Group 1: Industry Standards and Regulations - The recent updates in the Ministry of Industry and Information Technology's "Photovoltaic Manufacturing Industry Standard Conditions (2024)" enhance industry standards, promoting technological innovation and optimizing capacity layout, which is beneficial for long-term industry stability [6] - The company’s TOPCon production lines meet the latest standards with lower overall water consumption [6] Group 2: Impact of Policy Changes - The reduction in export tax rebates for photovoltaic products may initially prevent competitive spillover, but in the long term, it could positively influence overseas terminal prices and stimulate market demand [6] - The company plans to leverage its strong overseas brand reputation and diversified supply chain to adapt to policy changes [6] Group 3: Industry Self-Regulation and Market Outlook - The company supports industry self-regulation reforms and is optimistic about the gradual implementation of related policies, which are expected to stabilize and improve component market prices [6] - Major companies, including the company, are quoting prices above the cost analysis data released by industry associations, indicating a healthier supply-demand relationship [6] Group 4: Production and Capacity Plans - The company maintains a cautious approach to capacity expansion, focusing on upgrading existing capacities and improving the supply chain ecosystem [6] - There are no undisclosed new capacity plans beyond the currently under-construction and announced overseas capacities [6] Group 5: Production Schedule and Market Demand - The company adjusts its production schedule based on seasonal market demand, with an increase in November production to meet year-end installation needs, followed by a slight decrease in December [6] Group 6: Global Depositary Receipts (GDR) Progress - The company is progressing with the issuance of Global Depositary Receipts (GDR), pending approval from relevant regulatory bodies [7] Group 7: U.S. Market Outlook - The company remains optimistic about long-term installation demand in the U.S. market, driven by policy changes and the rapid development of artificial intelligence, which is expected to increase electricity demand [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has maintained its position as a leading integrated module manufacturer, with a strong focus on technology and market expansion, particularly in the energy storage sector [2][4] - The company's revenue and net profit have shown significant fluctuations, with a notable decline in 2024, but expectations for recovery in subsequent years are optimistic [5][30] Summary by Sections 1. Competitive Landscape and Business Overview - The company has been a global leader in the integrated module sector since its establishment in 2006, consistently ranking among the top five in module shipments over the past decade [18][20] - In 2023, the company entered the energy storage market, launching a 4GWh energy storage production line and comprehensive solutions, achieving Tier 1 supplier status in the BNEF 2024 energy storage ranking [2][20] 2. Shipment Performance - In the first three quarters of 2024, the company sold approximately 67-68GW of modules, with Q3 shipments reaching 23.8GW, a year-on-year increase of 12% [3][24] - The average selling price for modules in Q3 2024 was estimated at approximately 1 RMB/W, with a gross margin improvement to 11.82% due to increased shipments to the U.S. [3][24] 3. Technological Advancements and Funding - By the end of 2024, the company aims to achieve production capacities of 120GW for wafers, 95GW for cells, and 130GW for modules, with ongoing improvements in efficiency [4][25] - The company plans to issue overseas GDRs to raise up to 4.5 billion RMB for expanding production capacity and optimizing its capital structure [4][25] 4. Financial Performance - For the first three quarters of 2024, the company reported revenues of 71.77 billion RMB, a year-on-year decrease of 15.7%, and a net profit of 1.21 billion RMB, down 80.9% [2][21] - The operating cash flow showed significant improvement in Q3 2024, with a net cash flow of 1.25 billion RMB, despite a negative cash flow in the earlier quarters [5][26] 5. Earnings Forecast and Investment Rating - The earnings forecast for 2024 has been adjusted downward due to shipment expectations, but projections for 2025 and 2026 have been raised based on anticipated recovery in demand [5][30] - The expected net profits for 2024-2026 are 784 million, 4.08 billion, and 6.06 billion RMB respectively, with a year-on-year growth forecast of -89%, +421%, and +49% [5][30]

