Shares of Hainan Drinda New Energy Technology Co.,Ltd. (ASX: 02865) rose more than 9% during the session. At the time of writing, the stock is up 8.24%, currently trading at HKD 29.70 with a turnover of HKD 217 million.

A recent report from Kaiyuan Securities noted that Drinda, formerly an automotive trim company, entered the photovoltaic industry following its acquisition of Jietai Technology in 2021. The company was a pioneer in achieving large-scale production of N-type TOPCon cells, with its shipment volume consistently ranking at the forefront of the industry. In 2025, the company became the first A+H dual-listed mainboard company in the primary photovoltaic industry chain, accelerating its overseas sales and production capacity layout. Since 2026, the company has successfully entered the commercial aerospace sector through a strategic partnership with Xingyi Xinneng and an indirect controlling stake in Xuntian Qianhe, broadening its development horizons. The report forecasts the company's net profit attributable to shareholders for 2026-2028 to be RMB 630 million, RMB 1.10 billion, and RMB 1.38 billion, respectively. The current share price corresponds to a P/E ratio of 31.8x, 18.2x, and 14.5x for 2026-2028. The firm initiated coverage with a "Buy" rating.