New stock news | Hainan Drinda New Energy Technology (002865.SZ) filed with the Hong Kong Stock Exchange for the second time, its global photovoltaic cell shipments rank second.

According to the disclosure by the Hong Kong Stock Exchange on April 15, Hainan Drinda New Energy Technology Co., Ltd. (002865.SZ) has submitted an application to the main board of the Hong Kong Stock Exchange. Huatai International, CMB International, and Deutsche Bank are its joint sponsors. This is the company's second application, after previously applying for listing on the main board of the Hong Kong Stock Exchange on February 6, 2024. The prospectus shows that Hainan Drinda New Energy Technology is a leading professional photovoltaic cell manufacturer, focusing on the research and development, production, and sales of high-efficiency photovoltaic cells. With research and development innovation and key technologies, the company has maintained a competitive position in different mainstream photovoltaic cells such as N-type TOPCon cells and P-type PERC cells. According to data from Frost & Sullivan, based on the shipment volume in 2024, the company's global market share of N-type TOPCon cells among professional manufacturers is approximately 24.7%, ranking first, and the company's global market share of photovoltaic cells is approximately 17.9%, ranking second. In the same year, based on the shipment volume in 2024, the company's market share of N-type TOPCon cells among professional manufacturers and integrated manufacturers is approximately 7.5%, and the market share of photovoltaic cells is approximately 5.6%. The company is a component supplier in the photovoltaic supply chain, with photovoltaic cells being the most important component in photovoltaic modules. These components can be integrated into photovoltaic systems used in power plants, factories, buildings, and residential areas, mainly for CECEP Solar Energy generation. With innovative capabilities and strong operational efficiency, the company provides N-type TOPCon and P-type PERC cells to many world-leading customers (most of which are in China). In the past performance period, the company mainly offered three key products: 210-NN type TOPCon monocrystalline cells. Launched in 2023, these cells have 18 main grids on both sides, a thickness of 130m 13m, and dimensions of 210mm*210mm 0.5mm. The front efficiency is 26.0%, and the two-sided rate is 80%. 182/183-NN type TOPCon monocrystalline cells. Launched in 2022, these cells have 16 main grids on both sides, a thickness of 130m 13m, and dimensions of 182mm*182mm 0.5mm. The front efficiency is 26.0%, and the two-sided rate is 80%. In addition, another version was launched in 2024 with dimensions of 182.2mm*183.75mm 0.5mm, with similar performance. 182-PP type PERC monocrystalline cells. Launched in 2021, these cells have 10 main grids on both sides, a thickness of 170m 17m, and dimensions of 182mm*182mm 0.5mm. The front efficiency is 23.8%, and the two-sided rate is 70%. Based on these main products, the company is able to meet various market demands through customization (such as adjusting the number and size of the photovoltaic cell main grids and fine-tuning other technical specifications to better meet customer needs). In the past performance period, the company also generated revenue by providing manufacturing services for P-type PERC cells to specific customers on an as-needed basis, using silicon wafers provided by customers to manufacture photovoltaic cells. Financially, in 2022, 2023, and 2024, Hainan Drinda New Energy Technology's revenue was approximately RMB 11.086 billion, RMB 18.611 billion, and RMB 9.924 billion respectively; during the same period, the annual profit was approximately RMB 0.821 billion, RMB 0.816 billion, and -RMB 0.591 billion respectively.