BOCOM International·2025-11-14 08:43Investment Rating - The report assigns a "Buy" rating to several companies in the battery industry, including Ningde Times, Yiwei Lithium Energy, Guoxuan High-Tech, and others, with target prices indicating potential upside [1][10]. Core Insights - The report highlights a month-on-month increase in lithium battery production in November, indicating a positive trend in supply and demand dynamics within the industry [2]. - In October, the retail sales of new energy vehicles in China reached 1.28 million units, reflecting a year-on-year increase of 7.3% [2]. - The report emphasizes the robust growth in battery installation, with a total of 84.1 GWh installed in October, marking a year-on-year increase of 42.1% [2]. - The report notes that the prices of upstream lithium battery materials have risen recently, with lithium hexafluorophosphate exceeding 120,000 RMB per ton and battery-grade lithium carbonate surpassing 80,000 RMB per ton [2]. - The report suggests that the upcoming adjustments to the new energy vehicle purchase tax exemption policy in 2026 may stimulate consumer purchases before the end of 2025, maintaining high demand for lithium batteries [2]. Summary by Sections Company Ratings - Ningde Times (300750 CH): Buy, Target Price: 458.75 RMB, Current Price: 415.60 RMB [1]. - Yiwei Lithium Energy (300014 CH): Buy, Target Price: 94.74 RMB, Current Price: 87.37 RMB [1]. - Guoxuan High-Tech (002074 CH): Buy, Target Price: 54.84 RMB, Current Price: 43.40 RMB [1]. - Zhongxin Innovation (3931 HK): Buy, Target Price: 24.77 HKD, Current Price: 35.20 HKD [1]. - Ruipu Lanjun (666 HK): Buy, Target Price: 15.46 HKD, Current Price: 16.48 HKD [1]. Market Performance - The report indicates that the battery industry has shown a significant performance improvement compared to the Hang Seng Index over the past year [1]. - The report provides a detailed analysis of the battery installation volume and export performance, with exports reaching 28.2 GWh in October, a year-on-year increase of 33.5% [2][7]. Production and Demand Trends - The report notes that the production of lithium batteries is expected to continue increasing, with a forecasted production of 138.6 GWh in November, a month-on-month increase of 1.5% [2]. - The report highlights the strong performance of leading lithium battery companies, with Ningde Times reporting a revenue of 104.2 billion RMB in Q3, a year-on-year increase of 12.9% [2].