Jinko Solar(688223) 东吴证券·2025-01-20 12:13Investment Rating - The investment rating for JinkoSolar is "Buy" (maintained) [1] Core Views - The company is expected to achieve a component shipment of approximately 93GW in 2024, with Q4 shipments estimated at around 25GW, reflecting a quarter-on-quarter increase of about 5% [7] - The N-type technology remains a competitive advantage, with TOPCon cell production efficiency projected to reach 26.5% by the end of 2024, and an expected annual efficiency improvement of 0.5% over the next three years [7] - The forecast for net profit attributable to shareholders has been revised down to 100 million for 2024, with a significant year-on-year decline of 98.66% [7] Financial Summary - Total revenue for 2023 is projected at 118.68 billion, with a year-on-year growth of 43.55%, while 2024 revenue is expected to decline by 26% to 87.82 billion [1][8] - The net profit attributable to shareholders for 2023 is estimated at 7.44 billion, with a significant drop to 100 million in 2024, reflecting a year-on-year decrease of 98.66% [1][8] - The latest diluted EPS for 2023 is projected at 0.74 yuan, dropping to 0.01 yuan in 2024 [1][8]