Jinko Solar(SH:688223) ZHONGTAI SECURITIES·2024-02-04 16:00Investment Rating - The report assigns an "Overweight" rating for the company, marking its first coverage [2]. Core Insights - JinkoSolar is a global leader in photovoltaic (PV) modules, with rapid growth in operating performance. The company has maintained its position as the top global PV module supplier, with cumulative shipments exceeding 210GW by the end of 2023 [6][10]. - The company is leading the development of TOPCon technology, which is becoming the mainstream technology in the industry, and is expected to enhance its competitive edge further [15][22]. - The report forecasts significant revenue and profit growth, with expected revenues of 113 billion yuan and net profits of 7.9 billion yuan for 2024, reflecting a year-on-year increase of 8% and 4% respectively [2][10]. Summary by Sections 1. Photovoltaic Integration Leader, Leading the N-Type Era - JinkoSolar has established itself as a leader in the PV industry with a vertically integrated business model covering silicon wafers, cells, and modules. The company has been a pioneer in scaling up TOPCon cell production [6][8]. - The company achieved the highest global shipment of N-type modules, with expectations to reach 70-75GW in 2023 [6][10]. 2. The Arrival of the N-Type Era, Accelerating TOPCon Iteration - The global demand for renewable energy is increasing, with solar power expected to benefit significantly from this trend. BNEF predicts that global module installations could reach approximately 500GW by 2024 [15]. - N-type technology offers significant advantages over P-type, with higher conversion efficiency and better performance metrics, leading to a rapid increase in market penetration [16][18]. 3. Leading the Development of TOPCon Technology - JinkoSolar is positioned as a leader in the mass production of TOPCon technology, which is expected to provide a competitive advantage in the industry [24]. - The company has a robust global capacity layout, with plans to expand production in various regions, including Vietnam and the United States [8][10]. 4. Profit Forecast and Valuation - The report projects a compound annual growth rate (CAGR) of 35.5% in revenue from 2018 to 2022, with a significant increase in net profit expected in 2023 [10][12]. - The company's profitability has improved, with a decrease in expense ratios and an increase in gross margins, indicating a strong operational performance [12][14].