Drinda(SZ:002865) Changjiang Securities·2024-02-29 16:00Investment Rating - The investment rating for JunDa Co., Ltd. is "Buy" and is maintained [2]. Core Views - JunDa Co., Ltd. reported a net profit attributable to shareholders of 832 million yuan for 2023, representing a year-on-year increase of 16.00%. The non-recurring net profit was 575 million yuan, up 16.64% year-on-year. The company recorded a net loss of 807 million yuan in Q4 2023, with a non-recurring net loss of 997 million yuan. A provision of 900 million yuan was made for battery equipment impairment, positioning the company to navigate the rapid iteration phase in the industry [4][21]. - The company leads in TOPCon technology and is actively expanding into overseas markets, with positive profit expectations [4]. - In 2023, the company achieved a revenue of 18.397 billion yuan, a year-on-year growth of 58.65%. By the end of 2023, the total battery production capacity reached 49 GW, with shipments totaling 29.96 GW, marking a significant year-on-year increase of 179.43% [8][9]. - The company has a strong reserve of N-type batteries, with 69% of its product structure based on N-type TOPCon. The efficiency of TOPCon battery mass production has been improved to over 26% through various advanced technologies [9]. - The profit expectation for 2024 is projected at 1.6 billion yuan, corresponding to a PE ratio of 9.5 times, maintaining the "Buy" rating [10]. Summary by Sections Financial Performance - In 2023, JunDa Co., Ltd. achieved a total revenue of 18.397 billion yuan, with a gross profit of 1.957 billion yuan, resulting in a gross margin of 11% [28]. - The net profit for 2023 was 832 million yuan, with an EPS of 3.66 yuan [28]. - The company plans to continue its growth trajectory with projected revenues of 18.736 billion yuan in 2024 and 25.151 billion yuan in 2025 [28]. Market Position - JunDa Co., Ltd. ranked fourth in the industry for battery shipments in 2023 and first in N-type battery shipments [8]. - The company is expanding its overseas sales, which accounted for approximately 4.75% of total sales in 2023, a significant increase from 0% [22]. Technology and Innovation - The company is focusing on N-type battery technology, which is becoming increasingly mature in the industry. The introduction of various cutting-edge technologies has enhanced the production efficiency of TOPCon batteries [9].