Drinda(SZ:002865) Soochow Securities·2024-02-22 16:00Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% in the next 6 months [4][8]. Core Insights - The company leads the industry in N-type technology and plans to ramp up production capacity in Chuzhou and Huai'an, targeting approximately 40GW of N-type capacity by the end of 2023, which accounts for over 80% of its total capacity [1]. - The company has improved TOPCon mass production efficiency to over 26% through various technological advancements, including LP dual insertion and laser improvements [1]. - The company is planning an H-share listing to raise funds for overseas production capacity, with an initial target of 7GW by 2025, aiming to capitalize on strong overseas demand and high market premiums [5]. Financial Performance Summary - The company forecasts a total revenue of 18,295 million yuan for 2023, representing a year-on-year increase of 57.78% [4]. - The net profit attributable to the parent company is projected to be 831.65 million yuan for 2023, reflecting a 16% increase compared to the previous year [4]. - The company expects to ship 29.96GW of batteries in 2023, with N-type shipments reaching 20.58GW, which is a significant increase of 179% year-on-year [9]. - The report anticipates a recovery in profitability for N-type batteries by the end of February 2024, driven by increased demand [9].