Drinda(SZ:002865) Shenwan Hongyuan Securities·2026-02-12 05:23Investment Rating - The report maintains an "Outperform" rating for the company [6]. Core Insights - The company has recently become the controlling shareholder of Shanghai Fuyou Xinghe Aerospace Technology Co., Ltd., holding a 60% stake, which enhances its capabilities in the satellite manufacturing sector [6]. - The company is entering the space energy market, which is expected to experience significant growth, particularly in low-cost and efficient energy solutions for low-orbit satellite constellations [6]. - The company has established a partnership with a technology team from the Chinese Academy of Sciences to develop advanced solar cell technologies, aiming to replace current mainstream solutions and reduce costs [6]. - The company is transitioning from being a component supplier to a satellite manufacturer, creating synergies between its energy products and satellite platforms [6]. - The company's ground photovoltaic business remains competitive, with a significant increase in overseas sales, which accounted for 51.87% of total sales in the first half of 2025, up from 23.85% in 2024 [6]. Financial Data and Profit Forecast - The company’s total revenue is projected to decline from 9,952 million yuan in 2024 to 7,965 million yuan in 2025, with a subsequent recovery to 10,531 million yuan in 2026 and 12,743 million yuan in 2027 [5]. - The net profit is expected to be -1,312 million yuan in 2025, followed by a recovery to 493 million yuan in 2026 and 1,053 million yuan in 2027 [5]. - The earnings per share (EPS) is forecasted to be -4.21 yuan in 2025, improving to 1.58 yuan in 2026 and 3.38 yuan in 2027 [5]. - The company’s return on equity (ROE) is projected to be -30.8% in 2025, recovering to 10.1% in 2026 and 17.8% in 2027 [5].