Drinda(SZ:002865) Tai Ping Yang·2024-03-24 16:00Investment Rating - The report maintains a "Buy" rating for the company, with an expectation of over 15% relative increase against the CSI 300 index in the next 6 months [1][5]. Core Insights - The company, Junda Co., Ltd., reported a revenue of 18.657 billion yuan in 2023, marking a 60.90% increase year-on-year. The net profit attributable to shareholders was 816 million yuan, up 13.77% year-on-year [16]. - The company has a leading position in production capacity and technology, with a significant increase in overseas sales, which rose from 0.29% to approximately 4.69% of total sales in 2023. The overseas sales ratio is expected to exceed 10% in 2024 [16]. - The company has implemented a substantial impairment provision of 894 million yuan for PERC battery-related assets, which impacted the total profit for the period [16]. - The company is actively expanding its production capacity and has introduced new TOPCon battery products, enhancing efficiency from approximately 25% to 26% by the end of 2023 [16]. Financial Summary - The projected revenues for 2024, 2025, and 2026 are 20.796 billion yuan, 21.825 billion yuan, and 24.960 billion yuan, respectively. The net profits for the same years are expected to be 1.193 billion yuan, 1.560 billion yuan, and 2.046 billion yuan, respectively [18]. - The earnings per share (EPS) are projected to be 5.24 yuan, 6.86 yuan, and 9.00 yuan for 2024, 2025, and 2026, respectively [18]. - The company’s financial metrics indicate a PE ratio of 14.38 for 2024, decreasing to 8.38 by 2026, reflecting an improving valuation as earnings grow [18].