Drinda(002865) 长城证券·2024-11-08 06:24Investment Rating - The report maintains an "Accumulate" rating for the company [1][6]. Core Views - The company is experiencing accelerated performance decline, with a significant drop in revenue and net profit in the first three quarters of 2024. Revenue decreased by 42.96% year-on-year to 8.202 billion yuan, and net profit attributable to shareholders was -417 million yuan, down 125.45% year-on-year [1][2]. - The company is actively adjusting its shipment structure in response to intensified domestic competition, with a focus on expanding its overseas market presence. The shipment volume of photovoltaic battery products reached approximately 26.45 GW, a year-on-year increase of about 35.29% [2][3]. - The company is advancing its technology iteration, particularly in N-type TOPCon battery technology, achieving a conversion efficiency of over 26.3%, which is industry-leading. The establishment of a 5 GW high-efficiency battery production base in Oman is expected to enhance its competitive edge in overseas markets [3][4]. Financial Summary - For 2022, the company reported a revenue of 11,595 million yuan, which increased to 18,657 million yuan in 2023, but is projected to decline to 10,754 million yuan in 2024, followed by a recovery to 13,479 million yuan in 2025 and 15,053 million yuan in 2026 [1][10]. - The net profit attributable to shareholders was 717 million yuan in 2022, increased to 816 million yuan in 2023, but is expected to drop to -546 million yuan in 2024, before rebounding to 878 million yuan in 2025 and 1,096 million yuan in 2026 [1][10]. - The report highlights a significant decline in the company's return on equity (ROE), which is expected to be -13.7% in 2024, improving to 18.6% in 2025 and 19.4% in 2026 [1][11]. Market Position and Strategy - The company is focusing on expanding its overseas market share, with overseas sales increasing from 4.69% last year to 18.46% in the first three quarters of 2024, capitalizing on emerging markets in Asia, Europe, North America, Latin America, and Australia [2][3]. - The report emphasizes the importance of the Oman project as a rare asset in the photovoltaic battery sector, which is expected to leverage regional advantages and meet high-value market demands in the Middle East and Europe [3][4].