over year and +9% month on month, and both revenue and profit continued to grow rapidly. Shipment scale has increased rapidly, global share has further increased, and technological iteration continues to strengthen the leading edge. The company announced that it intends to use its own or self-raised capital to repurchase A-shares through centralized bidding. The repurchase amount is not less than 20 billion yuan or no more than 40 billion yuan, and the maximum repurchase price is 573 yuan/share. This large repurchase will directly reduce the total share capital, which is expected to increase earnings per share, increase shareholder returns, and positively support the company's valuation. We believe that global demand for power energy storage is strong and that the company's global share is expected to continue to increase in the future, leading the industry in profitability. Therefore, maintain the “buy” rating.

Shen Wan Hongyuan's research indicates that the performance of the Ningde era was in line with expectations, and large repurchases strengthened shareholder returns. In the first half of the year, the company achieved operating income of 276.917 billion yuan, an increase of 54.80% over the previous year; net profit to mother was 43.284 billion yuan, an increase of 41.98% over the previous year. Looking at Q2 alone, the company achieved revenue of 147.8 billion yuan, about +57% year on year and +14% month on month; realized net profit of 225 billion yuan, +36% year over year and +9% month on month, and both revenue and profit continued to grow rapidly. Shipment scale has increased rapidly, global share has further increased, and technological iteration continues to strengthen the leading edge. The company announced that it intends to use its own or self-raised capital to repurchase A-shares through centralized bidding. The repurchase amount is not less than 20 billion yuan or no more than 40 billion yuan, and the maximum repurchase price is 573 yuan/share. This large repurchase will directly reduce the total share capital, which is expected to increase earnings per share, increase shareholder returns, and positively support the company's valuation. We believe that global demand for power energy storage is strong and that the company's global share is expected to continue to increase in the future, leading the industry in profitability. Therefore, maintain the “buy” rating.