研报掘金丨中金：晶科能源储能业务逐步放量有望贡献业绩，公司具备困境反转机会

Core Viewpoint - JinkoSolar is collaborating with external companies to develop AI+ technology, which is expected to enhance its high-power module shipment ratio by 2026, potentially accelerating its performance turnaround [1] Group 1: Company Performance - The company's storage business is gradually ramping up, which is anticipated to contribute to its performance [1] - The company is seen as having a chance for a turnaround despite the current industry being at the bottom of the cycle [1] Group 2: Financial Forecasts - The 2025 profit forecast for the company has been revised down from -4.068 billion to -6.647 billion [1] - The 2026 profit forecast has been reduced by 60.8% to 620 million [1] - A 2027 profit forecast of 2.459 billion has been introduced, corresponding to a current valuation of 33.9 times earnings [1] Group 3: Target Price Adjustment - The target price for the company has been raised by 42.9% to 10 yuan, which corresponds to a 2027 price-to-earnings ratio of 40.7 times, indicating a 20% upside potential from the current stock price [1]