Jinko Power(SH:601778) China Post Securities·2025-09-09 02:59Investment Rating - The report assigns a rating of "Accumulate" to the company, indicating a downward adjustment in expectations [6]. Core Views - The company has shown continuous improvement in operating cash flow, with a significant increase in revenue and net profit in the first half of 2025. Revenue reached 2.12 billion yuan, up 10.5% year-on-year, while net profit was 120 million yuan, up 39.8% year-on-year [3]. - The acceleration of renewable energy subsidy disbursement is noted, with the company receiving 646 million yuan in subsidies in August 2025, a 248% increase year-on-year for the first eight months of 2025 [3]. - The company is advancing its light-asset operation strategy and refining its operations, with a focus on overseas power station development [4]. Summary by Sections Company Overview - The latest closing price is 4.60 yuan, with a total market capitalization of 16.4 billion yuan and a total share capital of 3.571 billion shares [2]. Financial Performance - In the first half of 2025, the company reported a net cash flow from operating activities of 1.99 billion yuan, a significant improvement from a negative 730 million yuan in the same period last year [3]. - The company’s revenue and net profit forecasts for 2025-2027 are 5.49 billion yuan, 5.53 billion yuan, and 5.41 billion yuan respectively, with corresponding net profits of 510 million yuan, 530 million yuan, and 560 million yuan [6]. Business Development - The company has reduced its owned power station capacity to 5,953 MW as of the end of the first half of 2025, with a net decrease of 495 MW from the end of 2024. It has also developed 900 MW of new photovoltaic and energy storage projects [4]. - The energy storage business is expanding, with an independent energy storage station capacity of 325.7 MW and new projects totaling 3.9 GWh developed in the first half of 2025 [4]. Market Position - The company has signed contracts for 1.6 billion kWh of electricity in the first half of 2025, with a trading volume of 7.5 billion kWh. It has established a presence in five provinces for virtual power plant operations [5].