晶科能源（688223）：公司点评：盈利能力显著提升，TOPCon龙头地位稳固

Investment 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] - In the first three quarters of 2024, JinkoSolar achieved revenue of 71.8 billion RMB, a year-on-year decrease of 16%, and a net profit of 1.215 billion RMB, down 80% year-on-year [2] - The company shipped a total of 73.13 GW of photovoltaic products in the first three quarters, representing a year-on-year increase of 31.29%, with module shipments of 67.65 GW, maintaining the industry's leading position [3] - The gross margin improved significantly, with a sales gross margin of 11.82% in Q3, up 4.2 percentage points from Q2, benefiting from increased shipments to the high-margin U.S. market [3] - The company plans to balance shipment scale and profit in Q4, aiming for total shipments of 90-100 GW for the year [3] - JinkoSolar announced plans to issue GDRs to raise up to 4.5 billion RMB for overseas capacity expansion, which will enhance its financial structure and long-term competitiveness [3] Summary by Sections Financial Performance - In Q3, the company reported a net profit of 0.15 billion RMB and a non-recurring net profit of 2.59 billion RMB, showing significant growth compared to Q2 [2] - The forecast for net profit for 2024-2026 has been adjusted to 1.48 billion RMB, 5.12 billion RMB, and 6.05 billion RMB, respectively, with corresponding PE ratios of 18 and 15 for 2025-2026 [3] Market Position - JinkoSolar's N-type module shipments accounted for approximately 85% of total shipments, reinforcing its market leadership [3] - The company has launched the Tiger Neo third-generation product, achieving a maximum module conversion efficiency of 24.8% and a maximum power output of 670W [3] Future Outlook - The company is expected to maintain its profitability and competitive edge through continuous technological advancements and global channel expansion [3]