公 司 研 究 ＃assAuthor＃ 证券研究报告 ＃industryId＃ 光伏电池组件 ＃investSuggestion＃ ＃dyCompany＃ 晶科能源 （ 688223 ） 688223 ＃title＃ 出货持续领先，债务结构优化 ＃createTime1＃ 2024 年 09 月 12 日 买入 ( ＃ investSug gestionCh ange＃ 维持 ） 公 司 点 评 报 告 | --- | --- | |---------------------------------|-------------------------------------| | | | | 市场数据日期 | 2024-09-12 | | 收盘价（元） | 6.73 | | 总股本（百万股） | 10005.20 | | 流通股本（百万股） | 3108.65 | | 净资产（百万元） | | | 总资产（百万元） | 33414.84 | | | 124528.09 | | 每股净资产 ( 元 ) 来源： WIND | 3.34 ，兴业证券经济与金融研究院整理 | ＃相关报告 relatedReport＃ ...

Investment Rating - The report maintains a "Recommended" investment rating for JinkoSolar (688223) [2][5] Core Views - JinkoSolar achieved a global leading shipment volume of 43.8GW in the first half of 2024, with N-type products accounting for over 80% of total shipments [2] - The company has strategically expanded into emerging markets, with over 70% of revenue coming from overseas, including a 50% market share in the Middle East and significant orders in Pakistan and Thailand [2] - JinkoSolar's N-type battery production capacity exceeds 75GW, with an average efficiency of over 26.1%, maintaining industry-leading performance [2] - The company expects to meet its annual shipment target of 100-110GW, supported by stable pricing and seasonal demand recovery in the second half of the year [2] Financial Summary - Total revenue for 2024 is projected at 85.32 billion, a decrease of 28.1% year-on-year, with net profit expected to drop to 1.505 billion, a decline of 79.8% [3] - Earnings per share (EPS) is forecasted to be 0.15 in 2024, with a price-to-earnings (P/E) ratio of 47 [3] - The company’s total assets are estimated at 122.14 billion in 2024, with a debt-to-equity ratio of 118% [10]

二〇二四年九月 | 年第一次临时股东大会参会须知 2024 | 2 | | --- | --- | | 年第一次临时股东大会会议议程 2024 | 4 | | 议案一、关于续聘公司 2024 年审计机构的议案 | 6 | | 议案二、关于与关联方签署日常关联交易协议的议案 | 9 | | 议案三、关于重新审议关联交易协议的议案 | 11 | | 议案四、关于新增担保额度预计的议案 | 13 | 晶科能源 2024 年第一次临时股东大会 晶科能源股份有限公司 晶科能源 2024 年第一次临时股东大会 晶科能源股份有限公司 2024年第一次临时股东大会会议资料 2024 年第一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》（以下简称"《公司法》"）、《中华人民共和国证券法》 （以下简称"《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 年第一 ...

Investment Rating - The report maintains a "Buy" rating for JinkoSolar [3] Core Views - JinkoSolar achieved a revenue of 47.251 billion yuan in H1 2024, a year-on-year decrease of 11.88%, with a net profit of 1.2 billion yuan, down 68.77% year-on-year [2] - The company maintained its position as the global leader in module shipments, with an expected shipment of 23-25 GW in Q3 2024, and a total annual shipment guidance of 100-110 GW [2] - The company is expanding its integrated production capacity, with projected capacities of approximately 120 GW for wafers, 95 GW for cells, and 130 GW for modules by the end of 2024 [2] - JinkoSolar's N-type TOPCon products continue to lead the industry, with stable production capacity exceeding 75 GW and an average testing efficiency of over 26.1% [2] Summary by Sections Market Data - Total shares: 1,000.5 million - Total market value: 70.036 billion yuan - 1-year low/high: 6.71/10.61 yuan - 3-month turnover rate: 28.63% [1] Financial Performance - H1 2024 revenue: 47.251 billion yuan, down 11.88% year-on-year - H1 2024 net profit: 1.2 billion yuan, down 68.77% year-on-year - Q2 2024 revenue: 24.168 billion yuan, down 20.69% year-on-year - Q2 2024 net profit: 24 million yuan, down 98.89% year-on-year [2] Production and Sales - H1 2024 module shipments: approximately 43.8 GW, with N-type modules accounting for about 35.9 GW (over 80% of total shipments) - Q3 2024 module shipment forecast: 23-25 GW - H1 2024 overseas market shipment ratio: approximately 65% [2] Capacity Expansion - Integrated capacity expansion includes a vertical integration base in Shanxi, with projected capacities of 120 GW for wafers, 95 GW for cells, and 130 GW for modules by the end of 2024 - Joint venture in Saudi Arabia for a high-efficiency solar cell and module project with an expected capacity of 10 GW [2] Product Leadership - N-type TOPCon battery production capacity exceeds 75 GW, with an average testing efficiency of over 26.1% and a yield rate of over 98% - Continued expansion into the energy storage market with the launch of a 5 MWh large storage system [2]

