第三季度增收不增利，锦浪科技拟募资近17亿元加码产能

Core Insights - Jinko Technology reported a revenue of 5.663 billion yuan for the first three quarters of the year, representing a year-on-year increase of 9.71%, and a net profit attributable to shareholders of 865 million yuan, up 29.39% [1] - In the third quarter, the company achieved a revenue of 1.869 billion yuan, a slight increase of 3.43% year-on-year, but the net profit attributable to shareholders fell by 16.85% to 263 million yuan, indicating a "revenue growth without profit growth" situation [1] Revenue and Profit Analysis - For the first half of the year, Jinko Technology's total inverter sales were approximately 466,200 units, a year-on-year decline of 6.98%. However, the inverter business generated a total revenue of 2.61 billion yuan, an increase of 16.6% [2] - The decline in sales was primarily due to a 11.2% drop in revenue from grid-connected inverters, which amounted to 1.82 billion yuan. Conversely, revenue from energy storage inverters surged by 313.5% to 790 million yuan, compensating for the decline in grid-connected inverter performance [2] Market Trends and Future Outlook - The domestic photovoltaic market may face cooling demand in the second half of the year following a "rush installation" trend in the first half. From January to August, the cumulative newly installed photovoltaic capacity reached 230.61 GW, but the growth rate has slowed significantly in recent months [3] - Jinko Technology plans to raise 1.677 billion yuan through a private placement to enhance production capacity, focusing on distributed photovoltaic power station projects and new high-voltage grid-connected inverter projects. This initiative is expected to increase production capacity for grid-connected and energy storage inverters, as well as establish a distributed photovoltaic power station with an annual power generation of approximately 111 million kWh [3]