Drinda(SZ:002865) Xin Lang Cai Jing·2025-04-22 10:38Core Viewpoint - Hainan Drinda New Energy Technology Co., Ltd. (referred to as "the company") is planning to list on the Hong Kong Stock Exchange on April 21, 2025, after passing the hearing, with the aim of raising funds for overseas photovoltaic cell production bases, technology research and development, and overseas sales [1][4]. Company Overview - The company was established in 2003 and is a leading manufacturer of photovoltaic cells, focusing on the research, production, and sales of high-efficiency photovoltaic cells, including N-type TOPCon and P-type PERC cells [1][4]. - The company was listed on the A-share market in September 2017 and transitioned to the photovoltaic industry after acquiring Jietai Technology in September 2021 [2][4]. Financial Performance - In 2024, the company's revenue was approximately RMB 9.924 billion, a year-on-year decline of 46.7%, with a net loss of RMB 166 million, marking a shift from profit to loss [1][4]. - The company's gross profit for 2024 was approximately RMB -85 million, with a gross margin of -0.86% [2][4]. - The average selling price of N-type TOPCon cells dropped from RMB 1.14 per watt in 2022 to RMB 0.31 per watt in 2024, reflecting significant price declines in the photovoltaic market [4]. Market Position - According to Frost & Sullivan, the company held a global market share of approximately 24.7% in N-type TOPCon cells as of 2024, ranking first among specialized manufacturers [2][4]. - The company's overall market share in photovoltaic cells was approximately 17.9%, also ranking first among specialized manufacturers [2][4]. - In 2023, the company ranked eighth among global photovoltaic cell manufacturers with a market share of about 5.5% [6][8]. Industry Outlook - The global photovoltaic cell market size reached 605.4 GW in 2024, driven by steady growth in demand for renewable energy, particularly solar energy [4][6]. - The global photovoltaic cell shipment volume for specialized manufacturers was 234.3 GW in 2023 and is projected to be 188.0 GW in 2024 [8].