Investment Rating - The report maintains a "Recommend" rating for the company, citing significant profit recovery in Q3 and potential market share growth due to accelerated global expansion and technological advancements [1][3] Core Views - The company's Q3 performance exceeded expectations, with a notable improvement in profitability and cash flow [1] - The company's global market presence and brand strength have driven a significant increase in battery module shipments, with overseas shipments accounting for 52.40% of total shipments [1] - The company is actively developing energy storage products, which are expected to become a second growth curve alongside its core photovoltaic business [1] Financial Performance - In Q3 2024, the company reported revenue of RMB 16.991 billion, a YoY decrease of 11.22%, but a QoQ decrease of 20.55% [1] - Q3 net profit attributable to the parent company was RMB 390 million, a YoY decrease of 80.02%, but a QoQ increase of 199.61% [1] - The gross margin in Q3 improved to 8.67%, up 5.62 percentage points QoQ, and the net margin reached 2.07%, up 4.84 percentage points QoQ [1] - Operating cash flow in Q3 was RMB 2.092 billion, showing continued improvement [1] Shipments and Capacity - Battery module shipments for Q1-Q3 2024 reached approximately 57GW, a YoY increase of 51%, with Q3 shipments at 19GW [1] - The company plans to expand its module production capacity to over 100GW by the end of 2024, with N-type battery capacity reaching 57GW [1] Energy Storage Development - The company launched its first self-developed 5MW/10MWh commercial energy storage system in May 2023, and successfully connected a similar project to the grid in August 2024 [1] - In October 2024, the company introduced three new energy storage products, enhancing its energy management solutions [1] Financial Forecasts - Revenue for 2024-2026 is projected to be RMB 73.212 billion, RMB 94.594 billion, and RMB 109.646 billion, respectively [1][2] - Net profit attributable to the parent company is expected to be RMB -214 million in 2024, RMB 4.191 billion in 2025, and RMB 5.322 billion in 2026 [1][2] - The PE ratio for 2025 and 2026 is forecasted at 15x and 12x, respectively [1][2] Valuation Metrics - The company's PB ratio is expected to be 1.9 in 2024, 1.7 in 2025, and 1.5 in 2026 [2] - The EV/EBITDA ratio is projected to be 14.12 in 2024, 7.13 in 2025, and 6.17 in 2026 [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant cost improvements in Q3, leading to a return to profitability, with expectations for further profit recovery in the coming year [3][4] - The company’s Q3 performance exceeded market expectations, with a notable increase in operational cash flow and a reduction in capital expenditures [4][3] - The forecast for 2024-2026 indicates a potential recovery in net profit, with estimates of -1.9 billion, 35.5 billion, and 57.8 billion respectively, reflecting a significant year-on-year growth in the following years [4] Financial Performance Summary - For Q1-Q3 2024, the company reported revenue of 54.35 billion, a year-on-year decrease of 9.4%, and a net profit of -480 million, a year-on-year decrease of 107.2% [2] - In Q3 2024, revenue was 16.99 billion, with a year-on-year decline of 80% and a gross margin of 8.7%, showing a sequential improvement [2][3] - The company’s component sales for Q1-Q3 2024 were between 55-57 GW, with Q3 sales of 18-19 GW, indicating a recovery in sales volume [3] Cash Flow and Expenditure Summary - The company has significantly improved its operating cash flow, with Q3 2024 showing a net cash flow of 2.3 billion, and Q3 alone contributing 2.09 billion [4] - Capital expenditures for Q1-Q3 2024 were 11.34 billion, a year-on-year decrease of 7.4%, with Q3 capital expenditures at 3.07 billion, down 46.8% sequentially [4] Profitability Forecast - The company expects to ship approximately 25 GW in Q4 2024, leading to an annual shipment of around 80 GW, representing a year-on-year increase of over 50% [3] - The anticipated recovery in demand post-Spring Festival and the clearing of outdated industry capacity are expected to drive price increases and profit recovery for components [3]

