Drinda(002865) 民生证券·2025-03-18 11:00Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [4][7]. Core Viewpoints - The company experienced a significant decline in revenue and net profit in 2024, with total revenue of 9.952 billion yuan, down 44.66% year-on-year, and a net loss of 591 million yuan [1][4]. - Despite the challenging market conditions, the company achieved a notable increase in N-type battery shipments, with a total of 33.74 GW shipped in 2024, representing a year-on-year growth of 12.62%, and N-type battery shipments alone reached 30.99 GW, up 50.58% year-on-year [2][4]. - The company is actively expanding its overseas business, with overseas sales accounting for 23.85% of total sales in 2024, an increase of 19.16 percentage points compared to 2023 [2][4]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 9.952 billion yuan, a decrease of 46.66% from the previous year, and a net profit attributable to shareholders of -591 million yuan, marking a decline of 172.5% [6][11]. - The company forecasts revenue growth for 2025 to 2027, estimating revenues of 14.807 billion yuan, 18.741 billion yuan, and 21.849 billion yuan, respectively, with net profits projected at 898 million yuan, 1.662 billion yuan, and 2.109 billion yuan [4][6]. Product and Technology Development - The company has enhanced its TOPCon technology, achieving a 30% reduction in non-silicon costs and improving average mass production efficiency compared to 2023 [3][4]. - The introduction of the new generation N-type battery "MoNo 2" series showcases significant advancements in battery performance metrics [3]. Market Position and Strategy - The company ranks third globally in battery shipments, with a strong focus on expanding its production capacity for N-type batteries, which accounted for over 90% of total shipments in 2024 [2][4]. - The company is strategically positioning itself in emerging markets across Asia, Europe, North America, Latin America, and Australia, establishing stable partnerships with leading global photovoltaic component manufacturers [2][4].