Jinko Solar(SH:688223) SINOLINK SECURITIES·2024-10-31 02:41Investment Rating - The report maintains a "Buy" rating for JinkoSolar [2][9] Core Views - The company's profitability has significantly improved, and it maintains a leading position in the TOPCon technology segment [2][3] - JinkoSolar's total shipment of photovoltaic products reached 73.13 GW in the first three quarters, a year-on-year increase of 31.29%, with module shipments of 67.65 GW, continuing to lead the industry [3] - The company aims to balance shipment scale and profit in Q4, targeting total shipments of 90-100 GW for the year [3] - The gross margin has improved significantly, with a sales gross margin of 11.82% in Q3, benefiting from increased shipments to the high-profit U.S. market [3] - The recent launch of the Tiger Neo third-generation product, with a maximum module conversion efficiency of 24.8% and a maximum power output of 670W, is expected to enhance the company's competitive edge [3] - The issuance of GDRs to raise up to 4.5 billion RMB will strengthen overseas capacity and optimize the financial structure [3] - Profit forecasts for 2024-2026 have been adjusted to 1.48 billion, 5.12 billion, and 6.05 billion RMB, with corresponding PE ratios of 18 and 15 for 2025-2026 [3] Summary by Sections Performance and Events - In Q3, JinkoSolar reported a net profit of 0.15 billion RMB, with a non-recurring net profit of 2.59 billion RMB, showing significant growth compared to Q2 [2] Operational Analysis - The company achieved a total shipment of 73.13 GW in the first three quarters, with a year-on-year growth of 31.29% [3] - The gross margin improved to 11.82% in Q3, up 4.2 percentage points from the previous quarter [3] - The company plans to balance shipment scale and profit, targeting 90-100 GW for the year [3] Financial Forecasts and Valuation - The adjusted profit forecasts for 2024-2026 are 1.48 billion, 5.12 billion, and 6.05 billion RMB, with PE ratios of 18 and 15 for 2025-2026 [3]