Drinda(002865) 东吴证券·2025-01-24 05:39Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to report a net loss of 550-650 million yuan for the year 2024, with a projected net loss of 133-233 million yuan in Q4, indicating a reduction in losses quarter-on-quarter [7] - The company's battery shipments are projected to reach 33.7 GW in 2024, a year-on-year increase of 13%, with over 90% being N-type batteries [7] - The company is advancing its technology with innovative N-type battery products and is expanding its operations in the Middle East, aiming to establish a 5 GW N-type battery project in Oman by 2025 [7] - The profit forecast for 2024-2026 has been adjusted to reflect increased competition and declining battery prices, with expected net profits of -6.02 billion yuan, 11.06 billion yuan, and 17.36 billion yuan respectively [7] Financial Summary - Total revenue for 2024 is estimated at 9.859 billion yuan, a decrease of 47.16% year-on-year, while net profit is expected to be -602.05 million yuan [1][8] - The company's earnings per share (EPS) for 2024 is projected to be -2.63 yuan, with a price-to-earnings (P/E) ratio of -19.77 [1][8] - The company's total assets are expected to reach 19.126 billion yuan in 2024, with a debt-to-asset ratio of 74.39% [8]