Investment Rating - The investment rating for the company is "Increase" [1][4] Core Views - The company has solidified its position as a global leader in solar module shipments, achieving 43.8GW in shipments in the first half of 2024, maintaining its industry-leading status [4] - The company is advancing its global supply chain layout, with a 2GW module factory in the U.S. already in operation and plans for a 10GW high-efficiency solar cell and module project in Saudi Arabia [4] - The company is focusing on enhancing its TOPCon technology, with expectations to achieve an annual shipment target of 100-110GW in 2024, with N-type shipments expected to account for 90% [4] - Due to significant declines in product prices, revenue and profit forecasts have been adjusted downwards, with expected revenues of 104.1 billion, 117 billion, and 125 billion for 2024, 2025, and 2026 respectively [4] Financial Performance Summary - In H1 2024, the company reported revenue of 47.25 billion, a decrease of 12% year-on-year, and a net profit of 1.2 billion, down 69% year-on-year [4] - The company’s Q2 2024 revenue was 24.17 billion, a 21% decrease year-on-year, with a net profit of 24 million, down 99% year-on-year [4] - The company’s earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.22, 0.26, and 0.30 respectively, with corresponding P/E ratios of 33, 28, and 24 [4][5]

[Table_Main] 证券研究报告 | 公司点评 晶科能源(688223.SH) 2024 年 09 月 04 日 买入（维持） 所属行业：电力设备/光伏设备 当前价格(元)：7.13 证券分析师 彭广春 资格编号：S0120522070001 邮箱：penggc＠tebon.com.cn 白鑫 资格编号：S0120524080003 邮箱：baixin3＠tebon.com.cn 研究助理 市场表现 晶科能源 沪深300 -43% -34% -26% -17% -9% 0% 9% | --- | --- | --- | --- | |--------------------------------|-------|-------|--------| | 沪深 300 对比 | 1M | 2M | 3M | | 绝对涨幅 (%) | 1.57 | -0.70 | -14.30 | | 相对涨幅 (%) | 4.85 | 4.79 | -5.51 | | 资料来源：德邦研究所，聚源数据 | | | | 相关研究 1.《晶科能源（688223.SH）业绩点评 -N 型组件龙头出货全球领先，持续完 善一体化与全 ...

Investment Rating - The report maintains a "Recommended" rating for JinkoSolar [1][3] Core Views - JinkoSolar's revenue for the first half of 2024 was 47.251 billion yuan, a year-on-year decrease of 11.88%, with a net profit attributable to shareholders of 1.2 billion yuan, down 68.77% year-on-year [2] - The company continues to hold a leading position in the N-type solar module market, with N-type module sales accounting for over 80% of total shipments [2] - JinkoSolar is actively expanding its overseas production capacity and has established a significant market presence in emerging markets such as the Middle East and Pakistan [2] - The company is also entering the energy storage sector, having made progress in domestic and international markets [2] Financial Forecasts - Projected revenues for 2024, 2025, and 2026 are 95.471 billion yuan, 109.914 billion yuan, and 126.167 billion yuan respectively, with corresponding net profits of 1.654 billion yuan, 5.854 billion yuan, and 7.4 billion yuan [1][3] - Earnings per share are expected to be 0.17 yuan in 2024, 0.59 yuan in 2025, and 0.74 yuan in 2026 [1][3] - The price-to-earnings (PE) ratio is projected to be 43x in 2024, 12x in 2025, and 10x in 2026 [1][3] Market Position and Strategy - JinkoSolar's N-type TOPCon battery production capacity exceeds 75GW, with an average efficiency of over 26.1% and a yield rate above 98% [2] - The company has signed agreements to develop a 10GW battery and module project in Saudi Arabia, which is expected to support its global strategy and enhance market share [2] - JinkoSolar is recognized as a top-tier supplier in both energy storage and module supply, reflecting its commitment to innovation and product development [2]

[Table_MainInfo] 公司研究/机械工业/新能源板块 证券研究报告 晶科能源（688223）公司半年报点评 2024 年 09 月 03 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |--------------------------------------------------|------------------| | 股票数据 | | | 09 [ Table_StockInfo 月 02 日收盘价（元） ] | 7.04 | | 52 周股价波动（元） | 6.71-10.89 | | 总股本 / 流通 A 股（百万股） | 10005/3109 | | 总市值 / 流通市值（百万元） | 70437/21885 | | 相关研究 | | | [Table_ReportInfo] 《 23 年业绩稳步成长， 24 | 年加速开发优质产 | | 品和市场》 2024.04.26 | | 市场表现 [Table_QuoteInfo] 晶科能源 海通综指 -35.48% -28.48% -21.48% -14.48% -7.48% -0.4 ...

晶科能源股份有限公司 投资者关系活动记录表 编号：2024-08 | --- | --- | |-------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

Investment Rating - The report maintains a "Buy" rating for the company [2][4] Core Views - The company has demonstrated a strong competitive advantage in the TOPCon segment, with a global layout enhancing its competitiveness [2][3] - Despite a decline in revenue and net profit in the first half of 2024, the company remains optimistic about achieving its annual shipment guidance of 100-110GW [3][4] - The company is expanding its production capacity in the Middle East, which is expected to bolster its market share and core competitiveness [3] Financial Performance Summary - In the first half of 2024, the company reported revenue of 47.3 billion RMB, a year-on-year decrease of 12%, and a net profit of 1.2 billion RMB, down 69% year-on-year [2] - The company achieved a component sales volume of 43.8GW in the first half of 2024, representing a 42% increase year-on-year, maintaining its position as the industry leader [3] - The company’s gross profit margin decreased to 7.60% in Q2 2024, reflecting the pressure on profitability due to declining industry chain prices [3] Earnings Forecast and Valuation - The forecast for the company's net profit for 2024-2026 has been revised down to 1.49 billion RMB (-63%), 3.98 billion RMB (-26%), and 5.46 billion RMB (-23%) respectively [4] - The report highlights the company's technological advantages and global channel layout as key factors for maintaining its market position despite challenges [4]