Drinda(SZ:002865) Ge Long Hui·2025-06-03 22:22Core Viewpoint - JunDa Co., Ltd. successfully listed on the Hong Kong Stock Exchange, marking a significant milestone for the company as a leading global photovoltaic battery manufacturer, with a strategic focus on "technology + globalization + capital empowerment" to drive growth [1][5]. Group 1: Company Overview - JunDa's main business involves the research, production, and sales of photovoltaic batteries, with a competitive edge rooted in rapid technological iteration [1]. - The company has established a strong position in the N-type battery segment, achieving a market share of approximately 17.9% globally, ranking second among specialized photovoltaic battery manufacturers [2]. - JunDa's self-developed "MoNo2" series batteries have a conversion efficiency exceeding 26.3%, with a bifacial rate of 90%, showcasing its technological leadership [2]. Group 2: Production and Sales - The company has built a leading N-type battery industrial base with an annualized production capacity of 44.4 GW, supported by a vertically integrated supply chain [3]. - JunDa maintains high production efficiency through automated production lines and a "sales-driven production" strategy, ensuring high capacity utilization [3]. - The company has established deep partnerships with nine of the top ten global photovoltaic module manufacturers, ensuring a stable customer base and market share [3]. Group 3: Globalization Strategy - JunDa is capitalizing on the accelerating global energy transition, with increasing demand for photovoltaic solutions in emerging markets such as the Middle East, Africa, and India [4]. - The company has successfully increased its overseas sales proportion from 4.69% in 2023 to 58% in Q1 2025, indicating significant progress in its globalization strategy [5]. - JunDa aims to further integrate into local industry chains in overseas markets through technology cooperation and capacity construction [5]. Group 4: Capital Empowerment - The company raised HKD 1.405 billion through its Hong Kong listing, with 75% allocated to overseas photovoltaic battery production projects, reducing debt pressure and enhancing global sales network development [6]. - The entry into the Hong Kong Stock Connect is expected to broaden JunDa's investor base and enhance market liquidity, attracting more capital inflow [6]. - The dual listing strategy strengthens JunDa's international brand recognition and positions it favorably for valuation enhancement amid narrowing AH share premium trends [7].