The Zhitong Finance App learned that Goldman Sachs released a research report stating that it will lower the target price of Ningde Era (03750) H shares to HK$859 to maintain a “buy” rating. The bank expects the company's net profit for the third quarter to reach 24 billion yuan, an increase of 30% over the previous year, mainly driven by strong sales of 260 GWh, but net profit per unit is expected to drop to about 93 yuan per kWh.

The bank lowered Ningde Era's 2026-2028 earnings forecast per share by 1% to 2% to reflect that higher sales were offset by more prudent unit margin assumptions. The bank expects that the main variables in the third quarter will be the share of energy storage systems, impairment losses in raw material inventory, and whether the battery consumption tax that has been reinstated will be passed on.

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