Drinda(002865) 西南证券·2025-03-19 05:55Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [1]. Core Views - The company is expected to experience a turning point in performance, with a significant increase in overseas revenue contributing to its growth [1][7]. - The company has achieved a notable increase in the sales of TOPCon solar cells, with a 12.62% year-on-year growth in sales volume, and over 90% of sales coming from N-type TOPCon cells, which saw a 50.6% increase [7]. - The establishment of a 10GW battery production capacity in Oman is anticipated to enhance the company's global competitiveness and profitability [7]. Financial Summary - The company's revenue for 2024 is projected at 99.5 billion yuan, a decrease of 46.66% year-on-year, with a net profit attributable to the parent company of -591.11 million yuan, reflecting a decline of 172.47% [2][7]. - For the years 2025 to 2027, the company is expected to recover, with net profits projected at 783.22 million yuan, 1.14 billion yuan, and 1.38 billion yuan respectively, indicating significant growth rates of 232.50%, 45.44%, and 21.27% [2][8]. - The average earnings per share (EPS) are forecasted to improve from -2.58 yuan in 2024 to 6.03 yuan by 2027 [2][8]. Revenue and Profitability Projections - The company's revenue is expected to grow from 99.5 billion yuan in 2024 to 184.3 billion yuan by 2027, with growth rates of 30.53%, 23.40%, and 14.97% in the following years [2][8]. - The gross margin for solar cells is projected to improve significantly, from 0.5% in 2024 to 12.5% by 2027 [8]. - The company anticipates a recovery in profitability due to improved pricing in the domestic supply chain and enhanced overseas market performance [7].