Jinko Solar(SH:688223) Minsheng Securities·2024-04-23 08:00Investment Rating - The report maintains a "Recommended" rating for the company [2][4] Core Views - The company achieved a revenue of 118.68 billion yuan in 2023, representing a year-on-year growth of 43.55%, and a net profit attributable to shareholders of 7.44 billion yuan, up 153.20% year-on-year [2][3] - The company remains the global leader in solar module shipments, with a total shipment of 78.52 GW in 2023, a year-on-year increase of 77.11% [3] - The company is expanding its integrated production capacity, with a current capacity of 85 GW for silicon wafers, 90 GW for solar cells, and 110 GW for modules, achieving an integration rate of 85% [3][4] Financial Forecasts - The projected revenue for 2023-2026 is as follows: 101.86 billion yuan in 2024, 117.48 billion yuan in 2025, and 132.46 billion yuan in 2026 [8] - The net profit attributable to shareholders is expected to be 5.17 billion yuan in 2024, 6.53 billion yuan in 2025, and 7.99 billion yuan in 2026 [8] - The earnings per share (EPS) is forecasted to be 0.52 yuan in 2024, 0.65 yuan in 2025, and 0.80 yuan in 2026 [8] Market Position and Product Development - The company is actively expanding into new growth areas, including residential, commercial storage, and large-scale storage solutions, with a successful launch of a 4 GWh energy storage system production line [4] - The company has achieved a maximum efficiency of 26.89% for its TOPCon solar cells in the laboratory, with an average production efficiency of 25.9% [3][4] - The company is also developing next-generation battery technologies, with a perovskite tandem cell efficiency reaching 32.33% [3]