Jinko Solar(SH:688223) Huachuang Securities·2024-09-06 13:39Investment Rating - The report maintains a "Recommended" investment rating for JinkoSolar (688223) [2][5] Core Views - JinkoSolar achieved a global leading shipment volume of 43.8GW in the first half of 2024, with N-type products accounting for over 80% of total shipments [2] - The company has strategically expanded into emerging markets, with over 70% of revenue coming from overseas, including a 50% market share in the Middle East and significant orders in Pakistan and Thailand [2] - JinkoSolar's N-type battery production capacity exceeds 75GW, with an average efficiency of over 26.1%, maintaining industry-leading performance [2] - The company expects to meet its annual shipment target of 100-110GW, supported by stable pricing and seasonal demand recovery in the second half of the year [2] Financial Summary - Total revenue for 2024 is projected at 85.32 billion, a decrease of 28.1% year-on-year, with net profit expected to drop to 1.505 billion, a decline of 79.8% [3] - Earnings per share (EPS) is forecasted to be 0.15 in 2024, with a price-to-earnings (P/E) ratio of 47 [3] - The company’s total assets are estimated at 122.14 billion in 2024, with a debt-to-equity ratio of 118% [10]