Jinko Power(SH:601778) Minsheng Securities·2025-09-02 07:53Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [3]. Core Views - The company achieved a revenue of 2.124 billion yuan in H1 2025, representing a year-on-year increase of 10.47%. The net profit attributable to shareholders was 123 million yuan, up 39.76% year-on-year, primarily driven by the growth in household photovoltaic power station development and increased transaction scale of power station products [1]. - The company is accelerating the turnover of household projects and continuing its light asset operation strategy. As of H1 2025, the installed capacity of self-owned power stations reached 5.953 GW, with a new addition of 233 MW. The company sold 652 MW of household photovoltaic systems, achieving a turnover rate exceeding 60% [2]. - The energy storage business is ramping up, with 657 MWh of independent energy storage stations and a new development scale of 3.9 GWh in storage projects. The company has also accelerated overseas power station construction, with 444 MW of overseas power stations operational and 900 MW of new photovoltaic and storage projects under development [3]. - Revenue projections for 2025-2027 are estimated at 5.073 billion yuan, 5.399 billion yuan, and 5.739 billion yuan, respectively, with net profits of 418 million yuan, 464 million yuan, and 517 million yuan, corresponding to PE ratios of 41x, 37x, and 33x [3]. Summary by Sections Financial Performance - In H1 2025, the company reported total revenue of 2.124 billion yuan, a 10.47% increase year-on-year, and a net profit of 123 million yuan, reflecting a 39.76% increase. However, the net profit excluding non-recurring items decreased by 27.14% [1]. - The second quarter of 2025 saw a revenue of 1.012 billion yuan, down 11.62% year-on-year and 9.01% quarter-on-quarter, with a net profit of 158 million yuan, down 15.48% year-on-year [1]. Operational Strategy - The company is focusing on light asset operations, with a significant emphasis on the turnover of household photovoltaic projects. The self-owned power station capacity has increased, and the company aims to enhance profitability through a service model for commercial distributed energy [2]. - The company has successfully sold 652 MW of household photovoltaic systems, contributing to its light asset transformation strategy [2]. Future Outlook - The company is expected to continue its growth trajectory, with significant contributions from overseas projects and the energy storage sector. The establishment of a profit closure model for overseas projects is anticipated to support future earnings [3].