Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company experienced a significant increase in revenue and profit in 2023, with revenue reaching RMB 118.68 billion, a year-on-year growth of 43.55%, and net profit of RMB 7.44 billion, up 153.41% [2][4] - In Q1 2024, the company reported a decline in performance, with revenue of RMB 23.08 billion, a slight decrease of 0.3% year-on-year, and net profit of RMB 1.18 billion, down 29.09% [2][4] - The company led the market in N-type solar module shipments, achieving 48.41 GW in 2023, a remarkable growth of 352% year-on-year, which constituted approximately 62% of total shipments [2][4] - The company is actively expanding its integrated production capacity, targeting a total of 120 GW for silicon wafers, 110 GW for batteries, and 130 GW for modules by the end of 2024, with a focus on N-type products [2][4] Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of RMB 118,681.78 million, with a gross profit of RMB 16,665.35 million, resulting in a gross margin of 14.04% [4][5] - The net profit for 2023 was RMB 7,440.48 million, with a net profit margin of 6.27% [4][5] - For Q1 2024, the company reported a net profit of RMB 1,175.72 million, with a net profit margin of 5.09% [4][5] Production Capacity - As of the end of 2023, the company's production capacities were 85 GW for silicon wafers, 90 GW for batteries, and 110 GW for modules, with an integrated capacity utilization rate exceeding 85% [2][4] - The company aims to achieve a shipment target of 100-110 GW in 2024, with N-type modules expected to account for 90% of total shipments [2][4] Valuation - The report adjusts the earnings per share (EPS) forecast for 2024-2026 to RMB 0.45, 0.62, and 0.81 respectively, with corresponding price-to-earnings ratios of 17.1, 12.5, and 9.5 [2][5]

Investment Rating - The report maintains an "Outperform" rating for the company [3][6]. Core Views - The company reported a total revenue of 118.68 billion yuan in 2023, a year-on-year increase of 43.55%, and a net profit attributable to the parent company of 7.44 billion yuan, up 153.20% year-on-year [3][6]. - In Q1 2024, the company achieved a revenue of 23.08 billion yuan, a slight decline of 0.30% year-on-year, and a net profit of 1.18 billion yuan, down 29.09% year-on-year, indicating that the performance met expectations [3][6]. - The company experienced a significant increase in shipment volume, with a total shipment of 21.91 GW in Q1 2024, representing a 51.19% year-on-year growth [6]. Financial Data and Profit Forecast - The company’s total revenue is projected to be 96.46 billion yuan in 2024, with a year-on-year decrease of 18.7%, followed by 116.81 billion yuan in 2025 and 136.28 billion yuan in 2026, with growth rates of 21.1% and 16.7% respectively [6][8]. - The net profit attributable to the parent company is expected to be 3.12 billion yuan in 2024, down 58.1% year-on-year, followed by 4.73 billion yuan in 2025 and 6.69 billion yuan in 2026, with growth rates of 51.9% and 41.4% respectively [6][8]. - The report indicates a decrease in gross margin from 14.0% in 2023 to an estimated 8.0% in 2024, with a gradual recovery to 12.0% by 2026 [6][8]. Market Position and Competitive Advantage - The company leads the industry in N-type technology, with N-type component shipments reaching 48.41 GW in 2023, a remarkable year-on-year growth of 352% [6]. - The company has established a vertically integrated production capacity across key segments, achieving 85 GW in wafers, 90 GW in cells, and 110 GW in modules by the end of 2023, with an integration rate exceeding 85% [6]. Valuation and Comparables - The current stock price corresponds to a PE ratio of 25 for 2024, while the average industry valuation for comparable companies is estimated at 30 times PE [6]. - Given the company's leading position in the photovoltaic module market and the expected recovery of the industry, the report maintains a target valuation based on the industry average for 2024 [6].

Investment Rating - The investment rating for JinkoSolar is "Buy" and is maintained [4] Core Views - JinkoSolar's Q1 2024 performance met expectations, with revenue of 23.084 billion yuan, a year-on-year decrease of 0.3% and a quarter-on-quarter decrease of 31.27%. The net profit attributable to shareholders was 1.176 billion yuan, down 29.09% year-on-year but up 8.24% quarter-on-quarter [5][6] - The company achieved a total shipment volume of 21.91 GW in Q1 2024, representing a year-on-year increase of 51.19%. The shipment volume of modules was 20 GW, while the shipment volumes of wafers and cells were 1.914 GW [5] - JinkoSolar's gross margin for Q1 2024 was 9.58%, remaining stable quarter-on-quarter, while the net margin improved to 5.09% due to effective cost control [5] - The company plans to maintain a cautious expansion pace in 2024, focusing on advantageous production capacities and accelerating the elimination of outdated capacities. By the end of 2024, the advanced production capacities for wafers, cells, and modules are expected to reach 120 GW, 110 GW, and 130 GW, respectively [5] - JinkoSolar is a pioneer in TOPCon technology, with an average mass production efficiency of over 26% for N-type TOPCon cells. The company aims to increase this efficiency to 26.5% by the end of 2024 [5] Financial Summary - For 2024, the company is expected to achieve a profit of 4.2 billion yuan, corresponding to a PE ratio of 18 times [6] - The financial projections indicate total revenue of 96.716 billion yuan for 2024, with a gross profit of 9.34 billion yuan, resulting in a gross margin of 10% [10]

