Jinko Solar(SH:688223) Huachuang Securities·2024-05-08 02:32Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 9.4 CNY, compared to the current price of 7.85 CNY [2][4]. Core Views - The company has achieved significant growth in its N-type products, regaining the top position in component shipments within the industry. In 2023, the company shipped 83.56 GW of solar photovoltaic products, with 78.52 GW being solar modules, marking a year-on-year increase of 43.55% in revenue and 153.41% in net profit [3][4]. - The company is expected to continue enhancing its production capacity and efficiency, with projections for 2024 indicating a further increase in N-type product shipments and battery efficiency [4][5]. Financial Performance Summary - In 2023, the company reported total revenue of 1186.82 billion CNY, with a net profit of 74.40 billion CNY, reflecting a comprehensive gross margin of 14.04% [3][5]. - For Q1 2024, the company achieved revenue of 230.84 billion CNY, a slight decrease of 0.30% year-on-year, with a net profit of 11.76 billion CNY, down 29.09% year-on-year [3][5]. - The company’s gross margin for Q1 2024 was 9.58%, a decrease of 4.22 percentage points year-on-year [3][5]. Production and Market Position - The company has maintained its leading position in component shipments, with over 60% of shipments being N-type products. The N-type component shipments reached 48.41 GW in 2023, a year-on-year increase of 352% [4]. - The company’s production capacity for silicon wafers, batteries, and modules reached 85 GW, 90 GW, and 110 GW respectively by the end of 2023, with an integrated capacity utilization rate exceeding 85% [4]. Future Outlook - The company aims to increase its N-type production capacity to over 100 GW and improve the average mass production efficiency of N-type batteries to 26.5% in 2024 [4]. - The projected net profits for 2024-2026 are 44.90 billion CNY, 62.70 billion CNY, and 89.60 billion CNY respectively, with corresponding price-to-earnings ratios of 17, 13, and 9 [4][5].