Drinda(002865) 华金证券·2024-03-17 16:00Investment Rating - The report assigns a "Buy - A" rating to the company, indicating a positive outlook for investment [4][27]. Core Views - The company is a leading global photovoltaic cell manufacturer, expected to benefit from the increasing efficiency of its N-type TOPCon cells and lower production costs, leading to superior profitability compared to market averages [4][27]. - The company achieved a significant increase in battery product shipments, totaling 29.96 GW in 2023, with a year-on-year growth of 179.48% [4][26]. - The report anticipates the company's net profit for 2024-2026 to be 1.103 billion, 1.545 billion, and 1.985 billion yuan, respectively, with corresponding EPS of 4.85, 6.80, and 8.73 yuan per share [4][26]. Financial Data and Valuation - The company's revenue for 2023 reached 18.657 billion yuan, a 60.90% increase from 2022, with a net profit of 816 million yuan, reflecting a 13.77% year-on-year growth [4][15]. - The projected revenues for 2024, 2025, and 2026 are 21.480 billion, 23.223 billion, and 27.078 billion yuan, respectively, with gross margins of 15.05%, 15.55%, and 16.04% [15][26]. - The company’s P/E ratios for 2024, 2025, and 2026 are expected to be 15.8, 11.3, and 8.8 times, respectively [4][15]. Profitability and Market Position - The company is positioned as a leader in the N-type battery market, with a production capacity of approximately 40 GW, of which over 80% is N-type [4][26]. - The report highlights the company's ongoing investment in R&D to enhance the efficiency of its TOPCon products, aiming for an average production efficiency increase of over 0.5% in 2024 [26][27]. - The company is expected to continue enjoying the benefits of N-type technology as the industry shifts from P-type to N-type batteries, optimizing its asset structure and enhancing future performance [4][26].