Jinko Solar(SH:688223) Minsheng Securities·2024-09-03 03:00Investment Rating - The report maintains a "Recommended" rating for JinkoSolar [1][3] Core Views - JinkoSolar's revenue for the first half of 2024 was 47.251 billion yuan, a year-on-year decrease of 11.88%, with a net profit attributable to shareholders of 1.2 billion yuan, down 68.77% year-on-year [2] - The company continues to hold a leading position in the N-type solar module market, with N-type module sales accounting for over 80% of total shipments [2] - JinkoSolar is actively expanding its overseas production capacity and has established a significant market presence in emerging markets such as the Middle East and Pakistan [2] - The company is also entering the energy storage sector, having made progress in domestic and international markets [2] Financial Forecasts - Projected revenues for 2024, 2025, and 2026 are 95.471 billion yuan, 109.914 billion yuan, and 126.167 billion yuan respectively, with corresponding net profits of 1.654 billion yuan, 5.854 billion yuan, and 7.4 billion yuan [1][3] - Earnings per share are expected to be 0.17 yuan in 2024, 0.59 yuan in 2025, and 0.74 yuan in 2026 [1][3] - The price-to-earnings (PE) ratio is projected to be 43x in 2024, 12x in 2025, and 10x in 2026 [1][3] Market Position and Strategy - JinkoSolar's N-type TOPCon battery production capacity exceeds 75GW, with an average efficiency of over 26.1% and a yield rate above 98% [2] - The company has signed agreements to develop a 10GW battery and module project in Saudi Arabia, which is expected to support its global strategy and enhance market share [2] - JinkoSolar is recognized as a top-tier supplier in both energy storage and module supply, reflecting its commitment to innovation and product development [2]