大行评级丨里昂：中国储能新政有利内地电池股 宁德时代目标价535港元

Core Viewpoint - The latest energy storage policy released by the National Energy Administration indicates that an additional 100 GW of energy storage capacity will be installed from 2025 to 2027, equating to 300 GWh, which is expected to drive an investment scale of 250 billion RMB over three years [1] Company Summary - Ningde Times (3750.HK), as a leading global manufacturer of electric vehicle and energy storage batteries, is anticipated to benefit from the favorable policy, with expected profit growth accelerating to 37% year-on-year this year [1] - The H-share target price for Ningde Times is set at 535 HKD with an "outperform" rating, while the A-share target price is set at 390 RMB with a "highly confident outperform" rating [1]