Drinda(002865) 中泰证券·2024-10-11 00:30Investment Rating - The report gives a "Buy" rating for the company with a market price of 46.36 yuan [1]. Core Insights - The company is a leading player in the TOPCon battery segment, continuously driving technological advancements in the industry [3]. - The company has optimized its asset structure by significantly impairing its P-type PERC battery assets, allowing it to focus on N-type production, which is expected to enhance future performance [4]. - The company is expanding its overseas production capacity to meet the growing demand in international markets, with a notable increase in overseas sales proportion [4]. - The report forecasts a revenue of 110 billion yuan for 2024, with a projected net profit of -4.6 billion yuan, and anticipates a recovery in profitability by 2025 [4]. Summary by Sections 1. Leading Company in Photovoltaic Battery Technology - The company has shifted its focus entirely to photovoltaic batteries after divesting its automotive parts business, becoming a leader in N-type TOPCon battery production [8][10]. - The company achieved a significant increase in its global market share, ranking second in battery shipments in the first half of 2024 [10]. 2. Transition to N-type Technology - N-type batteries offer significant advantages over P-type, including higher theoretical conversion efficiency and better performance metrics [24][25]. - The company has successfully scaled up N-type TOPCon battery production, with a capacity of 31 GW, positioning itself as a key player in the industry [27][28]. 3. Industry Dynamics and Competitive Landscape - The industry is undergoing a consolidation phase, with weaker players exiting the market, which is expected to benefit leading companies like this one [4]. - The report highlights that the market for N-type products is rapidly expanding, with increasing acceptance in tenders and a growing market share [26]. 4. Financial Forecast and Valuation - The company is projected to achieve revenues of 110 billion yuan in 2024, with a net profit forecast of -4.6 billion yuan, but is expected to return to profitability by 2025 [4]. - The report assigns a target market capitalization of 175 billion yuan based on a PE ratio of 20.6 for 2025 [4].