China Post Securities: Maintains "Overweight" rating on Drinda, continuous R&D to maintain technological advantage

According to the Zhitong Finance APP, Zhongyou Securities released a research report maintaining an "Overweight" rating for Drinda (02865). Considering that industry competition remains intense, the forecast has been revised downwards, predicting the company's revenue for 2025-2027 to be 10.0/12.03/14.67 billion yuan, with net profit attributable to the parent company at -510 million/620 million/1.05 billion yuan, corresponding PE ratios for 2026-2027 are 20/12 times. In Q1-3 of 2025, the company achieved revenue of 5.68 billion yuan, a year-on-year decrease of 30.7%, with a net profit attributable to the parent company of -420 million yuan, a year-on-year decrease of 0.5%, and a net profit excluding non-recurring items of -720 million yuan, a year-on-year increase of 2.7%. The gross margin and net margin were 1.5% and -7.4%, respectively, with year-on-year changes of +1.2% and -2.3% (the four expense ratios increased by 2.4 percentage points year-on-year).

The report states that the company's overseas proportion is rapidly increasing, with a diversified layout of overseas production capacity. The proportion of overseas sales rose sharply from 23.85% in 2024 to 51.87%, with a gross margin of 4.5% for the overseas segment, an increase of 2.8 percentage points year-on-year, while the domestic gross margin was -0.8%, a decrease of 1.7 percentage points year-on-year, indicating that competition in the domestic market remains very intense. In terms of overseas production capacity, the company has officially signed a strategic cooperation agreement with local component customers in Turkey to jointly build an efficient battery project, filling the structural gap in regional battery production capacity; at the same time, it is cautiously advancing the 5GW battery production capacity project in Oman.

The company continues to promote N-type technology to reduce costs and increase efficiency, laying out the next generation of battery technology. Drinda continuously reduces costs and increases efficiency through technologies such as half-cell edge passivation, wave backfield, and ultra-dense fine grid; at the same time, the conversion efficiency of the pilot xBC battery can improve by 1-1.5 percentage points compared to mainstream N-type battery efficiency, with various parameters consistent with industry-leading levels. In terms of long-term technology, the laboratory efficiency of the perovskite stacked battery developed in cooperation with external institutions has reached 32.08%