Jinko Solar(SH:688223) EBSCN·2024-09-05 08:38Investment Rating - The report maintains a "Buy" rating for JinkoSolar [3] Core Views - JinkoSolar achieved a revenue of 47.251 billion yuan in H1 2024, a year-on-year decrease of 11.88%, with a net profit of 1.2 billion yuan, down 68.77% year-on-year [2] - The company maintained its position as the global leader in module shipments, with an expected shipment of 23-25 GW in Q3 2024, and a total annual shipment guidance of 100-110 GW [2] - The company is expanding its integrated production capacity, with projected capacities of approximately 120 GW for wafers, 95 GW for cells, and 130 GW for modules by the end of 2024 [2] - JinkoSolar's N-type TOPCon products continue to lead the industry, with stable production capacity exceeding 75 GW and an average testing efficiency of over 26.1% [2] Summary by Sections Market Data - Total shares: 1,000.5 million - Total market value: 70.036 billion yuan - 1-year low/high: 6.71/10.61 yuan - 3-month turnover rate: 28.63% [1] Financial Performance - H1 2024 revenue: 47.251 billion yuan, down 11.88% year-on-year - H1 2024 net profit: 1.2 billion yuan, down 68.77% year-on-year - Q2 2024 revenue: 24.168 billion yuan, down 20.69% year-on-year - Q2 2024 net profit: 24 million yuan, down 98.89% year-on-year [2] Production and Sales - H1 2024 module shipments: approximately 43.8 GW, with N-type modules accounting for about 35.9 GW (over 80% of total shipments) - Q3 2024 module shipment forecast: 23-25 GW - H1 2024 overseas market shipment ratio: approximately 65% [2] Capacity Expansion - Integrated capacity expansion includes a vertical integration base in Shanxi, with projected capacities of 120 GW for wafers, 95 GW for cells, and 130 GW for modules by the end of 2024 - Joint venture in Saudi Arabia for a high-efficiency solar cell and module project with an expected capacity of 10 GW [2] Product Leadership - N-type TOPCon battery production capacity exceeds 75 GW, with an average testing efficiency of over 26.1% and a yield rate of over 98% - Continued expansion into the energy storage market with the launch of a 5 MWh large storage system [2]