Jinko Solar(SH:688223) Guotou Securities·2026-01-09 15:39Investment Rating - The investment rating for the company is "Buy-A" with a 12-month target price of 7.35 yuan, while the current stock price is 6.18 yuan [5]. Core Insights - The company has signed a strategic cooperation agreement with Jingtai Technology to develop AI+robotics high-throughput perovskite solar cell technology, aiming to enhance competitive advantages in photovoltaic products [1][2]. - The perovskite tandem technology is seen as a key direction for the future of the photovoltaic industry, with the company achieving a new breakthrough in conversion efficiency of 34.76% for its TOPCon-based perovskite tandem cells [3]. - The energy storage business is expected to turn profitable soon, with a projected shipment volume of 3.3 GWh in the first three quarters of 2025 and plans for significant growth in 2026 [4]. Summary by Sections Strategic Cooperation - The collaboration aims to create the world's first AI-driven, robot-executed, and data-feedback closed-loop manufacturing line for tandem solar cells, significantly improving research and development efficiency [2]. - The new experimental line is expected to achieve a throughput of 1000 cells per day, enhancing R&D efficiency by a factor of 100 [2]. Technological Advancements - The company has improved its TOPCon cell efficiency to 27.79% and plans to upgrade 40%-50% of its existing capacity by the end of 2025, with mainstream models exceeding 640W [3]. - The strategic partnership is crucial for consolidating the company's long-term technological advantages and capturing the next generation of technology leadership [3]. Energy Storage Business - The company is deepening its strategic layout in the new energy storage sector, with a focus on large-scale and commercial energy storage projects, achieving an international order ratio of approximately 80% [4]. - The energy storage business is anticipated to contribute stable profits starting in 2026, supported by a production capacity of 17 GWh for system integration and 5 GWh for cell self-supply [4]. Financial Projections - The company is projected to have net profits of -4.5 billion yuan in 2025, followed by 2.13 billion yuan in 2026 and 3.57 billion yuan in 2027, indicating a significant turnaround [9]. - The company is compared with peers like Longi Green Energy, JA Solar, and Trina Solar, highlighting its leading position in TOPCon technology and rapid growth in the energy storage sector [9].