Jinko Solar(SH:688223) SINOLINK SECURITIES·2024-09-01 07:14Investment Rating - The report maintains a "Buy" rating for the company [2][4] Core Views - The company has demonstrated a strong competitive advantage in the TOPCon segment, with a global layout enhancing its competitiveness [2][3] - Despite a decline in revenue and net profit in the first half of 2024, the company remains optimistic about achieving its annual shipment guidance of 100-110GW [3][4] - The company is expanding its production capacity in the Middle East, which is expected to bolster its market share and core competitiveness [3] Financial Performance Summary - In the first half of 2024, the company reported revenue of 47.3 billion RMB, a year-on-year decrease of 12%, and a net profit of 1.2 billion RMB, down 69% year-on-year [2] - The company achieved a component sales volume of 43.8GW in the first half of 2024, representing a 42% increase year-on-year, maintaining its position as the industry leader [3] - The company’s gross profit margin decreased to 7.60% in Q2 2024, reflecting the pressure on profitability due to declining industry chain prices [3] Earnings Forecast and Valuation - The forecast for the company's net profit for 2024-2026 has been revised down to 1.49 billion RMB (-63%), 3.98 billion RMB (-26%), and 5.46 billion RMB (-23%) respectively [4] - The report highlights the company's technological advantages and global channel layout as key factors for maintaining its market position despite challenges [4]