Drinda(002865) 海通证券·2024-03-17 16:00Investment Rating - The investment rating for the company is "Outperform the Market" [14] Core Views - The company has optimized its production capacity structure, focusing on N-type batteries, which have shown significant advantages over P-type batteries. A provision for impairment of 894 million yuan was made for P-type PERC battery assets, enhancing future performance prospects [4][17] - The company has introduced new products with advanced technologies, maintaining a leading edge in the industry. The efficiency of TOPCon battery production has improved from approximately 25% at the beginning of 2023 to 26% by the end of the year [5] - The company plans to list on the Hong Kong Stock Exchange to support overseas capacity expansion and meet international market demands [18] - The company achieved a revenue of 18.657 billion yuan in 2023, a year-on-year increase of 60.9%, with a net profit of 816 million yuan, reflecting a growth of 13.8% [17][20] - Future profit forecasts indicate a net profit of 1.304 billion yuan in 2024, representing a growth of 59.9%, with corresponding P/E ratios of 12.98, 10.69, and 8.66 for 2024, 2025, and 2026 respectively [19] Summary by Sections Financial Performance - In 2023, the company reported total revenue of 18.657 billion yuan, a 60.9% increase year-on-year, and a net profit of 816 million yuan, up 13.8% [20] - The company’s battery shipment reached 29.96 GW in 2023, with N-type batteries accounting for 20.58 GW, marking a 179.48% increase year-on-year [17] Production Capacity and Technology - The company has optimized its production capacity, with a focus on 40 GW of N-type batteries, which are expected to drive future growth [4] - The introduction of the new TOPCon battery "MoNo" series has improved the open-circuit voltage by 12 mV, achieving a breakthrough of 732 mV [5] Market Strategy - The company is actively pursuing overseas market opportunities and plans to establish photovoltaic battery factories abroad to support its international expansion [18] - The company aims to raise funds through the issuance of H shares to finance its overseas production and market development [18]