Investment Rating - The investment rating for the company is "Buy" [2][3] Core Views - The company's performance in Q1 2024 faced pressure, with a slight decline in revenue but a significant increase in total shipment volume year-on-year [2] - The company maintains a leading position in N-type technology, with substantial growth in N-type product shipments and production capacity [2] - The company is exploring new photovoltaic production capabilities, focusing on cost reduction and efficiency improvements through technological innovation [2] Financial Performance - In 2023, the company achieved total revenue of 1186.82 billion, a year-on-year increase of 43.55%, and a net profit attributable to shareholders of 74.40 billion, up 153.20% [2][4] - For Q1 2024, the company reported revenue of 230.84 billion, a slight decline of 0.30%, and a net profit of 11.76 billion, down 29.09% [2] - The forecast for 2024-2026 indicates revenues of 990.48 billion, 1012.47 billion, and 1042.16 billion, with corresponding net profits of 55.58 billion, 67.19 billion, and 82.59 billion [3][4] Production and Technology - The company shipped 48.41GW of N-type modules in 2023, representing a year-on-year growth of 352% [2] - The average efficiency of mass-produced N-type batteries exceeded 25.8% by the end of 2023, with Q1 2024 showing an average efficiency above 26% [2] - The company has established a vertically integrated production capacity of 85GW for wafers, 90GW for cells, and 110GW for modules, with an integration rate exceeding 85% [2] Future Outlook - The company is constructing a 56GW integrated photovoltaic base in Shanxi, with the first phase of 14GW capacity starting production in March 2024 [2] - The expected revenue growth rates for 2024, 2025, and 2026 are -16.5%, 2.2%, and 2.9% respectively, indicating a challenging near-term outlook but potential recovery thereafter [3][4]

Investment Rating - The report assigns a "Buy" rating to JinkoSolar, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [5][9]. Core Views - JinkoSolar's 2023 annual report shows a revenue of 1186.81 billion yuan, a year-on-year increase of 43.55%, and a net profit of 74.40 billion yuan, up 153.20% year-on-year [5][6]. - The company maintains its leading position in the industry with its TOPCon technology, achieving a component shipment of 78.52 GW in 2023, with N-type shipments at 48.41 GW [5][6]. - JinkoSolar's overseas integrated production capacity exceeds 12 GW, and it is actively expanding into emerging markets such as the Middle East and Latin America [5][6]. Financial Performance - For 2023, JinkoSolar reported a net profit of 74.40 billion yuan, with a significant increase of 153.20% year-on-year [5][6]. - The company forecasts revenues of 1002.69 billion yuan, 1196.23 billion yuan, and 1433.90 billion yuan for 2024, 2025, and 2026, respectively [5][6]. - The projected net profits for the same years are 46.79 billion yuan, 61.80 billion yuan, and 79.72 billion yuan [5][6]. Production Capacity and Technology - As of the end of 2023, JinkoSolar's production capacities for silicon wafers, cells, and modules reached 85 GW, 90 GW, and 110 GW, respectively, with N-type capacity exceeding 70 GW [5][6]. - The company has achieved a conversion efficiency of 26.89% for its 182N-type TOPCon cells and 24.76% for its large-area N-type TOPCon modules [5][6]. Market Expansion and New Business - JinkoSolar is actively developing its "photovoltaic + energy storage" business, with a successful launch of a 4 GWh energy storage system production line [5][6]. - The company has signed multiple GW-level N-type component contracts in the Middle East, achieving a market share of 40-50% in that region [5][6].