Investment Rating - The investment rating for the company has been upgraded to "Buy" [6][8]. Core Views - The company reported a significant turnaround in Q3 2024, achieving a net profit of 390 million RMB, which exceeded expectations due to improved cost management and foreign exchange gains [2][6]. - The company has demonstrated strong cost control capabilities, with production costs for Q3 2024 dropping to below 0.7 RMB/W, contributing to a gross margin of 8.67% [3][6]. - The company is actively expanding its overseas market presence, with over 52.40% of shipments in the first three quarters being exported [4]. Revenue and Profitability - In Q3 2024, the company reported revenues of 16.991 billion RMB, reflecting a year-on-year decrease of 11.22% and a quarter-on-quarter decrease of 20.55% [2]. - The gross margin and net margin for Q3 2024 were 8.67% and 2.07%, respectively, showing improvements from the previous quarter [2][6]. - The company expects a significant increase in net profit for 2024-2026, with projections of -1.21 billion RMB, 3.973 billion RMB, and 5.028 billion RMB, respectively [6][20]. Shipment and Production - The company achieved a total shipment of approximately 57 GW of battery components in the first three quarters of 2024, marking a year-on-year increase of 51% [3]. - In Q3 2024, the company shipped about 19 GW, with a year-on-year growth of 39%, and the share of N-type components continues to rise [3]. Capacity and Market Expansion - The company plans to exceed 100 GW of component production capacity by the end of 2024, with N-type battery capacity reaching 57 GW [4]. - The company has successfully launched a new 2 GW component factory in the U.S., which is expected to ramp up production and secure local orders [4]. New Product Launch - In October 2024, the company launched the "Nebula" series of energy storage solutions, which are projected to achieve a static payback period of only 4.2 years with an internal rate of return (IRR) of 18% [5]. Valuation and Earnings Forecast - The target price for the company has been raised to 28.80 RMB, based on a projected PE ratio of 24 times for 2025 [6][8]. - The company’s earnings per share (EPS) estimates for 2024-2026 are -0.04 RMB, 1.20 RMB, and 1.52 RMB, respectively [6][20].

Group 1: Company Performance Overview - In the first three quarters of 2024, the company shipped over 57 GW of battery modules, with a significant drop in product prices leading to a substantial decrease in gross profit [1] - The company's revenue for the first three quarters of 2024 was 54.348 billion yuan, a decrease of 9.39% compared to the same period last year [1] - The net profit attributable to shareholders was -4.84 billion yuan, a decline of 107.16% year-on-year [1] - As of the end of the reporting period, total assets were 1162.88 billion yuan, and net assets attributable to shareholders were 317.30 billion yuan [1] Group 2: Third Quarter Highlights - In the third quarter, battery module shipments reached 18.5 GW, with N-type module shipments accounting for approximately 75% [2] - The company achieved a revenue of 16.991 billion yuan in the third quarter, with a net profit of 0.39 billion yuan [2] - Continuous cost reduction efforts led to improved gross margins and overall performance in the third quarter [2] Group 3: Capacity and Production Plans - By the end of 2024, the company's module production capacity is expected to exceed 100 GW, with N-type battery capacity reaching 70 GW [2] - The rapid ramp-up of N-type battery production has resulted in a significant decrease in production costs [2] Group 4: Share Buyback and Financial Management - As of October 29, 2024, the company completed its share buyback plan, repurchasing 26,945,700 shares, representing 0.81% of the total share capital, with a total transaction amount of 490 million yuan [2] - The company emphasizes the importance of operating cash flow, which turned positive in the third quarter after being negative in the first half of the year [3] Group 5: Market and Technology Insights - The company is exploring various battery technologies, including HJT, BC, and perovskite, focusing on customer needs and technology maturity [2] - The company anticipates that market competition will lead to increased industry concentration, impacting pricing strategies [3] Group 6: Future Outlook and Challenges - The company is optimistic about cash flow management for the fourth quarter, expecting improvements due to cost reductions [3] - Continuous cost reduction efforts will be pursued, although the pace may slow down as challenges arise [4]

Group 1 - The core viewpoint is that JinkoSolar believes it can continue to ship products to the U.S. market despite potential challenges from Southeast Asia exports [1] - The company has existing orders and some inventory that will support its U.S. shipments [1] - JinkoSolar is exploring capacity investment opportunities in countries outside the U.S. and Southeast Asia [1]

Investment Rating - The report maintains a "Buy" rating for the company [1][8] Core Views - The company has significantly improved profitability, exceeding market expectations, as the impact of capacity ramp-up has been eliminated [1] - The company is expected to enhance its market share and profitability recovery due to its leading position in TOPCon technology and overseas capacity and channel layout [2] - The company has achieved a notable increase in operating cash flow, indicating a positive trend in financial health [1] Summary by Sections Performance Overview - In the first three quarters of 2024, the company achieved revenue of 543 billion RMB, a year-on-year decrease of 9%, and a net profit attributable to shareholders of -4.84 billion RMB [1] - In Q3 alone, revenue was 170 billion RMB, down 11% year-on-year and 21% quarter-on-quarter, but net profit was 3.9 billion RMB, showing a significant recovery from previous losses [1] Operational Analysis - The company has completed the ramp-up of TOPCon battery production, leading to a significant reduction in costs and an improvement in profitability [1] - The gross profit margin in Q3 increased by 5.6 percentage points to 8.67%, and the net profit margin turned positive at 2.07% [1] - The company shipped approximately 57 GW of battery components in the first three quarters, with overseas shipments accounting for about 52.40% [1] Future Outlook - The company is expected to exceed 100 GW of module capacity by 2024, with N-type battery capacity reaching 57 GW [2] - The company is expanding its overseas production capabilities, including a photovoltaic module base in the United States, which is anticipated to support market share growth and profitability recovery [2] - Profit forecasts for 2024-2026 have been adjusted to -2.8 billion RMB, 46.1 billion RMB, and 54.2 billion RMB, respectively, with corresponding PE ratios of 13 and 11 times for 2025 and 2026 [2]

