Drinda(002865) 中银证券·2024-11-14 00:32Investment Rating - The report maintains an "Accumulate" rating for the company [1][3]. Core Views - The company's performance is gradually stabilizing, with overseas production capacity expected to enhance profitability. The domestic battery sales gross margin is stabilizing, and the company is set to benefit from the battery supply gap in the U.S. market [3]. Summary by Sections Financial Performance - In the first three quarters of 2024, the company's revenue was 8.202 billion RMB, a decrease of 42.96% year-on-year. The net profit attributable to shareholders was -0.417 billion RMB, down 125.45% year-on-year, with a non-recurring net profit of -0.735 billion RMB, a decrease of 146.74% [3]. - The gross margin for the first three quarters of 2024 was 0.29%, down 17.47 percentage points year-on-year, while the net margin was -5.08%, down 16.47 percentage points year-on-year [3]. Market Opportunities - There is a significant gap in battery production capacity in the U.S., with an expected 45GW of module capacity by 2025 but only 4GW of battery capacity. The U.S. government has increased the annual exemption quota for photovoltaic batteries from 5GW to 12.5GW [3]. - The company plans to invest in Oman to establish a production capacity of 5GW for high-efficiency N-type batteries, which is expected to be scarce and could enhance profitability. A memorandum of understanding has been signed with a leading North American module company for potential procurement of 1GW-2GW of high-efficiency batteries from Oman by 2025 [3]. Valuation Adjustments - The earnings per share (EPS) forecasts for 2024-2026 have been adjusted to -2.60, 4.16, and 5.74 RMB, respectively, reflecting a significant downward revision for 2024. The corresponding price-to-earnings ratios are projected at -/16.8/12.2 times [3][4].