Drinda(002865)2024-11-04 01:19Group 1: Industry Overview - The global photovoltaic (PV) demand is experiencing high growth, but by the end of 2023, supply has exceeded demand, leading the industry into a capacity reduction cycle [2] - The recent "anti-involution" discussions among PV companies aim to eliminate outdated capacity, stabilize market prices, and improve supply-demand relationships [2] Group 2: Company Projects and Developments - The company plans to invest in a 5GW high-efficiency N-type battery production capacity in Oman, with construction expected to start by the end of 2024 and completion in 2025 [2] - A memorandum of understanding has been signed with a leading North American component company, with intentions to purchase 1GW-2GW of high-efficiency batteries by 2025 [3] Group 3: Sales Performance - The overseas sales proportion of the company increased significantly from 4.69% in 2023 to 18.46% in the first three quarters of 2024 [3] - Future growth in overseas sales is anticipated as the company continues to expand its international market presence and develop its Oman project [3] Group 4: Technology and Market Position - The company is actively upgrading its TOPCon battery technology and exploring next-generation technologies like TBC and BC batteries [3] - The company maintains a competitive edge in the global market due to high technical barriers in battery production, making it difficult for local industries in other countries to establish their own battery production capacity [4] Group 5: Future Market Outlook - The company expects sustained high growth in overseas exports of PV batteries, despite other countries attempting to build local supply chains [4] - The operational rates of second- and third-tier battery companies may not improve in line with industry recovery due to their technological and cost disadvantages [4]