Drinda Expects a 16% Increase in Net Profit in 2023

PVTIME – On 22 February 2024, Hainan Drinda New Energy Technology Co., Ltd. (Drinda, 002865.SZ), a China-based company, announced its estimated income for 2023. Drinda is mainly engaged in the research, development, production, and sales of photovoltaic cells. The company predicts a revenue of 18.397 billion yuan, which represents a year-on-year increase of 58.65%. The net profit attributable to the listed company is expected to increase by 16.00% to 823 million yuan.

Drinda attributes this improvement in operating results to the significant expansion of its capacity scale and being the first in the industry to ship n-type solar cells. By the end of 2023, Drinda’s total solar cell production capacity reached over 49GW (9.5GW p-type and approximately 40GW n-type), an increase of over 180.00% compared to 2022. In 2023, the company shipped a total of 29.96GW of cells, with 9.38GW being p-type and 20.58GW being n-type, representing a 179.43% YoY increase.

The company’s n-type technology is currently the industry leader, with a matured technology that has helped increase its production capacity of n-type TOPCon products. These products now account for 69% of the company’s total capacity, with a conversion efficiency of over 26% in mass production.

Additionally, overseas sales increased significantly from 0% to 4.75% in 2023 as Drinda actively explored the global market. The channels are well-established in Asia and Europe, and certifications in emerging markets such as North America, Latin America, and Australia were completed.

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