股市面面观丨靓丽三季报叠加需求旺盛，多家海外投行上调“宁王”目标价

Core Viewpoint - Ningde Times reported strong Q3 results, with significant revenue and profit growth, indicating robust performance in the battery and energy storage sectors [2][6]. Financial Performance - For the first three quarters, Ningde Times achieved revenue of 283.07 billion yuan, a year-on-year increase of 9.28%, and a net profit of 49.03 billion yuan, up 36.2% [2]. - In Q3 alone, the company recorded revenue of 104.19 billion yuan, a year-on-year growth of 12.9% and a quarter-on-quarter increase of 10.62%. The net profit for the quarter was 18.55 billion yuan, reflecting a year-on-year rise of 41.21% and a quarter-on-quarter growth of 12.26% [2]. Capacity and Growth Outlook - The company is currently operating at full capacity and is actively expanding new production facilities, including a new base in Jining, to meet increasing demand [3]. - The demand for energy storage is expected to remain strong, with projections indicating high growth for both battery and energy storage businesses through 2026 [3]. International Expansion and Product Development - Currently, approximately 70% of Ningde Times' revenue comes from the domestic market, while 30% is from overseas. The company is progressing well with its overseas factories, including a plant in Hungary expected to start production by the end of the year [4]. - The company is developing sodium-ion batteries, which are anticipated to have significant advantages in low-temperature performance, safety, and reduced reliance on lithium resources [4][5]. Market Sentiment and Analyst Ratings - Following the strong Q3 results, multiple international investment banks and domestic brokerages have raised their target prices for Ningde Times, reflecting positive market sentiment [6][7]. - Bank of America upgraded its profit forecasts for 2025-2027 by 3% and raised the target price for H-shares from 570 HKD to 605 HKD, and for A-shares from 467 CNY to 495 CNY [7]. - Nomura Securities also increased its profit forecasts for 2025-2027 by 3.7%-9.5% and raised the A-share target price from 362 CNY to 465 CNY, maintaining a "buy" rating [7].