Drinda(SZ:002865) Changjiang Securities·2025-11-13 23:30Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 5.682 billion yuan for the first three quarters of 2025, a year-on-year decrease of 30.72%. The net profit attributable to the parent company was -419 million yuan. In Q3 2025, the revenue was 2.018 billion yuan, showing a year-on-year increase of 10.42% and a quarter-on-quarter increase of 12.86%, with a net profit of -155 million yuan [2][6]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 5.682 billion yuan, down 30.72% year-on-year. The net profit attributable to the parent company was -419 million yuan. In Q3 2025, the revenue was 2.018 billion yuan, reflecting a year-on-year growth of 10.42% and a quarter-on-quarter growth of 12.86%, with a net profit of -155 million yuan [2][6]. Operational Insights - The company experienced an increase in battery shipment volumes due to strong overseas demand. The gross margin improved to 0.67%, indicating a recovery in profitability. The non-recurring gains mainly came from electricity subsidies, which remained stable at around 100 million yuan in Q3 [12]. Strategic Developments - The company has signed a strategic cooperation agreement with local component customers in Turkey, actively advancing capacity construction. This collaboration aims to meet the urgent demand for high-performance photovoltaic batteries in Turkey and other global markets, enhancing the company's international capacity and customer service capabilities [12]. Financial Health - The company's debt ratio has decreased to 74.14% following the successful fundraising from H shares. As of the end of Q3 2025, the company had approximately 5.4 billion yuan in cash and trading financial assets, providing a solid financial buffer to navigate through market cycles [12]. Market Position - The company has successfully increased its overseas sales proportion to over 50%, benefiting from a pricing premium compared to domestic markets. This positions the company favorably within the industry, allowing for better profitability than its peers [12]. Future Outlook - The report maintains a positive outlook on the company's global expansion capabilities and its N-type high-efficiency battery technology, reinforcing the "Buy" rating [12].