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Deutsche Bank (ETR:DBKGn) initiated coverage on Hainan Drinda New Energy Technology (2865:HK) with a buy rating and a price target of HK$52.00 on Thursday. The firm cited the company’s leading position in the N-type TOPCon solar cell industry, where it holds approximately 24.7% global market share among specialized manufacturers in 2024.
According to data from Frost & Sullivan referenced by Deutsche Bank, TOPCon-related cell global market share increased dramatically from 23.5% in 2023 to 67.1% in 2024, taking market share from P-type PERC technology. This trend is expected to continue with TOPCon technology reaching 83.6% market share in 2025.
Deutsche Bank believes Hainan Drinda is better positioned than most competitors despite current oversupply and margin pressure in the solar industry. The firm points to the TOPCon cell industry’s higher capacity utilization rate of 79% in May 2025, significantly outperforming other solar segments like polysilicon, wafer, and module which operate at just 31-60% utilization.
The company’s overseas expansion represents another growth opportunity highlighted in Deutsche Bank’s analysis. As the top-ranked global player in specialized TOPCon manufacturing, Hainan Drinda stands to benefit from the technology’s continued adoption as the mainstream N-type technology.
TOPCon technology is expected to remain the dominant solar cell technology "in the foreseeable future," according to the Deutsche Bank research note, providing a favorable long-term outlook for Hainan Drinda’s market position and growth potential.
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