Drinda(SZ:002865) Huaxin Securities·2024-06-26 00:00Investment Rating - The report assigns a "Buy" rating for JunDa Co., Ltd. (002865.SZ) as it initiates coverage [4][6]. Core Views - JunDa Co., Ltd. is a leading specialized battery manufacturer with a focus on N-type TOPCon solar cells, and it is expanding its production capacity in the Middle East [4][6]. - The company has signed an investment intention agreement for a photovoltaic battery project in Oman, aiming for an annual production capacity of 10GW with an investment of approximately $700 million [4][6]. - The company has shown significant growth in its shipments and revenue, with a notable increase in N-type battery shipments, which accounted for over 80% of its production capacity [4][6]. Summary by Sections Company Overview - JunDa Co., Ltd. specializes in the research, production, and sales of photovoltaic battery cells, with a total market capitalization of 93 billion yuan and a current stock price of 40.87 yuan [4][6]. - The company has a total share capital of 229 million shares and has established a production capacity of 9.5GW for PERC batteries and approximately 40GW for N-type TOPCon batteries [4][6]. Financial Performance - In 2023, JunDa Co., Ltd. achieved a revenue of 186.57 billion yuan, representing a year-on-year growth of 60.90%, and a net profit attributable to shareholders of 8.16 billion yuan, up 13.77% year-on-year [4][6]. - For Q1 2024, the company reported a shipment of 10.08GW of battery products, with a revenue of 37.14 billion yuan, reflecting a year-on-year decline of 6.4% [4][6]. Market Expansion - The company has made significant strides in expanding its overseas market presence, with overseas sales increasing from 4.69% in 2023 to 11.62% in Q1 2024 [4][6]. - The agreement with the Oman Investment Authority marks a strategic move to enhance its supply capabilities in the global photovoltaic battery market [4][6]. Earnings Forecast - The forecast for JunDa Co., Ltd. indicates revenues of 196.26 billion yuan, 245.26 billion yuan, and 294.26 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 5.19 yuan, 6.95 yuan, and 8.47 yuan [4][6].