Jinko Solar(SH:688223) SINOLINK SECURITIES·2024-04-23 02:30Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved a revenue of RMB 118.7 billion in 2023, representing a 44% year-on-year increase, and a net profit of RMB 7.44 billion, up 153% year-on-year [2] - The company regained its position as the industry leader in shipment volume, with a total shipment of 86.56 GW in 2023, a 77% increase year-on-year, driven by the expansion of TOPCon production capacity [3] - The company is expected to maintain high growth in shipments in 2024, with a target of 100-110 GW, primarily from N-type products [3] - Despite a decline in gross margin due to price fluctuations in the supply chain, the company is expected to maintain its profitability through cost reduction and efficiency improvements in its N-type products [3] Summary by Sections Financial Performance - In 2023, the company reported a revenue of RMB 118.7 billion and a net profit of RMB 7.44 billion, with a significant increase in net profit margin [2][3] - The fourth quarter saw a net profit of RMB 10.86 billion, a decrease of 14% year-on-year and 57% quarter-on-quarter [2] Product and Market Position - The company’s N-type component shipments reached 48.41 GW in 2023, with a quarterly shipment of 18.6 GW in Q4, accounting for 71% of total shipments [3] - The company is expanding its global supply chain, including a factory in Southeast Asia and a 1 GW production capacity in the U.S., enhancing its competitive edge [3] Profitability and Valuation - The report adjusts the net profit forecast for 2024 and 2025 to RMB 4.8 billion and RMB 6.5 billion respectively, with a new forecast for 2026 at RMB 8.3 billion [3] - The current stock price corresponds to a P/E ratio of 16 for 2024, 12 for 2025, and 9 for 2026, indicating a favorable valuation [3]