Lyon: First gives a "highly confident outperform market" rating to Ningde Times (03750.HK) with a target price of 385 Hong Kong dollars.

Zhitong Finance and Economics APP learned that Lyon released a research report stating that it first gave NINGDE Times (03750.HK) a "highly confident outperforming the market" rating with a target price of 385 Hong Kong dollars. The valuation is extended to the 2026 fiscal year using a comprehensive valuation method. The electric vehicle battery business is valued at 13 times the EBITDA of the forecasted 2026 fiscal year enterprise value, and the energy storage battery business is valued at 12 times the EBITDA of the forecasted 2026 fiscal year enterprise value. The bank raised its profit margin assumptions for NINGDE, with net profit forecasts for the fiscal years 2026 to 2027 increased by 0.5 to 2%.