According to a report published by Bank of America Securities, the second quarter revenue of the Ningde Era was 148 billion yuan, up 57% year on year and 14% month on month, 13% higher than the bank's forecast; net profit was 22.5 billion yuan, up 37% year on year and 9% month on month, which is generally in line with market expectations. In the first half of the year, sales of electric vehicle batteries were 19.2 billion yuan, up 46% year on year; sales of energy storage systems were 53.3 billion yuan, up 88% year on year. Management expects that, driven by demand for commercial vehicles and energy storage systems, demand growth will continue to be strong from the second half of the year, and the impact of export tax rebates and consumption tax will be shared between the company and customers, and profits per unit will be generally stable. Ningde Times also announced an A-share repurchase plan of 20 billion to 40 billion yuan, which is equivalent to 0.75% to 1.51% of the issued shares. The repurchased shares will be cancelled. Bank of America raised its target price for H shares from HK$770 to HK$775, and the target price for A-shares from $596 to $599, reaffirming its “buy” rating.

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