Drinda(SZ:002865) Ge Long Hui·2025-11-01 00:47Core Insights - The company reported a significant improvement in Q3 performance, with a net profit of -155 million yuan, a 38.05% reduction in losses compared to the same period last year, and a 10.42% year-on-year increase in revenue to 2.018 billion yuan [1] - The overseas sales ratio has become a key growth driver, with expectations to exceed 50% by Q3 2025, significantly up from 23.85% for the entire year of 2024 [1] - The company has optimized its capital structure, enhancing financial stability, with a debt ratio of 74.14% by the end of Q3 following a successful Hong Kong listing [1] Group 1 - The company is advancing its overseas production capacity, with a local battery project in Turkey expected to start shipments by late 2025 to early 2026, targeting the U.S. and European markets [2] - The Oman 5GW project is being approached cautiously due to international trade policies and equity structure issues, reflecting a rational decision-making process in the current geopolitical climate [2] Group 2 - The solar industry is experiencing consolidation, with increasing concentration driven by supply-side reforms and anti-competition policies, positioning the company favorably within the market [3] - The company is enhancing its production efficiency for N-type batteries and achieving leading results in TBC pilot tests, with perovskite tandem cell lab efficiency reaching 32.08% [3] - The company has adjusted its profit forecasts for 2025 and 2026 due to intense competition leading to significant price declines, projecting net profits of -389 million yuan and 502 million yuan for 2025 and 2026, respectively [3]