Drinda(002865) 东吴证券·2025-03-19 03:43Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to lead the industry in N-type shipments in 2024, with a forecasted output of 33.7GW, representing a year-on-year increase of 13% [9] - The company is anticipated to recover in 2025, with a projected net profit of 1.1 billion yuan, reflecting a significant year-on-year growth of 286.14% [9] - The company is focusing on overseas expansion, particularly in Oman, where it plans to establish a 5GW N-type battery production facility by 2025 [9] Financial Performance Summary - Total revenue for 2024 is projected at 9.95 billion yuan, a decrease of 46.66% year-on-year, with a net loss of 591.11 million yuan [1][9] - The company’s earnings per share (EPS) for 2024 is expected to be -2.58 yuan, with a recovery to 4.80 yuan in 2025 [1][9] - The company’s operating cash flow for 2024 is estimated at 654 million yuan, with a slight cash outflow in Q4 [9][10] Market Position and Strategy - The company has achieved a leading position in N-type battery shipments, with over 90% of its output being N-type [9] - The company is enhancing its technological capabilities, with N-type "MoNo 2" bifacial efficiency reaching 26.3% and plans for TBC battery production [9] - The company is also working on an H-share issuance to support its global expansion strategy [9]