Jinko Solar(SH:688223) Huachuang Securities·2025-05-15 03:45Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 7.11 CNY based on a projected PE of 40x for 2026 [4][8]. Core Views - The company leads the industry in module shipments, with a cumulative global shipment of over 300GW by the end of 2024, and a projected shipment of 20-25GW in Q2 2025 [8]. - The company is experiencing pressure on profitability due to low-price orders and the ramp-up of new production capacity, which has affected gross margins [8]. - The company is focusing on technology upgrades, with significant advancements in battery efficiency and the introduction of innovative solar module technologies [8]. Financial Summary - Total revenue for 2024 is projected at 92,471 million CNY, a decrease of 22.1% year-on-year, with a net profit of 99 million CNY, down 98.7% year-on-year [4][8]. - The gross margin for 2024 is expected to be 7.34%, a decline of 6.7 percentage points compared to the previous year [8]. - The company anticipates a recovery in net profit, projecting 420 million CNY for 2025, with significant growth expected in subsequent years [4][8]. Market Position - The company has maintained its position as the global leader in solar module shipments, with a strong focus on expanding its energy storage business, targeting a shipment of 6GWh in 2025 [8]. - The company’s technological advancements include achieving an average efficiency of over 26.7% for battery production and introducing high-efficiency solar modules with power ratings exceeding 650W [8].