Drinda(002865) 交银国际·2025-03-19 10:23Investment Rating - The report assigns a "Buy" rating to the company, with a target price of RMB 72.79, indicating a potential upside of 24.1% from the current price of RMB 58.65 [1][4][12]. Core Insights - The company's non-recurring performance met expectations, with a significant increase in the proportion of high-margin overseas revenue [2][7]. - The company experienced a 60.9% year-on-year revenue growth in 2023, but a projected decline of 46.7% in 2024, followed by modest growth in subsequent years [3][15]. - The report highlights a rapid increase in overseas revenue, which accounted for 24% of total revenue last year, up 19 percentage points year-on-year, with a peak of 47% in the fourth quarter [7][8]. - The company is focusing on improving production efficiency and reducing costs, with a target of increasing the average conversion efficiency of TOPCon batteries by over 0.5% this year [7][8]. Financial Overview - Revenue projections for the company are as follows: RMB 18,657 million in 2023, RMB 9,952 million in 2024, and expected growth to RMB 15,737 million by 2027 [3][15]. - The net profit is expected to recover from a loss of RMB 591 million in 2024 to RMB 1,718 million by 2027, reflecting a significant turnaround [3][15]. - The company’s gross margin is projected to improve significantly, with a target gross margin of 19.6% by 2026 [17]. Market Position and Strategy - The company ranks third in total shipments and first in N-type shipments within the industry, indicating a strong market position [7]. - The report emphasizes the importance of the company's overseas expansion plans, particularly the delayed project in Oman, which is expected to commence operations by the end of the year [7][8]. - The recent surge in battery prices due to increased demand is expected to support the company's recovery and profitability in the second half of the year [7].