Jinko Solar(SH:688223) Haitong Securities·2024-04-26 02:02Investment Rating - The investment rating for the company is "Outperform the Market" [4][5][9] Core Viewpoints - The company achieved significant revenue growth in 2023, with total revenue reaching 118.68 billion yuan, a year-on-year increase of 43.55%, and a net profit of 7.44 billion yuan, up 153.20% year-on-year [4][5] - The company is set to enhance its production efficiency and cost competitiveness with the launch of a large-scale integrated production base in Shanxi, which is expected to start operations in March 2024 [4][5] - The company aims to increase its N-type product shipments significantly in 2024, targeting a total shipment of 100-110 GW, with N-type products accounting for nearly 90% of the total [4][5] Financial Data and Forecasts - The company's financial performance shows a robust growth trajectory, with projected revenues of 108.99 billion yuan in 2024, followed by 126.62 billion yuan in 2025, and 147.13 billion yuan in 2026 [6][8] - Net profit forecasts for 2024, 2025, and 2026 are 6.01 billion yuan, 7.16 billion yuan, and 8.96 billion yuan respectively, reflecting a growth rate of -19.2%, 19.0%, and 25.2% [5][8] - The company's gross margin is expected to stabilize around 13.3% to 14.2% over the next few years, indicating a positive trend in profitability [6][8] Business Segment Analysis - The photovoltaic module segment is projected to generate revenues of 1041.41 billion yuan in 2024, with a gross margin of 13.75% [6][7] - The battery segment is expected to see revenue growth of 20% annually, maintaining a gross margin of around 3% [6][7] - The silicon wafer segment is forecasted to decline in revenue by 5% annually, with a gross margin of 5% [6][7] - Other business segments are anticipated to grow at rates of 10% to 20%, with a consistent gross margin of 5% [6][7]