Drinda(002865) 东吴证券·2025-03-19 16:00Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is expected to lead the industry in N-type shipments in 2024, with a forecasted output of 33.7 GW, representing a 13% year-on-year increase, and a significant 90%+ of this being N-type [9] - The company is anticipated to recover in 2025, with a projected operating rate of around 80% and a potential reduction in losses in Q1 2025 [9] - The company is advancing its technology and overseas expansion, with a 5 GW N-type battery project in Oman expected to be operational by 2025 [9] - The report predicts a substantial increase in net profit from 2025 to 2027, with expected growth rates of 286.14%, 56.78%, and 20.89% respectively [9] Financial Performance Summary - For 2024, the company is projected to have total revenue of 9.95 billion yuan, with a net loss of 591.11 million yuan [1] - The company’s earnings per share (EPS) is expected to improve from a loss of 2.58 yuan in 2024 to a profit of 4.80 yuan in 2025 [1] - The report forecasts a significant recovery in net profit, estimating 1.10 billion yuan in 2025, 1.73 billion yuan in 2026, and 2.08 billion yuan in 2027 [1]