Drinda(SZ:002865) Ge Long Hui·2025-11-04 08:51Group 1 - The company reported a revenue of 5.68 billion yuan for Q1-Q3 2025, a year-on-year decrease of 30.7%, with a net profit attributable to shareholders of -420 million yuan, a year-on-year decrease of 0.5% [1] - In Q3 2025, the company achieved a revenue of 2.02 billion yuan, with a quarter-on-quarter increase of 10.4% and a year-on-year increase of 12.9%, while the net profit attributable to shareholders was -160 million yuan, showing a quarter-on-quarter increase of 38% [1] - The company's overseas sales proportion increased significantly from 23.85% in 2024 to 51.87% in 2025, with overseas gross margin at 4.5%, a year-on-year increase of 2.8 percentage points [1] Group 2 - The company is continuously reducing costs and increasing efficiency through technologies such as half-cell edge passivation and ultra-fine grid, with the xBC battery conversion efficiency improving by 1-1.5 percentage points compared to mainstream N-type batteries [2] - The laboratory efficiency of the perovskite tandem battery developed in collaboration with external institutions reached 32.08% [2] Group 3 - The company revised its revenue forecasts for 2025-2027 to 10.0 billion, 12.03 billion, and 14.67 billion yuan, respectively, down from previous estimates [3] - The forecasted net profits for 2025-2027 are -510 million, 620 million, and 1.05 billion yuan, respectively, with corresponding PE ratios of 20 and 12 times for 2026-2027 [3] - The company maintains a "buy" rating despite the competitive industry landscape [3]