Group 1 - The core viewpoint is that JinkoSolar, the world's largest photovoltaic module supplier, is considering raising the prices of its third-generation Tiger Neo modules due to anticipated high demand and potential capacity constraints in 2025 [1] - JinkoSolar stated that the production of 650W and above bifacial modules will face tight capacity in 2025, which may not meet all demand and secure sufficient capacity allocation [1] - The company indicated that previous prices were too low, falling below the reasonable cost baseline for customer investment returns [1] Group 2 - The third-generation Tiger Neo is expected to enter mass production in 2025 [1] - JinkoSolar believes that 2025 will mark a year of healthy growth for the industry, with prices having reached a bottom and beginning to recover [1]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][3]. Core Views - The company reported a significant year-on-year decline in profit for the first three quarters of 2024, with a net profit decrease of 80.88% [3]. - Despite the decline, the company's component shipment volume has steadily increased, maintaining its position as the global leader in shipments [3]. - The company's overseas capacity expansion is expected to enhance its long-term competitiveness [3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of RMB 71.77 billion, a decrease of 15.66% year-on-year [5]. - The net profit attributable to shareholders was RMB 1.21 billion, down 80.88% year-on-year, with a significant drop of 99.41% in Q3 compared to the same period last year [3][5]. - The gross margin for the first three quarters was 9.68%, down 6.09 percentage points year-on-year, while the net margin was 1.72%, down 5.75 percentage points year-on-year [3][5]. Shipment and Production Capacity - The total shipment of photovoltaic products reached 73.13 GW in the first three quarters of 2024, representing a year-on-year increase of 31.29% [3]. - The company shipped 67.65 GW of components, with N-type components accounting for over 85% of the total shipments [3]. Overseas Expansion - The company is actively pursuing overseas capacity expansion, including a partnership with local funds in the Middle East to invest in 10 GW of battery and component capacity [3]. - A plan to issue global depositary receipts to raise up to RMB 4.5 billion for projects, including a 1 GW high-efficiency component project in the U.S., has been disclosed [3]. Earnings Forecast - The earnings per share (EPS) estimates for 2024-2026 have been adjusted to RMB 0.16, 0.39, and 0.59, respectively, with corresponding price-to-earnings ratios of 56.2, 22.5, and 15.1 [3][4].

Investment Rating - The report maintains a "Recommend" rating for Jinko Solar (688223) with a target price of 11.17 CNY, compared to the current price of 9.28 CNY [1] Core Views - Jinko Solar's gross margin improved significantly quarter-over-quarter, with a Q3 gross margin of 11.82%, up 4.21 percentage points from Q2 [1] - The company's global shipments remained the world's largest, with 73.13GW of photovoltaic products shipped in the first three quarters of 2024, a 31.29% year-over-year increase [1] - N-type module shipments accounted for over 85% of total shipments, with Q3 module shipments reaching 23.85GW [1] - The company is actively expanding its global presence, with plans to issue GDRs to raise up to 4.5 billion CNY for overseas projects, including a 1GW high-efficiency module project in the US [1] Financial Performance - Revenue for Q1-3 2024 was 717.7 billion CNY, a year-over-year decrease of 15.66% [1] - Net profit attributable to shareholders was 12.15 billion CNY, a year-over-year decrease of 80.88% [1] - Operating cash flow turned significantly positive in Q3, reaching 12.55 billion CNY [1] Global Expansion - Jinko Solar is accelerating its transition from global marketing to global manufacturing, with plans to establish a 10GW high-efficiency cell and module project in Saudi Arabia through a joint venture with PIF and VI [1] - The company aims to achieve a full-year module shipment target of 90-100GW for 2024 [1] Market Trends - Following the anti-internal competition call by the industry association in October, market bidding and pricing have shown a clear trend of stabilization and recovery, which is expected to improve industry profitability [1] Valuation - The report forecasts Jinko Solar's net profit attributable to shareholders for 2024-2026 to be 15.05 billion CNY, 44.70 billion CNY, and 57.70 billion CNY, respectively [1] - The current market valuation corresponds to 62x, 21x, and 16x PE for 2024-2026, respectively [1]

| 证券代码：688223 | 证券简称：晶科能源 公告编号：2024-079 | | --- | --- | | 债券代码：118034 | 债券简称：晶能转债 | 晶科能源股份有限公司 2024 年第二次临时股东大会决议公告 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 （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 | 740 | | --- | --- | | 普通股股东人数 | 740 | | 2、出席会议的股东所持有的表决权数量 | 7,216,414,466 | | 普通股股东所持有表决权数量 | 7,216,414,466 | | 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 | 72.3415 | | 比例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例 | 72.3415 | | （%） | | （一） 股东大会召开的时 ...

