研报掘金丨国投证券：予晶科能源“买入-A”评级，目标价7.35元

Core Viewpoint - JinkoSolar has signed a cooperation agreement with Jintai Technology for the AI + robotics high-throughput perovskite solar cell R&D project, which is expected to accelerate the commercialization of perovskite tandem cell technology and establish a first-mover advantage in the market [1] Group 1: Company Developments - The strategic partnership is anticipated to enhance JinkoSolar's market share in the photovoltaic technology innovation sector [1] - The rapid growth of the energy storage business is expected to become a significant second growth curve for the company, contributing notably to future performance [1] Group 2: Comparative Analysis - Longi Green Energy, JA Solar, and Trina Solar are selected as comparable companies, with Longi being a leader in BC technology and a representative of N-type technology, similar to JinkoSolar's TOPCon technology [1] - JA Solar focuses on integrated photovoltaic business development and has a strong TOPCon capacity and business layout [1] - Trina Solar has an early layout in the energy storage business, making its business structure comparable to JinkoSolar's [1] Group 3: Financial Projections - Given JinkoSolar's leading position in the TOPCon field and its rapidly growing energy storage business, a 35x PE ratio is projected for 2026, with a 12-month target price set at 7.35 yuan, and a "Buy-A" rating is assigned [1]