Investment Rating - The report maintains a "Buy" rating for Ningde Times, indicating an expected return exceeding 15% over the next 6-12 months [1][8]. Core Insights - Ningde Times leads in technological breakthroughs with new battery products, including sodium batteries and the Xiaoyao dual-core battery, showcasing its advanced R&D capabilities and commercial strength [1]. - The report highlights the growing trend of range-extended electric vehicles (REEVs), which are expected to become a dominant force in the electrification of the automotive market, particularly in scenarios where charging infrastructure is lacking [2][3]. - The electrification of commercial vehicles, especially heavy trucks, is accelerating, with battery companies focusing on developing solutions tailored for this segment [4]. Summary by Sections Section 1: Technological Advancements - Ningde Times has introduced three groundbreaking battery products, including sodium batteries and the second-generation supercharging battery, which demonstrate significant advancements in energy density and charging capabilities [1]. - The new self-generating lithium/sodium anode technology is expected to enhance the performance of related electrolyte additives and lithium supplementation agents [1]. Section 2: Market Trends - Range-extended vehicles are projected to capture 30% of the domestic electric vehicle market, with sales expected to reach 1.167 million units in 2024, reflecting a year-on-year growth of 78.7% [2]. - The market share of range-extended vehicles in China is anticipated to increase from 3.6% to 9.1% between 2022 and 2024 [2]. Section 3: Commercial Vehicle Electrification - The report notes that commercial vehicles account for 12% of the total vehicle population but contribute to 56% of carbon emissions in the transportation sector [4]. - Battery companies are increasingly targeting the commercial vehicle market, with innovations in battery technology aimed at meeting the operational demands of heavy-duty vehicles [4]. Section 4: Investment Recommendations - The report suggests focusing on companies such as Ningde Times, Rongbai Technology, and others that are well-positioned to benefit from the trends in large-capacity range-extended vehicles and commercial vehicle electrification [4].