Jinko Power(SH:601778) China Post Securities·2025-05-06 10:01Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within six months [6][13]. Core Insights - The company is expected to see revenue growth of 9.3% year-on-year in 2024, reaching 4.78 billion yuan, while net profit is projected to decline by 15.4% to 320 million yuan due to various industry challenges [3][10]. - The company has been actively selling off power plants, with a total of 790 MW sold in 2024, and a further 440 MW in Q1 2025, indicating a strategic shift towards a lighter asset operation model [4]. - The company is expanding its comprehensive energy business, with significant growth in green electricity trading, which saw a year-on-year increase of over 300% [5]. Financial Performance - The company reported a net cash flow from operating activities of 1.2 billion yuan in Q1 2025, a significant improvement from a negative cash flow of 170 million yuan in the same period last year [3]. - Revenue projections for 2025-2027 are 5.49 billion yuan, 5.53 billion yuan, and 5.41 billion yuan respectively, with net profits expected to be 510 million yuan, 530 million yuan, and 570 million yuan [6][10]. - The company's asset-liability ratio is currently at 62.5%, with projections indicating a slight increase to 65.8% by 2025 [11].