Group 1: Event Announcement - JinkoSolar Co., Ltd. will participate in the "2024 Jiangxi Listed Companies Investor Online Reception Day" on May 17, 2024 [2] - The event will be held remotely, allowing investors to join via the "Panorama Roadshow" website or app [2] - Company representatives, including the financial manager and board secretary, will discuss 2023 performance, governance, development strategy, and sustainability [2] Group 2: Company Assurance - The board of directors guarantees the announcement's content is free from false statements, misleading claims, or significant omissions [2] - The company assumes legal responsibility for the accuracy and completeness of the information provided [2]

| 证券代码：688223 | 证券简称：晶科能源 公告编号：2024-030 | | --- | --- | | 债券代码：118034 | 债券简称：晶能转债 | 晶科能源股份有限公司 2023 年年度股东大会决议公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2024 年 5 月 14 日 （二） 股东大会召开的地点：上海市闵行区申长路 1466 弄 1 号晶科中心 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 53 | | --- | --- | | 普通股股东人数 | 53 | | 2、出席会议的股东所持有的表决权数量 | 7,793,152,950 | | 普通股股东所持有表决权数量 | 7,793,152,950 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 78.1231 | | 例（%） | ...

上海市锦天城律师事务所 关于晶科能源股份有限公司 2023 年年度股东大会的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 楼 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于晶科能源股份有限公司 2023 年年度股东大会的 1 上海市锦天城律师事务所 法律意见书 网络投票的时间及操作流程等，说明了股东有权亲自或委托代理人出席股东大会 并行使表决权，以及有权出席股东的股权登记日、出席会议股东的登记方式、联 系地址、联系人等事项。同时公告列明了本次股东大会的审议事项，并对有关议 案的内容进行了披露。 本次股东大会以现场投票及网络投票相结合的方式召开。本次股东大会现场 会议于2024年5月14 日在上海市闵行区申长路1466弄1号晶科中心如期召开， 由公司董事长李仙德先生主持。本次股东大会通过上海证券交易所网络投票系统 进行网络投票，通过交易系统投票平台的投票时间为 2024 年 5 月 14 日的交易时 间段，即 9:15-9:25，9:30-11:30，13:00-15:00 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [2][4]. Core Views - The company reported a total revenue of 23.08 billion yuan and a net profit attributable to shareholders of 1.176 billion yuan for Q1 2024, with significant year-on-year growth [4]. - The total shipment volume for Q1 2024 reached 21.9 GW, representing a 51.2% increase year-on-year, with component shipments of 20.0 GW [4]. - The company is expected to achieve component shipments of 100-110 GW for the entire year 2024, with production capacity targets set at 120 GW for silicon wafers, 110 GW for batteries, and 130 GW for components by the end of 2024 [4]. - The company is focusing on cost reduction and efficiency improvement, with advanced technologies being integrated into mass production, thereby strengthening its competitive edge in N-type products [4]. - The report adjusts the net profit forecasts for 2024-2026 to 3.479 billion yuan, 4.593 billion yuan, and 6.987 billion yuan respectively, with corresponding PE ratios of 23.1x, 17.5x, and 11.5x [4]. Summary by Sections Market Data - Closing price as of May 10, 2024, was 8.02 yuan, with a total share capital of 10,005.20 million shares and net assets of 35,574.09 million yuan [1]. Financial Performance - For 2023, the company reported revenues of 118.682 billion yuan, with a year-on-year growth of 43.6%, and a net profit of 7.440 billion yuan, reflecting a 153.2% increase [5]. - The projected revenues for 2024 are 111.363 billion yuan, with a forecasted decline of 6.2% [5]. - The gross profit margin is expected to be 10.7% in 2024, with a return on equity (ROE) of 10.0% [5]. Future Outlook - The company is positioned as a leader in the TOPCon segment, with a strong ability to balance shipment volume and profitability, leveraging its technological, cost, and scale advantages [4]. - The report emphasizes the company's ongoing advancements in technology and production efficiency as key drivers for future growth [4].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has demonstrated strong performance in the N-type solar module sector, achieving global leadership in shipments and continuing to enhance its integrated and global layout [3][4] - The company reported a significant increase in revenue and net profit for the year 2023, with revenue reaching 118.68 billion yuan, a year-on-year growth of 43.55%, and net profit of 7.44 billion yuan, a year-on-year increase of 153.20% [3] - The company is expanding its production capacity and improving its technology, with over 70GW of high-efficiency N-type battery capacity in operation by the end of 2023 [4] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 118.68 billion yuan, with a year-on-year growth of 43.6%, and a net profit of 7.44 billion yuan, reflecting a year-on-year increase of 153.2% [6][7] - For Q1 2024, the company reported a revenue of 23.08 billion yuan, a slight decrease of 0.3% year-on-year, and a net profit of 1.18 billion yuan, down 29.09% year-on-year [3] Market Position - The company led the industry in solar module shipments, with a total of 78.52GW shipped in 2023, marking a year-on-year increase of 77.11% [3] - The N-type module shipments reached 48.41GW, accounting for approximately 62% of total shipments, indicating a strong market presence [3] Production and Technology - By the end of 2023, the company had over 70GW of N-type battery production capacity, with a significant increase in efficiency, achieving an average efficiency of over 25.8% for N-type batteries [4] - The company is also expanding its global production capacity, with over 12GW of overseas integrated capacity [4] Future Outlook - The report projects net profits for 2024-2026 to be 4.10 billion, 5.66 billion, and 7.03 billion yuan respectively, with corresponding P/E ratios of 19.37X, 14.03X, and 11.30X [4][7]

