Jinko Solar(SH:688223) Minsheng Securities·2024-11-01 12:30Investment Rating - The report maintains a "Recommended" rating for the company [5][8]. Core Views - The company reported a significant decline in revenue and net profit for the first three quarters of 2024, with revenue of 717.70 billion yuan, down 15.66% year-on-year, and a net profit of 12.15 billion yuan, down 80.88% year-on-year [1]. - The gross margin improved significantly in Q3 2024, reaching 11.82%, an increase of 4.22 percentage points from the previous quarter, indicating a notable recovery in profitability [2]. - The company continues to lead the industry in component shipments, achieving a total shipment of 73.13 GW of photovoltaic products in the first three quarters of 2024, with a forecasted annual shipment of 90-100 GW [3]. - The company plans to issue Global Depositary Receipts (GDR) to enhance its financial strength and accelerate its globalization process, with expected fundraising of up to 4.5 billion yuan [4]. Financial Forecasts - The company is projected to achieve revenues of 952.66 billion yuan, 1,095.36 billion yuan, and 1,263.26 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 14.89 billion yuan, 50.68 billion yuan, and 61.56 billion yuan [5][9]. - The expected price-to-earnings (PE) ratios for the years 2024, 2025, and 2026 are 64x, 19x, and 15x, respectively [5][9].