According to a research report published by J.P. Morgan Chase, the Ningde era recorded a net profit of 21.2 billion yuan in the third quarter, which is lower than the buyers' market expectations of more than 22 billion yuan. The previous forecast was over 26 billion yuan. Management attributed the month-on-month decline in earnings per watt-hour to an unfavorable product portfolio, the implementation of a 2% battery consumption tax in September, and the impact of a quarterly reduction in export rebates. The bank lowered Ningde Era's profit forecast for this year and next two years by 4% and 6% to $86 billion and $94 billion, respectively. The target price for H shares was lowered from HK$500 to HK$440, maintaining a “neutral” rating, and the target price for A-shares was lowered from $340 to $310, maintaining an “incremental” rating. The bank believes that if the transfer of costs such as consumption tax is not completed, profitability in the fourth quarter may continue to be pressured, but it still continues to regard the Ningde Era as the battery manufacturer most capable of coping with the industry's profit reset, benefiting from its balance sheet strength, technological leadership, and ecological advantages.

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