Drinda(002865) 国金证券·2025-03-18 10:00Investment Rating - The report maintains a "Buy" rating for the company, with expected earnings per share (EPS) of 5.57, 7.70, and 9.33 RMB for 2025, 2026, and 2027 respectively, corresponding to price-to-earnings (PE) ratios of 11, 8, and 6 times [4]. Core Insights - The company reported a significant decline in revenue for 2024, achieving 9.95 billion RMB, a year-on-year decrease of 46.7%, and a net loss of 591 million RMB [1]. - The company's battery product shipments reached 33.7 GW in 2024, a year-on-year increase of 12.6%, with N-type shipments accounting for over 90% of total shipments, reflecting a 50.6% growth [2]. - The company is actively expanding its overseas market presence, with overseas sales accounting for 23.9% of total sales in 2024, up 19.2 percentage points year-on-year, and 49.1% in Q4 alone, indicating a strong growth trajectory [2]. - The company's profitability is expected to improve, with Q4 2024 gross margin at 2.8% and net margin recovering to -10.0%, a 3.7 percentage point improvement [3]. - The report anticipates continued growth in profitability driven by cost reduction and efficiency improvements, with a projected recovery in earnings from 2025 onwards [3]. Summary by Sections Performance Review - In 2024, the company achieved a revenue of 9.95 billion RMB, down 46.7% year-on-year, and a net loss of 591 million RMB [1]. - Q4 2024 revenue was 1.75 billion RMB, a 4.3% decrease quarter-on-quarter, with a net loss of 170 million RMB [1]. Operational Analysis - The company successfully transitioned to N/P product structure, with N-type battery shipments reaching 31.0 GW, a 50.6% increase year-on-year [2]. - The overseas sales ratio increased significantly, with expectations to maintain around 50% in 2025 [2]. Profitability Forecast - The company is expected to recover profitability, with projected earnings of 1.275 billion RMB in 2025, 1.765 billion RMB in 2026, and 2.137 billion RMB in 2027 [4]. - The report highlights a significant reduction in non-silicon costs by 30% and an increase in production efficiency [3].