| 证券代码：002459 | 证券简称：晶澳科技 | 公告编号：2024-107 | | --- | --- | --- | | 债券代码：127089 | 债券简称：晶澳转债 | | 晶澳太阳能科技股份有限公司 关于回购期限届满暨股份回购实施结果的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 晶澳太阳能科技股份有限公司（以下简称"公司"）于 2023 年 10 月 30 日召 开第六届董事会第十四次会议，审议通过了《关于回购公司股份方案的议案》， 公司拟使用不低于人民币 4 亿元（含）且不超过人民币 8 亿元（含）的自有资金 以集中竞价交易方式回购部分公司发行的人民币普通股（A 股）用于员工持股计 划或者股权激励。回购价格不超过人民币 36.12 元/股（含），回购期限自董事会 审议通过本次回购方案之日起 12 个月内。具体内容请详见公司于 2023 年 10 月 31 日、2023 年 11 月 2 日披露的《关于回购公司股份方案的公告》（公告编号： 2023-161）、《回购报告书》（公告编号：2023-164）。 因公司实施 2023 年度权 ...

Financial Performance - Revenue for Q3 2024 was RMB 16.99 billion, a decrease of 11.22% year-over-year[1] - Net profit attributable to shareholders for Q3 2024 was RMB 389.84 million, a decrease of 80.02% year-over-year[1] - Total operating income for the period was 54.35 billion yuan, down from 59.98 billion yuan, a decrease of 9.4%[13] - Net profit attributable to the parent company decreased to 14.74 billion yuan from 17.07 billion yuan, a decline of 13.7%[13] - Net profit attributable to parent company shareholders was -484.36 million yuan, compared to 6.76 billion yuan in the same period last year[14] - Sales revenue from goods and services was 45.69 billion yuan, down from 52.33 billion yuan in the previous year[16] - Total profit was -960.69 million yuan, compared to 8.02 billion yuan in the same period last year[14] - Comprehensive income attributable to parent company shareholders was -647.86 million yuan, compared to 6.94 billion yuan in the same period last year[15] - Minority shareholders' net loss was 372.76 million yuan, compared to a net profit of 203.02 million yuan in the same period last year[15] - Basic earnings per share were -0.15 yuan, compared to 2.05 yuan in the same period last year[15] Cash Flow - Cash flow from operating activities for Q3 2024 was RMB 232.87 million, a decrease of 96.74% year-over-year[1] - Operating cash flow decreased by 96.74% to RMB 232,868,803.21 due to lower product prices reducing cash received from sales[5] - Net cash flow from operating activities was RMB 232,868,803.21, a significant decrease from RMB 7,152,668,134.08 in the previous period[17] - Financing cash flow increased by 179.67% to RMB 17,837,206,278.60 due to higher borrowing[5] - Net cash flow from financing activities was RMB 17,837,206,278.60, up from RMB 6,377,921,609.40 in the previous period[17] - Net cash flow from investing activities was RMB -16,012,467,836.21, compared to RMB -12,641,791,974.96 in the previous period[17] - The company's cash and cash equivalents increased by RMB 2,173,246,045.05, reaching RMB 8,936,334,820.72 at the end of the period[17][18] - Operating cash inflows totaled RMB 56,184,793,045.17, while operating cash outflows were RMB 55,951,924,241.96[17] - Investment cash inflows were RMB 586,010,290.58, and investment cash outflows were RMB 16,598,478,126.79[17] - Financing cash inflows were RMB 27,267,334,910.41, and financing cash outflows were RMB 9,430,128,631.81[17] - The company received RMB 2,560,916,370.87 in tax refunds, slightly down from RMB 2,623,257,130.78 in the previous period[17] - The company paid RMB 4,905,665,930.15 to employees, up from RMB 3,934,852,404.47 in the previous period[17] Assets and Liabilities - Total assets as of September 30, 2024, were RMB 116.29 billion, an increase of 9.10% compared to the end of the previous year[1] - Total assets increased to 116.29 billion yuan from 106.59 billion yuan, a growth of 9.1%[12] - Cash and cash equivalents rose to 24.20 billion yuan from 15.99 billion yuan, a significant increase of 51.3%[11] - Inventory decreased to 12.02 billion yuan from 14.47 billion yuan, a reduction of 16.9%[12] - Total liabilities increased to 83.90 billion yuan from 68.59 billion yuan, up by 22.3%[13] - Long-term loans surged to 13.64 billion yuan from 1.48 billion yuan, a substantial rise of 822.6%[13] - Fixed assets increased to 45.01 billion yuan from 36.87 billion yuan, a growth of 22.1%[12] - Accounts receivable decreased to 8.81 billion yuan from 9.17 billion yuan, a reduction of 3.9%[11] - Short-term borrowings rose sharply to 10.01 billion yuan from 978.59 million yuan, an increase of 923.3%[12] - Short-term borrowings increased by 923.18% to RMB 10.01 billion as of September 30, 2024[4] - Long-term borrowings increased by 823.64% to RMB 13.64 billion as of September 30, 2024[4] - Lease liabilities increased by 38.91% to RMB 1.60 billion as of September 30, 2024[4] - Construction in progress decreased by 65.01% to RMB 3.41 billion as of September 30, 2024[4] Expenses and Costs - Sales expenses increased by 33.24% to RMB 859,118,502.73 due to higher personnel costs[5] - Financial expenses surged by 227.27% to RMB 280,420,870.28 due to reduced exchange gains and increased interest expenses[5] - R&D expenses were 743.56 million yuan, a decrease from 831.48 million yuan in the same period last year[14] - Management expenses were 1.56 billion yuan, down from 1.67 billion yuan in the previous year[14] - Financial expenses were 280.42 million yuan, compared to -220.33 million yuan in the same period last year[14] - The company's operating costs increased to RMB 51,414,189,308.37 due to accounting policy changes[19] Investments and Income - Investment income rose by 213.80% to RMB 264,100,728.69 due to increased gains from equity changes and hedging transactions[5] - Fair value change income increased by 468.25% to RMB 51,428,999.56 due to floating profits from hedging transactions[5] Shareholder Information - Dongtai Jingtaifu Technology Co., Ltd. holds the largest share at 47.45% with 1,570,307,572 shares[6] - Hong Kong Securities Clearing Company Limited holds 3.50% of the shares with 115,978,729 shares[6] - The company repurchased 26,945,700 shares, accounting for 0.81% of the total shares as of September 30, 2024[7] External Factors - Government subsidies received during Q3 2024 amounted to RMB 83.12 million[2] - Losses due to natural disasters in Q3 2024 were RMB 56.10 million[3] Business Operations - The company's battery module shipments reached approximately 57GW (including 1GW for self-use) in the first three quarters of 2024, with overseas shipments accounting for 52.40%[10]

