Jinko Solar(SH:688223) Zheng Quan Zhi Xing·2025-06-23 12:16Core Viewpoint - The credit rating agency maintains the credit rating of Jinko Solar Co., Ltd. and its convertible bond "Jinko Convertible Bond" at AA+ with a stable outlook, reflecting the company's strong position in the solar photovoltaic industry and its ongoing competitive advantages despite facing challenges in profitability and debt burden [1][6][9]. Company Overview - Jinko Solar primarily engages in the research, production, and sales of solar photovoltaic modules, battery cells, and silicon wafers, with its main product being solar photovoltaic modules [10]. - As of March 2025, the company had total assets of 1190.33 billion yuan and equity of 324.72 billion yuan, with a debt-to-asset ratio of 72.72% [12]. Financial Performance - The company reported total operating revenue of 924.71 billion yuan in 2024 and 138.43 billion yuan in the first quarter of 2025, with a total profit of -0.77 billion yuan and -21.36 billion yuan respectively [12]. - The total debt of the company was 540.22 billion yuan in 2024, increasing to 582.59 billion yuan in 2025 [12]. Industry Analysis - The photovoltaic industry plays a crucial role in global energy transition, with significant growth in installed capacity driven by policy guidance and market demand, leading to record-high component demand [8][15]. - In 2024, Jinko Solar's global photovoltaic module shipment reached 92.87 GW, maintaining a strong competitive position with a market share of approximately 88% for N-type products [8][15]. - The company continues to enhance its technological competitiveness through substantial R&D investments, focusing on high-efficiency products like N-type TOPCon cells [8][15]. Market Challenges - The photovoltaic industry faces intense price competition, leading to rapid declines in component prices and pressure on profitability, with expectations of continued low pricing in 2025 [9][15]. - Jinko Solar's overseas sales account for over 60% of its revenue, exposing the company to risks from exchange rate fluctuations, geopolitical changes, and trade protection policies [9][15]. Future Outlook - The stable rating outlook reflects the broad prospects for the global photovoltaic industry under the "dual carbon" goals, with expectations of continued strong competitiveness as the company expands its integrated production capacity and develops new products [9][15].