Jinko Power(SH:601778) Guotai Junan Securities·2024-03-30 16:00Investment Rating - The report maintains a "Cautious Accumulate" rating for Jinko Power (601778) with a target price of 3.60 CNY, down from a previous forecast of 5.18 CNY [5][17]. Core Views - The company has seen initial success in power station transfers, with a robust project reserve supporting accelerated installation construction [17]. - The 2023 annual report indicates a revenue of 4.37 billion CNY, a year-on-year increase of 36.7%, and a net profit of 383 million CNY, up 77% year-on-year [17]. - The company’s self-owned installed capacity continues to grow, and project reserves are expected to facilitate faster development and transfer of new energy projects [17]. Financial Summary - Revenue Forecast (in million CNY): - 2022A: 3,196 - 2023A: 4,370 - 2024E: 9,299 - 2025E: 9,886 - 2026E: 10,447 [5][17]. - Net Profit Forecast (in million CNY): - 2024E: 861 - 2025E: 1,153 [5][17]. - Key Financial Ratios: - Operating Profit Margin: 21.4% in 2023A, projected to be 19.3% in 2024E [17]. - Return on Equity (ROE): 2.5% in 2023A, projected to increase to 5.3% in 2024E [17]. - Debt to Asset Ratio: 61.8% in 2023A, projected to be 68.6% in 2024E [5][17]. Market Position - The company is positioned in the clean energy sector, primarily focusing on photovoltaic power station operations, development, investment, construction, and management [5][17]. - The company’s competitive position in the industry is expected to improve due to its increasing market share and project reserves [17].