Drinda(SZ:002865) Sou Hu Cai Jing·2025-06-03 10:42Core Viewpoint - JunDa Co., Ltd. experienced a significant drop in its stock price on June 3, with a decline of 12.86% in Hong Kong, closing at HKD 25.4 per share, resulting in a market capitalization of HKD 74.32 billion. In contrast, its A-share performance was stable, with a slight decrease of 1.16% [1][3]. Company Overview - JunDa Co., Ltd. is the first company in the photovoltaic battery industry to be listed as an "A+H" stock. The company has seen a strong rise in stock price since its recent listing in Hong Kong, attracting institutional interest [3]. - The company announced that starting June 3, 2025, its H-shares will be included in the Hong Kong Stock Connect program, which is expected to broaden its investor base and enhance trading liquidity [3]. Market Performance - Despite the positive expectations associated with the inclusion in the Stock Connect, JunDa's stock price fell sharply, which is contrary to typical market behavior where stocks included in the program usually see price increases. This unusual movement has raised questions among investors [5]. - The trading volume for JunDa significantly increased, indicating that many investors were selling off their shares [5]. Industry Context - JunDa holds a leading position in the photovoltaic industry, with a global market share of approximately 24.7% for N-type TOPCon batteries and about 17.9% for photovoltaic batteries, ranking first and second respectively among professional manufacturers [5]. - The photovoltaic industry is currently facing intense competition, with price declines across the supply chain and a challenging supply-demand balance, which has negatively impacted the profitability of many listed companies in the sector [5]. Financial Performance - Financial reports indicate that JunDa's revenues for 2022, 2023, and projected for 2024 are RMB 11.086 billion, RMB 18.611 billion, and RMB 9.924 billion respectively. The net profits for 2022 and 2023 were RMB 617 million and RMB 816 million, while a net loss of RMB 591 million is projected for 2024 [6]. - In Q1 2025, JunDa's revenue dropped to RMB 1.872 billion, with a net loss of RMB 106 million, attributed to declining average selling prices and reduced sales volume of N-type TOPCon batteries, as well as the cessation of P-type PERC battery sales [6]. Investor Sentiment - The ongoing trade tensions have impacted the photovoltaic industry's international expansion, leading to cautious investor sentiment regarding the future of photovoltaic companies [6]. - The overall pessimism in the market may have prompted investors to take profits or adopt a wait-and-see approach on the first day of JunDa's inclusion in the Stock Connect [6]. Conclusion - The stock performance of JunDa Co., Ltd. appears to be influenced by multiple factors, including industry conditions and investor behavior. Future attention should be focused on whether the photovoltaic industry can recover from its current downturn and if JunDa can stabilize its performance [7].