Jinko Solar(SH:688223) Tebon Securities·2024-05-10 08:31Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has demonstrated strong performance in the N-type solar module sector, achieving global leadership in shipments and continuing to enhance its integrated and global layout [3][4] - The company reported a significant increase in revenue and net profit for the year 2023, with revenue reaching 118.68 billion yuan, a year-on-year growth of 43.55%, and net profit of 7.44 billion yuan, a year-on-year increase of 153.20% [3] - The company is expanding its production capacity and improving its technology, with over 70GW of high-efficiency N-type battery capacity in operation by the end of 2023 [4] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 118.68 billion yuan, with a year-on-year growth of 43.6%, and a net profit of 7.44 billion yuan, reflecting a year-on-year increase of 153.2% [6][7] - For Q1 2024, the company reported a revenue of 23.08 billion yuan, a slight decrease of 0.3% year-on-year, and a net profit of 1.18 billion yuan, down 29.09% year-on-year [3] Market Position - The company led the industry in solar module shipments, with a total of 78.52GW shipped in 2023, marking a year-on-year increase of 77.11% [3] - The N-type module shipments reached 48.41GW, accounting for approximately 62% of total shipments, indicating a strong market presence [3] Production and Technology - By the end of 2023, the company had over 70GW of N-type battery production capacity, with a significant increase in efficiency, achieving an average efficiency of over 25.8% for N-type batteries [4] - The company is also expanding its global production capacity, with over 12GW of overseas integrated capacity [4] Future Outlook - The report projects net profits for 2024-2026 to be 4.10 billion, 5.66 billion, and 7.03 billion yuan respectively, with corresponding P/E ratios of 19.37X, 14.03X, and 11.30X [4][7]