Drinda(002865) Soochow Securities·2025-04-17 12:33Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has maintained stable shipments and has seen a recovery in profitability, with Q1 2025 revenue at 1.875 billion, down 49.52% year-on-year, and a net profit of -106 million, down 636.04% year-on-year but up 39.23% quarter-on-quarter [9] - The company is focusing on overseas markets, with 58% of sales coming from international markets, leading in regions such as India, Turkey, and Europe [9] - The company plans to invest in a 5GW high-efficiency battery production capacity in Oman, expected to be operational by the end of 2025, which will benefit from lower export tariffs and potential premium pricing in the US market [9] - 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 for 2025, 2026, and 2027 respectively, with growth rates of 187.13%, 101.14%, and 37.47% [9] Financial Summary - Total revenue for 2023 is projected at 18.657 billion, with a year-on-year growth of 60.90%, while 2024 is expected to see a decline of 46.66% [1] - The company's net profit for 2023 is estimated at 815.64 million, with a year-on-year increase of 13.77%, but a significant loss of 591.11 million is expected for 2024 [1] - The latest diluted EPS for 2025 is projected at 2.25, with a P/E ratio of 18.00 [1] - The company’s total assets are expected to reach 18.715 billion by 2025, with a debt ratio of 76.38% [10]