Drinda(SZ:002865) ZHONGTAI SECURITIES·2026-03-31 09:21Investment Rating - The report maintains a rating of "Accumulate" for the company [3][4]. Core Viewpoints - The company's operating conditions have significantly improved, with a focus on strengthening its overseas layout, which is expected to drive a reversal in performance [4]. - In 2025, the company achieved a revenue of 7,627 million yuan, a year-on-year decline of 23.4%, and a net profit attributable to shareholders of -1,416 million yuan, with losses expanding by 139.5% [3][4]. - The company is positioned as a leader in TOPCon technology, continuously advancing its technology upgrades, with average mass production conversion efficiency exceeding 26% [4]. - The overseas revenue contribution increased from 23.85% in 2024 to 50.66% in 2025, with significant market presence in India, Turkey, and Europe [4]. Financial Summary - Revenue projections for the company are as follows: 2024A: 9,952 million yuan, 2025A: 7,627 million yuan, 2026E: 11,495 million yuan, 2027E: 14,614 million yuan, and 2028E: 20,540 million yuan [3][5]. - The net profit attributable to shareholders is projected to improve from -1,416 million yuan in 2025 to 633 million yuan in 2026, 1,054 million yuan in 2027, and 1,438 million yuan in 2028 [3][5]. - The company's earnings per share (EPS) is expected to recover from -4.55 yuan in 2025 to 2.03 yuan in 2026, 3.39 yuan in 2027, and 4.62 yuan in 2028 [3][5]. - The price-to-earnings (P/E) ratio is projected to be 35 for 2026, 21 for 2027, and 16 for 2028, indicating a potential valuation improvement [4][5].