Jinko Power(SH:601778) Tianfeng Securities·2025-05-03 13:42Investment Rating - The investment rating for the company is "Accumulate" [7] Core Views - The company is advancing a strategy that combines "light and heavy asset operations with diversified business layout" [4] - The increase in self-owned power station capacity has driven a 9.25% year-on-year revenue growth for 2024, despite a 15.39% decline in net profit due to increased curtailment rates in the photovoltaic industry and reduced investment income [2][5] - In Q1 2025, the company reported a 43% year-on-year revenue increase, with a net loss of 0.35 billion yuan, showing significant improvement compared to the previous year's loss [3] Financial Performance Summary - For 2024, the company achieved a revenue of 4.775 billion yuan, up 9.25% year-on-year, and a net profit of 324 million yuan, down 15.39% [6] - The forecasted net profits for 2025-2027 are 547 million, 583 million, and 606 million yuan respectively, with growth rates of 69%, 7%, and 4% [5] - The company's earnings per share (EPS) for 2024 is projected at 0.09 yuan, with a price-to-earnings (P/E) ratio of 28.51 [6][13] Business Strategy and Developments - The company is focusing on expanding its self-owned power station capacity, which is expected to reach approximately 6448 MW by the end of 2024, a 20% increase [2] - The company has established long-term partnerships with major industry players such as Alibaba Cloud, Tencent, JD.com, and SF Express [3] - The company is actively pursuing a "rolling development" model for light asset operations and diversifying its business layout [3][4]