Jinko Solar(SH:688223) Soochow Securities·2024-10-21 08:10Investment Rating - The investment rating for JinkoSolar is "Buy" (maintained) [1] Core Views - The company plans to issue GDRs on the Frankfurt Stock Exchange to enhance its overseas presence and strengthen its risk resilience, aiming to raise up to 4.5 billion RMB [3] - The funds raised will be allocated to the construction of a 1GW high-efficiency module project in the U.S. and the second phase of a 14GW integrated production base in Shanxi, which is expected to commence production by the end of the year [3] - JinkoSolar maintains its leading position in shipments, with a projected shipment of approximately 23-25GW in Q3 2024, and a significant portion of sales coming from overseas markets [3] Financial Forecasts and Valuation - The total revenue for 2023 is projected at 118.682 billion RMB, with a decline expected in 2024 to 93.176 billion RMB, followed by a recovery in subsequent years [2] - The net profit attributable to the parent company is forecasted to be 12.9 billion RMB in 2024, reflecting an 83% decrease year-on-year, but expected to rebound to 31.2 billion RMB in 2025 and 39.6 billion RMB in 2026 [4] - The latest diluted EPS is expected to be 0.13 RMB in 2024, with a P/E ratio of 66.33 [2][4] Market Data - The closing price of JinkoSolar shares is 8.55 RMB, with a market capitalization of approximately 85.54 billion RMB [5] - The company has a price-to-book ratio of 2.64 and a total circulating A-share market value of about 26.58 billion RMB [5] Basic Data - The company has a total share capital of 10,005.20 million shares and a net asset value per share of 3.23 RMB [6] - The debt-to-asset ratio stands at 73.17%, indicating a relatively high level of leverage [6]