第六届董事会第二十九次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 晶澳太阳能科技股份有限公司（以下简称"公司"）第六届董事会第二十九 次会议于 2024 年 10 月 28 日在公司会议室以现场表决和通讯表决的方式召开。 召开本次会议的通知已于 2024 年 10 月 24 日以电话、电子邮件等方式通知 了各位董事。本次会议由公司董事长靳保芳先生主持，会议应参加的董事 9 名， 实到董事 9 名，符合《中华人民共和国公司法》及《公司章程》的规定。经与会 董事认真审议，会议以记名投票表决方式通过如下议案： 一、审议通过《关于不向下修正"晶澳转债"转股价格的议案》 公司股票已有十五个交易日收盘价低于"晶澳转债"当期转股价格的 85%， 已触发"晶澳转债"转股价格向下修正条款，经审议公司董事会决定本次不向下 修正"晶澳转债"转股价格，同时在未来一个月内（即 2024 年 10 月 29 日至 2024 年 11 月 28 日）如果再次触发"晶澳转债"转股价格向下修正条件，亦不提出向 下修正方案。 | 证券代码：002459 | 证券简称：晶澳科技 ...

| 证券代码：002459 | 证券简称：晶澳科技 | 公告编号：2024-104 | | --- | --- | --- | | 债券代码：127089 | 债券简称：晶澳转债 | | 晶澳太阳能科技股份有限公司 关于不向下修正"晶澳转债"转股价格的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 重要内容提示： 自 2024 年 10 月 8 日至 2024 年 10 月 28 日，晶澳太阳能科技股份有限 公司（以下简称"公司"）股票已有十五个交易日收盘价低于"晶澳转债"当期 转股价格的 85%，已触发"晶澳转债"转股价格向下修正条款。 经公司第六届董事会第二十九次会议审议通过，公司董事会决定本次不 向下修正"晶澳转债"转股价格，同时在未来一个月内（即 2024 年 10 月 29 日 至 2024 年 11 月 28 日）如果再次触发"晶澳转债"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款的期间从 2024 年 11 月 29 日 重新起算，若再次触发"晶澳转债"转股价格向下修正条款，届时公司董事会将 再次召开会议决定是否行 ...