Shares of DRINDA (02865) surged more than 9% in Hong Kong trading. At the time of writing, the stock was up 9.33% to HK$30, with a turnover of HK$212 million.

The rally follows a research note highlighting the company's position as the first specialized N-type TOPCon battery leader in the photovoltaic industry to achieve a dual listing in both the A-share and H-share markets. The company is also rapidly entering the high-growth commercial space sector.

Its core photovoltaic battery business leverages technological leadership and a global production layout, achieving a positive profit margin ahead of peers in the first quarter of 2026 and becoming one of the few companies in the sector to turn a profit during that period.

Its commercial space business is being rapidly deployed through targeted equity investments, positioning the company as a rare domestic platform that possesses core space photovoltaic technology and full satellite manufacturing capabilities. This is expected to open a new medium to long-term growth avenue for the company.

The analysis points out that the market generally views the company's commercial space operations as still in the early stages of development, with substantial profit contributions expected to take considerable time. However, the note suggests the current stock price is primarily influenced by marginal changes in market expectations for the commercial space sector.

The report breaks down the projected ramp-up and profit contribution timeline for the commercial space business. It estimates the segment's attributable net profit for 2026-2028E to be 21 million yuan, 82 million yuan, and 238 million yuan, respectively, accounting for 3.60%, 8.47%, and 16.80% of the company's total attributable net profit. This indicates the business could begin to form a meaningful profit contribution by 2028.