第三季度“增收不增利” 光伏逆变器龙头锦浪科技拟发行可转债募资近17亿元

Core Viewpoint - Jinko Technology reported a slight increase in revenue for Q3 2025, but a significant decline in net profit, indicating potential challenges in the solar inverter market [1][2]. Group 1: Financial Performance - In Q3 2025, Jinko Technology achieved revenue of 1.869 billion yuan, a year-on-year increase of 3.43%, while net profit dropped to 263 million yuan, a decrease of 16.85% [1]. - For the first nine months of 2025, the company reported revenue of 5.663 billion yuan, up 9.71% year-on-year, and net profit of 865 million yuan, an increase of 29.39% [2]. - The revenue figures for the first three quarters were 1.518 billion yuan, 2.276 billion yuan, and 1.869 billion yuan, with corresponding net profits of 195 million yuan, 407 million yuan, and 263 million yuan [2]. Group 2: Cost and Expenses - Jinko Technology's labor costs and R&D investments have been increasing, with employee compensation reaching 150 million yuan, a year-on-year increase of 34.51%, and R&D expenses totaling 341 million yuan, up 17.02% [2]. - Sales and management expenses were 417 million yuan and 237 million yuan, reflecting year-on-year increases of 22.94% and 29.53% respectively [2]. Group 3: Market Conditions - The company faced challenges in its core inverter revenue, which declined by 11.22% year-on-year, and a decrease in gross margin for household photovoltaic systems by 3.19 percentage points [2]. - Export data showed that in August, the inverter export value was 6.29 billion yuan, a year-on-year increase of 2.2% but a month-on-month decrease of 3.4% [2]. Group 4: Fundraising and Future Projects - Jinko Technology plans to issue 1.677 billion yuan in convertible bonds to fund various projects, including distributed photovoltaic power stations and new inverter projects [4]. - The projects are expected to add production capacity for high-voltage inverters and mixed storage inverters, with projected annual net profits of approximately 77.28 million yuan and 124 million yuan respectively [4]. - The company anticipates that these projects will enhance its competitive strategy and expand its product offerings in the distributed photovoltaic sector [4].