Jinko Solar(SH:688223) Di Yi Cai Jing·2025-06-18 02:09Core Viewpoint - The company is focusing on optimizing production capacity and upgrading its solar module lines, particularly with the introduction of the Tiger NEO 3.0 modules, which are expected to enhance efficiency and power output compared to previous generations [1][3][4]. Production Capacity and Upgrades - The upgrade cost for the new 3.0 module production line is estimated to be between 60 million to 70 million CNY per GW [1][3]. - By the end of this year, 40% to 50% of the company's solar module production capacity is expected to be upgraded to 640W to 650W, with the Tiger NEO 3.0 modules accounting for approximately 20% of this capacity [3][4]. - The Tiger NEO 3.0 modules can achieve a maximum power of 670W, with an efficiency of 24.8% and a bifacial rate of 85%, making them suitable for high-temperature and high-irradiance markets [3][4]. Market Position and Sales - The company anticipates a 10% premium on the pricing of the new high-power TOPCon products compared to previous models, with an expected price increase of 0.5 to 1 cent per watt [3]. - In 2024, the company achieved a solar module shipment of 92.87 GW, representing a year-on-year growth of 18.28%, with N-type modules making up 88% of the total shipments [5]. - The company has established partnerships with several overseas firms for the Tiger NEO 3.0 modules, marking the beginning of mass production and delivery [4]. Future Outlook - The company aims to increase the production capacity of the Tiger NEO 3.0 modules to 50% or more by next year [4]. - The energy storage business is also maturing, with a target of 6 GWh in system shipments for 2025, following over 1 GWh in shipments in 2024 [5]. - The ongoing supply-side reforms in the industry are expected to facilitate a more orderly market environment as some cross-industry solar companies exit competition [5].