Drinda(002865) China Post Securities·2025-04-01 11:11Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2]. Core Insights - The company has experienced a significant decline in revenue and net profit in 2024, with revenue at 9.95 billion yuan, down 46.7% year-on-year, and a net loss of 591 million yuan, down 172.5% year-on-year. However, there are signs of recovery in Q4 2024, with a revenue of 1.75 billion yuan, showing a sequential decline of only 4.3% [6][12]. - The company is focusing on upgrading its N-type battery technology, which has led to a 0.5% increase in average production efficiency and a 30% reduction in non-silicon costs. The shipment of batteries reached 33.7 GW in 2024, a 12.6% increase year-on-year, with N-type batteries accounting for over 90% of shipments [7]. - The overseas sales proportion has significantly increased from 4.69% in 2023 to 23.85% in 2024, with strong market presence in India, Turkey, and Europe. The company is also advancing a 5 GW battery capacity project in Oman, expected to start operations by the end of 2025 [7]. Financial Performance and Forecast - The company is projected to achieve revenues of 15.15 billion yuan, 17.03 billion yuan, and 21.15 billion yuan for the years 2025, 2026, and 2027, respectively. Corresponding net profits are expected to be 970 million yuan, 1.28 billion yuan, and 1.80 billion yuan [9][12]. - The report indicates a recovery in profitability, with a forecasted net profit growth rate of 264.9% in 2025 and 41.1% in 2027, alongside a decreasing price-to-earnings ratio from 12 in 2025 to 6 in 2027 [9][12].