Jinko Solar(688223) 中泰证券·2024-09-05 03:32Investment Rating - The investment rating for the company is "Increase" [1][4] Core Views - The company has solidified its position as a global leader in solar module shipments, achieving 43.8GW in shipments in the first half of 2024, maintaining its industry-leading status [4] - The company is advancing its global supply chain layout, with a 2GW module factory in the U.S. already in operation and plans for a 10GW high-efficiency solar cell and module project in Saudi Arabia [4] - The company is focusing on enhancing its TOPCon technology, with expectations to achieve an annual shipment target of 100-110GW in 2024, with N-type shipments expected to account for 90% [4] - Due to significant declines in product prices, revenue and profit forecasts have been adjusted downwards, with expected revenues of 104.1 billion, 117 billion, and 125 billion for 2024, 2025, and 2026 respectively [4] Financial Performance Summary - In H1 2024, the company reported revenue of 47.25 billion, a decrease of 12% year-on-year, and a net profit of 1.2 billion, down 69% year-on-year [4] - The company’s Q2 2024 revenue was 24.17 billion, a 21% decrease year-on-year, with a net profit of 24 million, down 99% year-on-year [4] - The company’s earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.22, 0.26, and 0.30 respectively, with corresponding P/E ratios of 33, 28, and 24 [4][5]