Drinda(002865) Soochow Securities·2025-04-17 11:33Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has maintained stable shipments and has seen a recovery in profitability. In Q1 2025, the company shipped 7.15GW of TOPCon batteries, with a year-on-year decrease of 16% but stable compared to the previous quarter. The company is actively targeting overseas markets, with overseas sales accounting for 58% of total sales, leading in markets such as India, Turkey, and Europe. The company anticipates a return to profitability in April 2025 due to price increases and industry self-discipline in production control [9][10] - The company plans to invest in a 5GW high-efficiency battery production capacity in Oman, expected to be operational by the end of 2025. This project is anticipated to benefit from lower export tariffs and potential premium pricing in the U.S. market. The company is also pushing forward with its H-share issuance, which is expected to provide a favorable platform for global development [9][10] - The company has adjusted its profit forecasts due to increased industry competition, projecting net profits of 515 million, 1.036 billion, and 1.424 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 187.13%, 101.14%, and 37.47% [9][10] Financial Summary - For 2023, the total revenue is projected at 18.657 billion yuan, with a year-on-year increase of 60.90%. The net profit attributable to shareholders is expected to be 815.64 million yuan, with a year-on-year increase of 13.77% [1] - The earnings per share (EPS) for 2025 is estimated at 2.25 yuan, with a price-to-earnings (P/E) ratio of 18.00 based on the latest diluted shares [1][10] - The company’s total assets are projected to reach 18.715 billion yuan by 2025, with a debt-to-asset ratio of 76.38% [10]