晶科能源 2023 年年度股东大会 晶科能源股份有限公司 2023年年度股东大会会议资料 二〇二四年五月 | 2023 年年度股东大会参会须知 | | | 2 | | --- | --- | --- | --- | | 年年度股东大会会议议程 2023 | | | 4 | | 议案一、关于 | 2023 | 年度董事会工作报告的议案 | 6 | | 议案二、关于 | 2023 | 年年度报告及摘要的议案 | 13 | | 议案三、关于修订《公司章程》的议案 | | | 14 | | 议案四、关于修订公司部分治理制度的议案 | | | 15 | | 议案五、关于董事、监事 | | 2023 年度薪酬情况及 | 2024 年度薪酬方案的议案 16 | | 议案六、关于 | 2023 | 年度监事会工作报告的议案 | 18 | | 议案七、关于 | 2023 | 年度财务决算报告的议案 | 23 | | 议案八、关于 | 2023 | 年度利润分配预案的议案 | 28 | 晶科能源 2023 年年度股东大会 晶科能源股份有限公司 2023 年年度股东大会参会须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和 ...

| 证券代码：688223 | 证券简称：晶科能源 | 公告编号：2024-027 | | --- | --- | --- | | 债券代码：118034 | 债券简称：晶能转债 | | 根据有关规定和《晶科能源股份有限公司向不特定对象发行可转换公司债 券募集说明书》（以下简称"《募集说明书》"）的约定，公司本次发行的可 转换公司债券的转股期自2023年10月26日至2029年4月19日，初始转股价格为 13.79元/股。 晶科能源股份有限公司 关于不向下修正"晶能转债"转股价格的公告 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： 截至2024年5月6日，晶科能源股份有限公司（以下简称"公司"）股价 已触发"晶能转债"转股价格向下修正条款。 经公司第二届董事会第六次会议审议，公司董事会决定本次不向下修正 转股价格。同时在未来2个月内（即2024年5月7日起至2024年7月6日）如果再次 触发"晶能转债"转股价格向下修正条件，亦不提出向下修正方案。下一触发转 股价格修正条件的期间从2024年7月8日（202 ...

证券研究报告 | 季报点评 2024年05月04日 晶科能源（688223.SH） 2024 一季报点评：至暗时刻业绩承压，高效 TOPCon 构筑壁垒 事件：公司发布《2024年第一季度报告》。公司2024年Q1实现营收230.8亿 增持（维持） 元，同比-0.3%；实现归母净利润11.8亿元，同比-29.1%；实现扣非归母净利润 股票信息 1.9 亿元，同比-84.3%。组件价格持续下跌导致公司利润收窄，一体化厂商迎来 业绩底部区间，高效N型产能结构优势保障公司在价格底部仍具备较强盈利能力。 行业 光伏设备 前次评级 增持 组件维持高量出货，N 型先进一体化产能构建优势壁垒。公司 2023 年超额完成 4月30日收盘价(元) 7.57 组件出货目标，根据Infolink数据，晶科实现全年组件出货行业领先。截至2023 年末，公司单晶硅片、电池、组件产能分别将达到85GW、90GW和110GW，其 总市值(百万元) 75,739.36 中N型产能占比将超过75%，N型产能规模行业领先。分地区看，公司在各区域 总股本(百万股) 10,005.20 出货量增长较为均衡，出货主要集中在中国、欧洲和亚太市场。同时拉 ...

