Drinda(SZ:002865) INDUSTRIAL SECURITIES·2024-03-18 16:00Investment Rating - The report maintains an "Overweight" rating for the company, which is a leader in N-type battery technology, with a projected PE ratio of 16.7 for 2024, 12.5 for 2025, and 11.3 for 2026 based on the closing price on March 17, 2024 [3][9]. Core Insights - The company has a strong order volume for N-type batteries and is expected to achieve full production and sales in 2024. The completion of significant impairments on P-type equipment in 2023 allows the company to operate with a lighter burden moving forward [3][8]. - The company reported a revenue of 186.57 billion yuan for 2023, a year-on-year increase of 60.9%, and a net profit attributable to shareholders of 8.16 billion yuan, up 13.8% year-on-year [5][6]. - The company ranked first in N-type battery shipments, with a total shipment of 29.96 GW in 2023, of which 20.58 GW were N-type batteries, reflecting a 179.48% increase from 2022 [6]. Financial Summary - Revenue Forecasts: - 2023: 186.57 billion yuan - 2024E: 187.61 billion yuan (0.6% growth) - 2025E: 207.08 billion yuan (10.4% growth) - 2026E: 227.88 billion yuan (10.0% growth) [4] - Net Profit Forecasts: - 2023: 8.16 billion yuan - 2024E: 10.12 billion yuan (24.1% growth) - 2025E: 13.51 billion yuan (33.5% growth) - 2026E: 15.02 billion yuan (11.2% growth) [4] - Profitability Metrics: - Gross Margin: 14.7% in 2023, expected to decrease to 10.5% in 2024E, then recover to 13.5% in 2025E and 13.3% in 2026E - Return on Equity (ROE): 17.3% in 2023, projected to rise to 18.2% in 2024E and peak at 19.6% in 2025E before declining to 17.9% in 2026E [4][5]. - Earnings Per Share (EPS): - 2023: 3.59 yuan - 2024E: 4.45 yuan - 2025E: 5.94 yuan - 2026E: 6.61 yuan [4].