Jinko Solar(SH:688223) Tai Ping Yang·2024-05-07 13:00Investment Rating - The report assigns a "Buy" rating to JinkoSolar, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [5][9]. Core Views - JinkoSolar's 2023 annual report shows a revenue of 1186.81 billion yuan, a year-on-year increase of 43.55%, and a net profit of 74.40 billion yuan, up 153.20% year-on-year [5][6]. - The company maintains its leading position in the industry with its TOPCon technology, achieving a component shipment of 78.52 GW in 2023, with N-type shipments at 48.41 GW [5][6]. - JinkoSolar's overseas integrated production capacity exceeds 12 GW, and it is actively expanding into emerging markets such as the Middle East and Latin America [5][6]. Financial Performance - For 2023, JinkoSolar reported a net profit of 74.40 billion yuan, with a significant increase of 153.20% year-on-year [5][6]. - The company forecasts revenues of 1002.69 billion yuan, 1196.23 billion yuan, and 1433.90 billion yuan for 2024, 2025, and 2026, respectively [5][6]. - The projected net profits for the same years are 46.79 billion yuan, 61.80 billion yuan, and 79.72 billion yuan [5][6]. Production Capacity and Technology - As of the end of 2023, JinkoSolar's production capacities for silicon wafers, cells, and modules reached 85 GW, 90 GW, and 110 GW, respectively, with N-type capacity exceeding 70 GW [5][6]. - The company has achieved a conversion efficiency of 26.89% for its 182N-type TOPCon cells and 24.76% for its large-area N-type TOPCon modules [5][6]. Market Expansion and New Business - JinkoSolar is actively developing its "photovoltaic + energy storage" business, with a successful launch of a 4 GWh energy storage system production line [5][6]. - The company has signed multiple GW-level N-type component contracts in the Middle East, achieving a market share of 40-50% in that region [5][6].