Group 1 - The core viewpoint of the report is that Zhongyou Securities maintains an "overweight" rating for Junda Co., Ltd. (02865), while adjusting revenue forecasts due to intense industry competition [1] - The revenue forecasts for Junda Co., Ltd. for 2025, 2026, and 2027 are projected to be 10.0 billion, 12.03 billion, and 14.67 billion yuan respectively [1] - The net profit attributable to the parent company is expected to be -5 million yuan for the forecast period [1] Group 2 - The company is experiencing a rapid increase in its overseas sales proportion, which is expected to rise from 23.85% in 2024 to 51.87% [1] - The gross margin for overseas sales is reported to be 4.5%, reflecting a year-on-year increase of 2.8 percentage points, while the domestic gross margin is at -0.8% [1] - Junda Co., Ltd. is continuously promoting N-type technology to reduce costs and improve efficiency, focusing on the next generation of battery technology [1] Group 3 - The company is implementing various technologies such as half-cell edge passivation, wave backfield, and ultra-fine grid to achieve cost reduction and efficiency improvement [1] - The pilot test xBC battery's conversion efficiency is expected to improve by 1-1.5 percentage points compared to mainstream N-type battery efficiency [1]