Drinda(002865) 兴业证券·2024-11-15 03:15Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming year [3][4]. Core Insights - The company is a leader in N-type batteries, leveraging TOPcon core technology and advancing in cutting-edge BC technology, with costs below the industry average [4]. - The company faced short-term pressure on performance due to intensified industry competition, with a significant decline in revenue and profit margins in 2023 [3][4]. - The company has accelerated its international expansion, with overseas sales increasing from 4.69% in 2023 to 13.79% in 2024, which is expected to enhance its competitive advantage and profitability [3][4]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 8.202 billion yuan, a year-on-year decrease of 42.96%, and a net loss attributable to shareholders of 0.417 billion yuan, a decline of 125.45% [3]. - The company's gross margin fell to 0.29% in 2023, down 17.47 percentage points year-on-year, while the net margin dropped to -5.08%, down 16.47 percentage points [3][4]. - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to -0.519 billion yuan, 0.945 billion yuan, and 1.417 billion yuan, respectively, indicating a recovery in profitability in the following years [4].