Drinda(SZ:002865) Zhi Tong Cai Jing·2025-11-03 06:03Core Viewpoint - 中邮证券 maintains an "overweight" rating for JunDa Co., predicting a decline in revenue forecasts due to intense industry competition, with projected revenues for 2025-2027 at 10.0 billion, 12.03 billion, and 14.67 billion yuan respectively, and net profits of -510 million, 620 million, and 1.05 billion yuan respectively [1] Group 1: Financial Performance - In Q1-Q3 2025, the company achieved revenue of 5.68 billion yuan, a year-on-year decrease of 30.7%, with a net profit of -420 million yuan, a slight year-on-year decrease of 0.5% [1] - The company's gross margin and net margin were 1.5% and -7.4% respectively, with year-on-year changes of +1.2% and -2.3% [1] - The company's non-recurring net profit was -720 million yuan, showing a year-on-year increase of 2.7% [1] Group 2: International Expansion - The company's overseas sales proportion is expected to increase significantly from 23.85% in 2024 to 51.87% [1] - The gross margin for overseas sales is 4.5%, with a year-on-year increase of 2.8 percentage points, while the domestic gross margin is -0.8%, a year-on-year decrease of 1.7 percentage points [1] - The company has signed a strategic cooperation agreement with local component customers in Turkey to jointly build a high-efficiency battery project, addressing structural capacity gaps in the region [1] Group 3: Technological Advancements - The company is continuously promoting N-type technology to reduce costs and improve efficiency, utilizing techniques such as half-cell edge passivation and ultra-fine grid [2] - The lab efficiency of the perovskite tandem battery developed in collaboration with external institutions has reached 32.08% [2] - The company's pilot xBC battery conversion efficiency is expected to improve by 1-1.5 percentage points compared to mainstream N-type battery efficiency, maintaining alignment with industry leaders [2]