上海市锦天城律师事务所 关于晶科能源股份有限公司 2024 年第二次临时股东大会的 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 2024 年第二次临时股东大会的 法律意见书 致：晶科能源股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受晶科能源股份有限公司 （以下简称"公司"）委托，就公司召开 2024 年第二次临时股东大会（以下简称 "本次股东大会"）的有关事宜，根据《中华人民共和国公司法》（以下简称"《公 司法》"）《上市公司股东大会规则》《上海证券交易所科创板股票上市规则》（以 下简称"《上市规则》"）等法律、法规和其他规范性文件以及《晶科能源股份有 限公司章程》（以下简称"《公司章程》"）的有关规定，出具本法律意见书。 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定，严格履行 了法定职责，遵循了勤勉尽责 ...

Group 1: Company Performance - In the first three quarters of 2024, the company achieved a photovoltaic product shipment of 73.13 GW, a year-on-year increase of 31.29% [3] - The revenue for the first three quarters reached 71.77 billion CNY, with a net profit attributable to shareholders of 1.215 billion CNY [3] - The gross profit margin improved from approximately 8% in Q2 to 11.8% in Q3 [3] Group 2: Market Insights - The company expects global market demand to grow steadily next year, with an increase of 10%-20% [4] - The Chinese market is projected to maintain a demand of 250 GW for components [4] - The U.S. market is anticipated to see a 20% year-on-year growth, while the European market is expected to grow by 10%-15% [4] Group 3: Product Development - The company has invested 3.611 billion CNY in R&D, accounting for 5.03% of its revenue [3] - The new Tiger Neo third-generation product can achieve a maximum power of 670W and a conversion efficiency of 24.8% [3] - The cost of the Tiger Neo third-generation product will remain comparable to the second generation, with efficiency improvements expected to reduce unit costs [6] Group 4: Strategic Outlook - The company aims to achieve a shipment target of 90-100 GW for the year [4] - It plans to balance shipment, pricing, and profit across different markets to ensure sustainable operations [4] - The company is optimistic about the long-term demand for renewable energy and energy storage solutions [5]

Investment Rating - The report maintains a "Recommended" rating for the company [5][8]. Core Views - The company reported a significant decline in revenue and net profit for the first three quarters of 2024, with revenue of 717.70 billion yuan, down 15.66% year-on-year, and a net profit of 12.15 billion yuan, down 80.88% year-on-year [1]. - The gross margin improved significantly in Q3 2024, reaching 11.82%, an increase of 4.22 percentage points from the previous quarter, indicating a notable recovery in profitability [2]. - The company continues to lead the industry in component shipments, achieving a total shipment of 73.13 GW of photovoltaic products in the first three quarters of 2024, with a forecasted annual shipment of 90-100 GW [3]. - The company plans to issue Global Depositary Receipts (GDR) to enhance its financial strength and accelerate its globalization process, with expected fundraising of up to 4.5 billion yuan [4]. Financial Forecasts - The company is projected to achieve revenues of 952.66 billion yuan, 1,095.36 billion yuan, and 1,263.26 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 14.89 billion yuan, 50.68 billion yuan, and 61.56 billion yuan [5][9]. - The expected price-to-earnings (PE) ratios for the years 2024, 2025, and 2026 are 64x, 19x, and 15x, respectively [5][9].

| 证券代码：688223 | 证券简称：晶科能源 | 公告编号：2024-078 | | --- | --- | --- | | 债券代码：118034 | 债券简称：晶能转债 | | 晶科能源股份有限公司 关于提供担保的进展公告 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： 一、担保情况概述 为满足公司及相关子公司经营发展需要，公司为子公司以及子公司为公司向 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 104 亿元，具体如下： 1、公司向兴业银行股份有限公司上海自贸试验区分行申请综合授信敞口不 超过人民币 30 亿元，具体以签订的授信合同为准，上海晶科绿能企业管理有限 公司和晶科绿能（上海）管理有限公司为上述贷款额度提供自有办公大楼抵押担 保。担保金额为人民币 36 亿元，具体以签订的担保协议为准。 2、公司向交通银行股份有限公司上饶分行申请综合授信额度 26.72 亿元， 敞口不超过人民币 12 亿元（或等值外币），具体以签订的授信合同为准，公司 为上述授信额度提供自有土地及 ...