晶科能源（688223）：2025年三季报点评：毛利率转正，组件出货领先

Investment Rating - The report maintains a rating of "Accumulate" for JinkoSolar [4] Core Views - The company reported a significant improvement in gross margin, turning positive at 3.755% in Q3 2025, up 4.77 percentage points from the previous quarter, driven by an increase in high-power module shipments and orders from high-premium markets in the US and the Middle East [1] - The operating cash flow turned positive in Q3 2025, reaching 2.471 billion, reversing the negative trend of -3.812 billion in the first half of the year, indicating improved collection capabilities and operational efficiency [2] - JinkoSolar maintained its position as the global leader in solar module shipments, with a total of 61.85 GW shipped in the first three quarters of 2025, while also experiencing rapid growth in its energy storage business [2] Financial Summary - For the first three quarters of 2025, the company achieved revenue of 47.99 billion, a year-on-year decline of 33.1%, with a net loss attributable to shareholders of 3.92 billion [1] - The forecast for net profit attributable to shareholders for 2025-2027 is projected at -4.473 billion, 2.355 billion, and 4.233 billion respectively, reflecting a year-on-year growth of -4621.2%, 152.6%, and 79.8% [2][3] - The company’s revenue for 2025 is expected to be 62.171 billion, with a year-on-year decline of 32.8% [3]