业绩及事件简评 4 月 29 日公司发布 2024 年一季报，Q1 实现营收 230.84 亿 元，同比-0.3%、环比-31%；归母净利润11.76 亿元，同比-29%、 环比+8.2%；扣非归母净利润1.91 亿元，同比-84%、环比-78%，非 经常损益主要为处置子公司新疆晶科能源产生的投资收益。 4月 26 日公司全资子公司山西晶科一期切片电池车间发生火 灾事故，初步预计对山西基地一期投产及后续爬坡进度产生影响， 目前相关保险核损理赔工作正在有序开展。 经营分析 TOPCon 优势布局支撑出货量持续高增。一季度公司实现总出 货 21.91GW，同比增长51%，其中组件出货19.99GW，预计N型出 货占比达75%-80%。在产业链价格大幅波动、市场竞争激烈的背景 下，公司通过TOPCon 产品优势及全球化渠道布局实现出货高增。 人民币(元) 成交金额(百万元) 2023 年末公司具有先进 TOPCon 电池产能 70GW，目前公司在手订 15.00 2,500 单饱满，预计Q2 组件出货量24-26GW，环比增长20%以上。 2,000 13.00 产业链价格波动盈利承压，TOPCon效率及成本优势巩 ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 23,083,671,879.45, representing a decrease of 0.30% compared to the same period last year[1]. - The net profit attributable to shareholders was CNY 1,175,724,471.33, down 29.09% year-on-year[1]. - The net profit after deducting non-recurring gains and losses was CNY 191,297,099.19, a significant decline of 84.34% due to falling prices of photovoltaic modules[5][11]. - The basic earnings per share were CNY 0.12, down 29.41%, while diluted earnings per share were CNY 0.11, down 21.43%[6]. - The company reported a net profit margin of approximately 1.3% for Q1 2024, down from 1.8% in Q1 2023[23]. - In Q1 2024, the company reported a net profit of ¥1,175,724,471.33, a decrease of 29.1% compared to ¥1,658,032,536.28 in Q1 2023[24]. - The total profit for Q1 2024 was ¥1,472,603,715.25, down from ¥2,057,089,683.79 in the same period last year, reflecting a decline of 28.4%[24]. - Operating profit for Q1 2024 was ¥1,466,182,286.90, compared to ¥2,048,434,773.57 in Q1 2023, representing a decrease of 28.4%[24]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 131,049,463,446.55, a decrease of 0.81% from the end of the previous year[7]. - Total liabilities amounted to ¥95,475,376,277.94, compared to ¥97,775,635,392.73 in the previous period, showing a decrease of about 2.4%[21]. - The equity attributable to shareholders increased by 3.53% to CNY 35,574,087,168.61 compared to the previous year-end[7]. - The equity attributable to shareholders was ¥35,574,087,168.61, up from ¥34,360,187,879.77, indicating an increase of approximately 3.5%[22]. Cash Flow - The net cash flow from operating activities was CNY 1,172,467,883.59, with no applicable comparison due to changes in cash payments for raw material procurement[5][12]. - The company generated cash inflows from operating activities of ¥22,182,220,168.11 in Q1 2024, down from ¥29,213,556,945.24 in Q1 2023, a decline of 24.0%[27]. - The net cash flow from operating activities was ¥1,172,467,883.59, a significant improvement from a negative cash flow of ¥289,686,624.15 in Q1 2023[27]. - Cash and cash equivalents at the end of Q1 2024 totaled ¥12,727,765,249.91, down from ¥17,227,766,735.06 at the beginning of the quarter, indicating a decrease of 26.5%[28]. - The company’s financing activities generated a net cash outflow of ¥3,271,116,844.65 in Q1 2024, compared to a net inflow of ¥2,062,108,538.59 in Q1 2023[28]. Research and Development - Research and development expenses totaled CNY 1,346,385,120.90, accounting for 5.83% of operating revenue, an increase of 1.11 percentage points[10]. - Research and development expenses for Q1 2024 amounted to ¥303,722,936.96, compared to ¥346,618,711.42 in Q1 2023, reflecting a decrease of approximately 12.4%[23]. - The company has ongoing projects in research and development aimed at enhancing product offerings and improving operational efficiency[23]. Market and Competition - The company is facing intense competition in the photovoltaic market, with overall industry chain prices remaining low[16]. - The company plans to enhance market strategies and improve technological and cost competitiveness in response to industry challenges[16]. - The company has a strong focus on long-term customer fulfillment while managing short-term profitability pressures from low-price markets[16]. - The company expects module shipments in Q2 2024 to be between 24 GW and 26 GW, driven by strong demand and a full order book[16]. Shipment and Production - In Q1 2024, the total shipment volume reached 21,907 MW, with module shipments at 19,993 MW, representing a year-on-year growth of 51.19%[16]. - Cumulative global shipments of photovoltaic modules exceeded 236 GW by the end of the reporting period[16]. - The company has achieved an average efficiency of over 26% for mass-produced N-type TOPCon cells, contributing to cost optimization[16].

