Drinda(SZ:002865) Soochow Securities·2026-01-21 03:58Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to experience a phase of losses in 2025, with a projected net profit loss of 12 to 15 billion RMB, representing a year-on-year decline of 153.76% to 103.01% [8] - The company is actively investing in new growth points, including a partnership with Xingyi Xinneng to develop space photovoltaic materials, which is expected to enhance its competitive edge in the market [8] - The company’s overseas business revenue has surpassed 50%, positioning it as a core supplier in the overseas battery market, with plans for localized production in Turkey expected to commence in Q1 2026 [8] Financial Summary - Total revenue for 2023 is projected at 18.657 billion RMB, with a significant decline to 9.952 billion RMB in 2024, followed by a slight decrease to 9.318 billion RMB in 2025, and a recovery to 14.627 billion RMB in 2026 [1] - The net profit attributable to shareholders is forecasted to be 815.64 million RMB in 2023, dropping to a loss of 591.11 million RMB in 2024, and further to a loss of 1.272 billion RMB in 2025, before recovering to a profit of 471.07 million RMB in 2026 [1] - The earnings per share (EPS) is expected to decline from 2.79 RMB in 2023 to a loss of 4.35 RMB in 2025, with a recovery to 1.61 RMB in 2026 [1]