Jinko Power(SH:601778) Minsheng Securities·2025-05-05 06:23Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company achieved a revenue of 4.775 billion yuan in 2024, a year-on-year increase of 9.25%, while the net profit attributable to shareholders was 324 million yuan, a decrease of 15.39% [1][4] - The growth in revenue is primarily attributed to the increase in the installed capacity of self-owned power plants, leading to higher electricity generation and revenue [1] - The company has expanded its self-owned power plant capacity to 6.45 GW by the end of 2024, a year-on-year increase of 20% [2] - The company is accelerating its overseas project development, with over 2.4 GW of overseas project reserves by the end of 2024 [3] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 4.775 billion yuan, with a net profit of 324 million yuan, reflecting a decline in profitability due to increased curtailment rates in the photovoltaic industry [1][4] - The company expects revenues of 6.446 billion yuan, 6.767 billion yuan, and 7.055 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 459 million yuan, 572 million yuan, and 688 million yuan [4][10] Operational Highlights - The self-owned power plant generation reached 6.45 GW by the end of 2024, with a total generation of 6.714 billion kWh, a year-on-year increase of 27% [2] - The company has diversified its project development strategies, including flexible transformation of thermal power and bundled development of wind, fire, and solar energy [2] Future Outlook - The company is projected to see significant revenue growth in the coming years, with expected revenue growth rates of 35% in 2025 and 5% in 2026 [4][10] - The report highlights the potential for the company's energy storage business to ramp up, with a total of 298 MWh of independent energy storage capacity by the end of 2024 [3]