晶科能源：美国出货规模超预期，资本结构持续优化

Investment Rating - The report maintains a Buy rating for Jinko Solar (688223 SH) [4] Core Views - Jinko Solar reported Q3 2024 revenue of 24 519 billion yuan, down 22 09% YoY but up 1 45% QoQ Net profit attributable to shareholders was 15 million yuan, with non GAAP net profit at 259 million yuan [4] - The company's module shipments in Q3 2024 remained flat QoQ, maintaining its position as the market leader in terms of shipment volume US shipments exceeded expectations due to increased concentrated deliveries, driving a QoQ improvement in gross margin by 4 21 percentage points to 11 82% [5] - The company's capital structure continued to optimize, with the debt to asset ratio decreasing by 1 28 percentage points QoQ to 71 89% However, financial expenses increased significantly due to exchange rate impacts, and fair value changes resulted in a net loss of 575 million yuan [5] - Looking ahead, the company's US market shipments are expected to remain stable, supporting profitability The Saudi 10GW battery module project is expected to reach full production by 2026, accelerating overseas expansion Jinko Solar, as a TOPCon pioneer, has a strong moat in patent protection, with its recently released 670W module achieving an efficiency of 24 8% [6] Financial Data Summary - For the first three quarters of 2024, Jinko Solar reported revenue of 71 77 billion yuan, down 15 66% YoY, and net profit attributable to shareholders of 1 215 billion yuan, down 80 88% YoY [4] - The company's current stock price is 9 13 yuan, with a total market capitalization of 1 00052 billion shares and a net asset per share of 3 22 yuan [7] - The company's 12 month high and low stock prices were 10 79 yuan and 6 22 yuan, respectively [7]