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 ...

晶科能源 2024 年第二次临时股东大会 晶科能源股份有限公司 2024年第二次临时股东大会会议资料 二〇二四年十一月 晶科能源 2024 年第二次临时股东大会 晶科能源股份有限公司 2024 年第二次临时股东大会资料目录 晶科能源 2024 年第二次临时股东大会 晶科能源股份有限公司 2024 年第二次临时股东大会参会须知 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议事效率，保证大会的顺 利进行，根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司股东大会规则 （2022 年修订）》以及《晶科能源股份有限公司章程》（以下简称"《公司章程》"）《晶科能 源股份有限公司股东大会议事规则》等相关规定，晶科能源股份有限公司（以下简称"公司"） 特制定 2024 年第二次临时股东大会参会须知。 一、为保证股东大会的严肃性和正常秩序，切实维护与会股东（或股东代表）的合法权 益，除出席会议的股东（或股东代表）、公司董事、监事、高级管理人员、见证律师及董事 会邀请的人员外，公司有权依法拒绝其他人员进入会场。 二、出席会议的股东（或股东代表）须在会议召开前半小时到会议现场办理签到手续， 并按规定出示证券账 ...

Investment Rating - The report maintains a "Buy" rating for JinkoSolar [2][9] Core Views - The company's profitability has significantly improved, and it maintains a leading position in the TOPCon technology segment [2][3] - JinkoSolar's total shipment of photovoltaic products reached 73.13 GW in the first three quarters, a year-on-year increase of 31.29%, with module shipments of 67.65 GW, continuing to lead the industry [3] - The company aims to balance shipment scale and profit in Q4, targeting total shipments of 90-100 GW for the year [3] - The gross margin has improved significantly, with a sales gross margin of 11.82% in Q3, benefiting from increased shipments to the high-profit U.S. market [3] - The recent launch of the Tiger Neo third-generation product, with a maximum module conversion efficiency of 24.8% and a maximum power output of 670W, is expected to enhance the company's competitive edge [3] - The issuance of GDRs to raise up to 4.5 billion RMB will strengthen overseas capacity and optimize the financial structure [3] - Profit forecasts for 2024-2026 have been adjusted to 1.48 billion, 5.12 billion, and 6.05 billion RMB, with corresponding PE ratios of 18 and 15 for 2025-2026 [3] Summary by Sections Performance and Events - In Q3, JinkoSolar reported a net profit of 0.15 billion RMB, with a non-recurring net profit of 2.59 billion RMB, showing significant growth compared to Q2 [2] Operational Analysis - The company achieved a total shipment of 73.13 GW in the first three quarters, with a year-on-year growth of 31.29% [3] - The gross margin improved to 11.82% in Q3, up 4.2 percentage points from the previous quarter [3] - The company plans to balance shipment scale and profit, targeting 90-100 GW for the year [3] Financial Forecasts and Valuation - The adjusted profit forecasts for 2024-2026 are 1.48 billion, 5.12 billion, and 6.05 billion RMB, with PE ratios of 18 and 15 for 2025-2026 [3]

Investment Rating - The report maintains a "Buy" rating for JinkoSolar [2][9] Core Views - The company's profitability has significantly improved, and it maintains a leading position in the TOPCon technology segment [2][3] - In the first three quarters of 2024, JinkoSolar achieved revenue of 71.8 billion RMB, a year-on-year decrease of 16%, and a net profit of 1.215 billion RMB, down 80% year-on-year [2] - The company shipped a total of 73.13 GW of photovoltaic products in the first three quarters, representing a year-on-year increase of 31.29%, with module shipments of 67.65 GW, maintaining the industry's leading position [3] - The gross margin improved significantly, with a sales gross margin of 11.82% in Q3, up 4.2 percentage points from Q2, benefiting from increased shipments to the high-margin U.S. market [3] - The company plans to balance shipment scale and profit in Q4, aiming for total shipments of 90-100 GW for the year [3] - JinkoSolar announced plans to issue GDRs to raise up to 4.5 billion RMB for overseas capacity expansion, which will enhance its financial structure and long-term competitiveness [3] Summary by Sections Financial Performance - In Q3, the company reported a net profit of 0.15 billion RMB and a non-recurring net profit of 2.59 billion RMB, showing significant growth compared to Q2 [2] - The forecast for net profit for 2024-2026 has been adjusted to 1.48 billion RMB, 5.12 billion RMB, and 6.05 billion RMB, respectively, with corresponding PE ratios of 18 and 15 for 2025-2026 [3] Market Position - JinkoSolar's N-type module shipments accounted for approximately 85% of total shipments, reinforcing its market leadership [3] - The company has launched the Tiger Neo third-generation product, achieving a maximum module conversion efficiency of 24.8% and a maximum power output of 670W [3] Future Outlook - The company is expected to maintain its profitability and competitive edge through continuous technological advancements and global channel expansion [3]

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