Jinko Solar(SH:688223) Haitong Securities·2024-09-03 01:14Investment Rating - The report assigns an "Outperform" rating for the company, indicating an expected relative price increase of over 10% compared to the benchmark index [10][13]. Core Insights - The company demonstrated stronger operational resilience compared to peers during a challenging industry period, achieving a revenue of 472.51 billion yuan in the first half of 2024, despite a year-on-year decline of 11.88% [4]. - The company maintained a leading position in the high-premium market, selling approximately 43.8GW of photovoltaic modules globally, with N-type modules accounting for about 35.9GW [4]. - The company has made significant advancements in N-type TOPCon technology, achieving a mass production efficiency exceeding 26.1% and a power output of over 595W for its N-type TOPCon modules [4]. - The company is expanding its global operations, with a notable 10GW project in Saudi Arabia, enhancing its global manufacturing and sales capabilities [5]. Financial Summary - The company's revenue for 2024 is projected to be 99,001 million yuan, reflecting a year-on-year decrease of 16.6%, with net profit expected to be 1,984 million yuan, down 73.3% [6]. - Earnings per share (EPS) for 2024 is estimated at 0.20 yuan, with projections of 0.52 yuan and 0.65 yuan for 2025 and 2026, respectively [6]. - The gross margin is expected to decline to 9.3% in 2024, with a gradual recovery to 11.6% and 11.9% in 2025 and 2026 [9]. - The company's net asset return is projected to be 5.8% in 2024, improving to 13.1% and 14.2% in the following years [9].