关于提供担保的进展公告 | 证券代码：688223 | 证券简称：晶科能源 | 公告编号：2024-028 | | --- | --- | --- | | 债券代码：118034 | 债券简称：晶能转债 | | 晶科能源股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 一、担保情况概述 为满足公司及相关子公司经营发展需要，公司为子公司向金融机构申请融资 提供连带责任保证担保，本次公告担保金额合计为人民币 53.44 亿元，具体如下： 1、青海晶科能源有限公司（以下简称"青海晶科"）向银团代理行中国民 生银行股份有限公司西宁分行申请银团额度授信敞口不超过人民币 6 亿元（不含 参与行额度），授信期限不超过四年，公司为上述授信额度提供连带责任保证担 保，担保金额不超过人民币 6 亿元（银团担保额度不超过人民币 16 亿元，其中 包含参与行额度 10 亿元），具体以签订的担保协议为准。 2、青海晶科向交通银行股份有限公司青海省分行、交通银行股份有限公司 上饶分行申请额度授信敞口合计不超过人民币 7 亿 ...

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 9.4 CNY, compared to the current price of 7.85 CNY [2][4]. Core Views - The company has achieved significant growth in its N-type products, regaining the top position in component shipments within the industry. In 2023, the company shipped 83.56 GW of solar photovoltaic products, with 78.52 GW being solar modules, marking a year-on-year increase of 43.55% in revenue and 153.41% in net profit [3][4]. - The company is expected to continue enhancing its production capacity and efficiency, with projections for 2024 indicating a further increase in N-type product shipments and battery efficiency [4][5]. Financial Performance Summary - In 2023, the company reported total revenue of 1186.82 billion CNY, with a net profit of 74.40 billion CNY, reflecting a comprehensive gross margin of 14.04% [3][5]. - For Q1 2024, the company achieved revenue of 230.84 billion CNY, a slight decrease of 0.30% year-on-year, with a net profit of 11.76 billion CNY, down 29.09% year-on-year [3][5]. - The company’s gross margin for Q1 2024 was 9.58%, a decrease of 4.22 percentage points year-on-year [3][5]. Production and Market Position - The company has maintained its leading position in component shipments, with over 60% of shipments being N-type products. The N-type component shipments reached 48.41 GW in 2023, a year-on-year increase of 352% [4]. - The company’s production capacity for silicon wafers, batteries, and modules reached 85 GW, 90 GW, and 110 GW respectively by the end of 2023, with an integrated capacity utilization rate exceeding 85% [4]. Future Outlook - The company aims to increase its N-type production capacity to over 100 GW and improve the average mass production efficiency of N-type batteries to 26.5% in 2024 [4]. - The projected net profits for 2024-2026 are 44.90 billion CNY, 62.70 billion CNY, and 89.60 billion CNY respectively, with corresponding price-to-earnings ratios of 17, 13, and 9 [4][5].