Drinda(SZ:002865) Guolian Securities·2024-09-03 08:41Investment Rating - The investment rating for the company is not explicitly stated in the report, but it suggests to "pay attention" to the company due to its long-term competitive advantages in the N-type battery segment [2][6]. Core Views - The company experienced a significant decline in revenue, with a 32.3% year-on-year decrease, resulting in a revenue of 6.37 billion yuan for H1 2024. The net profit attributable to shareholders turned negative at -170 million yuan, compared to a positive figure in the previous year [2][6]. - The company is actively expanding its overseas market presence, planning to establish a 5GW high-efficiency N-type battery production capacity in Oman, which will enhance its risk resistance and competitiveness in the Middle East and Western markets [2][6]. - The company maintains a strong position in the N-type battery segment, achieving a shipment of 19.21GW in H1 2024, ranking second globally, with N-type shipments of 16.43GW, accounting for 85.5% of its total shipments [2][6]. Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 6.37 billion yuan, down 32.3% year-on-year, and a net profit of -170 million yuan, a shift from profit to loss. The operating cash flow turned positive at 550 million yuan, compared to a negative figure in the previous year [2][6]. - The company's battery segment revenue was 6.36 billion yuan, a decrease of 32.5% year-on-year, with a gross margin of 0.8%, down 16.3 percentage points [6][7]. Market Position and Strategy - The company is the second-largest in global battery shipments, with a 68.51% year-on-year increase in shipments. The N-type battery segment leads globally with a shipment of 16.43GW [2][6]. - The overseas sales ratio increased to 13.79% in H1 2024 from 4.69% in 2023, indicating a strategic shift towards international markets [6][7]. Technological Development - The company focuses on R&D, optimizing N-type battery technology. It launched the new "MoNo 2" series, enhancing passivation performance with a bifacial rate of 90% and a conversion efficiency exceeding 26.3% [6][7]. - The company is also developing perovskite tandem and BC technologies, with laboratory efficiency for perovskite tandem cells reaching 29.03% [6][7]. Future Outlook - Revenue projections for 2024-2026 are 12.66 billion yuan, 15.15 billion yuan, and 19.31 billion yuan, with expected year-on-year growth rates of -32.2%, 19.7%, and 27.4% respectively. Net profit forecasts are 140 million yuan, 800 million yuan, and 1.18 billion yuan, with significant growth anticipated in the following years [6][7].