| 证券代码：688223 | 证券简称：晶科能源 | 公告编号：2024-024 | | --- | --- | --- | | 债券代码：118034 | 债券简称：晶能转债 | | 晶科能源股份有限公司 关于全资子公司发生火灾事故的公告 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。 一、全资子公司火灾事故说明 2024年4月26日下午15时左右，晶科能源股份有限公司（以下简称"公 司"）全资子公司山西晶科能源贰号智造有限公司（以下简称"山西晶科"） 一期切片电池车间屋面发生火情引发火灾事故。事故发生后，公司立即启动 突发应急预案，迅速采取措施疏散人员，并全力配合当地消防部门实施现场 灭火救援。在当地消防应急等部门的扑救下，相关火情已获得控制并扑灭。 目前，火灾事故的具体原因正在调查、核实中。 截至本公告日，公司其他下属子公司生产经营情况正常。公司将全力配合 相关部门对事故进行调查，认真查明事故原因，敦促下属各子公司、各生产基 地加强自身和供应商的安全管理，防止类似事故再次发生。 1 三、风险提示 公司指定信息披露媒 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a revenue of 1186.82 billion yuan in 2023, representing a year-on-year growth of 43.55%. The net profit attributable to shareholders was 74.40 billion yuan, up 153.20% year-on-year. In Q4 2023, the revenue was 335.85 billion yuan, with a year-on-year increase of 12.31%, while the net profit was 10.86 billion yuan, down 13.97% year-on-year [5][6]. Summary by Sections Financial Performance - The company achieved a record high operating cash flow of 248 billion yuan in 2023, a significant increase of 507.62% year-on-year. The cash flow in Q4 reached 137 billion yuan, marking the highest level in history. The company plans to distribute a cash dividend of 2.24 yuan per 10 shares (including tax), with a total dividend payout ratio of 34.06% [6]. Product Shipment and Market Position - In 2023, the company shipped 83.56 GW of photovoltaic products, with 78.52 GW of modules, ranking first in the industry. The N-type products accounted for approximately 62% of the total shipments. In Q4 2023, the company shipped 27.86 GW of photovoltaic products, including 26.32 GW of modules [6]. Future Outlook - For 2024, the company expects to ship 100-110 GW of modules, with the N-type proportion approaching 90%. As a pioneer in TOPCon technology, the company is well-positioned to transition fully to N-type products. The company anticipates an increase in shipments to the U.S. market, which will contribute significantly to profitability. The first phase of the Shanxi base has already commenced production, with the second phase expected to start in the first half of the year, enhancing operational efficiency and reducing costs [6]. Profitability Forecast - The company is projected to achieve a net profit of 4 billion yuan in 2024, corresponding to a price-to-earnings (PE) ratio of 19 times [6].

Investment Rating - The investment rating for the company is "Outperform the Market" [4][5][9] Core Viewpoints - The company achieved significant revenue growth in 2023, with total revenue reaching 118.68 billion yuan, a year-on-year increase of 43.55%, and a net profit of 7.44 billion yuan, up 153.20% year-on-year [4][5] - The company is set to enhance its production efficiency and cost competitiveness with the launch of a large-scale integrated production base in Shanxi, which is expected to start operations in March 2024 [4][5] - The company aims to increase its N-type product shipments significantly in 2024, targeting a total shipment of 100-110 GW, with N-type products accounting for nearly 90% of the total [4][5] Financial Data and Forecasts - The company's financial performance shows a robust growth trajectory, with projected revenues of 108.99 billion yuan in 2024, followed by 126.62 billion yuan in 2025, and 147.13 billion yuan in 2026 [6][8] - Net profit forecasts for 2024, 2025, and 2026 are 6.01 billion yuan, 7.16 billion yuan, and 8.96 billion yuan respectively, reflecting a growth rate of -19.2%, 19.0%, and 25.2% [5][8] - The company's gross margin is expected to stabilize around 13.3% to 14.2% over the next few years, indicating a positive trend in profitability [6][8] Business Segment Analysis - The photovoltaic module segment is projected to generate revenues of 1041.41 billion yuan in 2024, with a gross margin of 13.75% [6][7] - The battery segment is expected to see revenue growth of 20% annually, maintaining a gross margin of around 3% [6][7] - The silicon wafer segment is forecasted to decline in revenue by 5% annually, with a gross margin of 5% [6][7] - Other business segments are anticipated to grow at rates of 10% to 20%, with a consistent gross margin of 5% [6][7]