Drinda(002865) 民生证券·2024-10-21 09:39Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for future performance [1]. Core Views - The company is a leading player in the photovoltaic cell industry, transitioning successfully to focus on N-type TOPCon technology, which has become the mainstream technology in the sector [1][4]. - Despite facing short-term pressure on earnings due to industry overcapacity, the long-term demand for photovoltaic products is expected to rise, driven by economic improvements and policy support [1][8]. - The company is expanding its overseas market presence, particularly in high-margin regions such as the United States and Europe, which is anticipated to enhance profitability as the industry recovers [1][11]. Summary by Sections Company Overview - The company transitioned from automotive components to photovoltaic cells by acquiring a majority stake in Jietai Technology, which has become a wholly-owned subsidiary [1][17]. - Jietai Technology has achieved significant production capacity, with N-type TOPCon cell capacity reaching approximately 40GW and conversion efficiency exceeding 26.3% [1][17]. Industry Analysis - The photovoltaic demand is steadily increasing, with domestic installations reaching 139.99GW in the first eight months of 2024, a year-on-year increase of 23.71% [1][24]. - The global photovoltaic installation is expected to reach 480GW in 2024, a 26% increase from the previous year, driven by favorable economic conditions and policy support [1][29]. Competitive Position - The company has a strong competitive edge with a focus on R&D to reduce costs and improve efficiency, achieving a significant increase in N-type product shipments [1][36]. - The company is actively expanding its production capacity overseas, with plans for a 5GW facility in Oman, which will enhance its ability to serve high-demand markets [1][42]. - The company has maintained a solid customer base among leading domestic firms, which helps mitigate payment risks even in a challenging market environment [1][36].