Lyon: Raised target price of Ningde Times (03750.HK) to 670 Hong Kong dollars, reiterating outperforming the market rating.

According to the Zhitong Finance APP, a research report released by Lyon stated that during the 2025 World Energy Storage Conference in Ningde Times (03750.HK), they visited Ningde and learned that their current production of electric vehicles and ESS are both operating at full capacity with strong demand, especially in the overseas ESS market. Assuming that battery shipments will increase by 10% from 2026 to 2027, the bank raised its earnings forecast for 2026 and 2027 by 9% each. Lyon has revised the target prices for Ningde Times' A and H shares from RMB 390 and HKD 535 to RMB 490 and HKD 670 respectively, and reaffirmed an outperform rating against the broader market.