Jinko Solar(SH:688223) EBSCN·2025-08-28 13:04Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [4][6]. Core Insights - The company remains the industry leader in solar module shipments, with a forecast of 20-23GW shipments for Q3 2025. In H1 2025, it achieved 41.84GW in solar module shipments, maintaining its top position globally [2][4]. - Despite the leading market position, the company faces challenges due to declining product prices, resulting in a 33.70% year-on-year decrease in revenue to 301.24 billion yuan in H1 2025, with a gross margin drop of 9.65 percentage points to -0.98% [2][4]. - The company has made significant advancements in its N-type TOPCon products, achieving a maximum conversion efficiency of 25.58% and plans to upgrade 40%-50% of its existing capacity to mainstream power ratings above 640W by the end of 2025 [3][4]. - The company has successfully expanded its overseas market presence, with over 60% of shipments in H1 2025 coming from international markets, and it aims for a total of 6GWh in energy storage shipments for the year [4]. Financial Performance Summary - In H1 2025, the company reported a revenue of 318.31 billion yuan, a decrease of 32.63% year-on-year, and a net profit attributable to shareholders of -29.09 billion yuan, down 342.38% year-on-year [1][4]. - The revenue forecast for 2025 is projected at 66.202 billion yuan, with a significant decline in net profit expected at -32.01 billion yuan [5][10]. - The company's gross margin is expected to recover slightly to 2.0% by 2025, with a projected EBITDA margin of 10.9% [12]. Market Position and Competitive Advantage - The company continues to leverage its brand, distribution channels, and product competitiveness to ensure sustained growth in module shipments, despite increasing industry competition [4]. - The ongoing investment in technological innovation, particularly in TOPCon products, positions the company favorably in terms of capacity, shipment, yield, and cost efficiency [4].