[Citi: Ningde Times first quarter net profit exceeds expectations to maintain the company's first choice in the industry] Citi said that in the case of seasonal weakness, Ningde Times first quarter net profit exceeded market expectations, maintaining the company's buy rating and industry preference. Analyst Jack Shang and others pointed out in the report that the board secretary of Ningde Times said that the company reduced its battery inventory in the first quarter and that battery production was lower than sales, but he believes that if demand recovers, the company will soon replenish battery supply because of sufficient capacity in the supply chain. Management expects the company's gross profit margin to remain stable or rise slightly in 2023. The target price for the company is 557 yuan, which is calculated to have 41% upside room compared with the latest closing price.