Jinko Solar(SH:688223) Changjiang Securities·2025-05-08 09:46Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company reported a revenue of 92.471 billion yuan for 2024, a year-on-year decrease of 22%, with a net profit attributable to the parent company of 99 million yuan, down 99% year-on-year, aligning with previous performance forecasts [2][4] - In Q4 2024, the company achieved a revenue of 20.701 billion yuan, a 38% year-on-year decline, and a net profit of -1.116 billion yuan [2][4] - For Q1 2025, the company reported a revenue of 13.843 billion yuan, a 40% year-on-year decrease, with a net profit of -1.39 billion yuan [2][4] - The company shipped 92.87 GW of components in 2024, an 18.28% increase year-on-year, ranking first in the industry for the sixth consecutive time [9] - The company plans to complete over 40% of capacity upgrades by the end of 2025, ensuring product premium and order visibility of 60%-70% for 2025 [9] Summary by Sections Financial Performance - In 2024, the company achieved an operating cash flow of 7.867 billion yuan, with an asset impairment loss of 1.458 billion yuan and a total asset-liability ratio decrease of 2 percentage points to 72% [9] - For Q1 2025, the operating cash flow was -2.6 billion yuan due to seasonal stocking, with an asset-liability ratio of 72.72% [9] Market Position - The company’s overseas component shipment accounted for approximately 57.8% of total shipments in 2024, contributing 68.6% to overseas sales revenue [9] - The Americas market generated revenue of 22.4 billion yuan with a gross margin of 26.21%, making it a significant profit contributor [9] Future Outlook - The company plans to ship 20-25 GW in Q2 2025 and aims for total shipments of 85-100 GW for the year, alongside a storage target of 6 GWh [9] - The company is recognized as one of the industry's highest-quality assets, maintaining long-term investment value despite current valuation being at a low point [9]