Jinko Solar(SH:688223) Changjiang Securities·2024-05-16 06:32Investment Rating - The investment rating for JinkoSolar is "Buy" and is maintained [4] Core Views - JinkoSolar's Q1 2024 performance met expectations, with revenue of 23.084 billion yuan, a year-on-year decrease of 0.3% and a quarter-on-quarter decrease of 31.27%. The net profit attributable to shareholders was 1.176 billion yuan, down 29.09% year-on-year but up 8.24% quarter-on-quarter [5][6] - The company achieved a total shipment volume of 21.91 GW in Q1 2024, representing a year-on-year increase of 51.19%. The shipment volume of modules was 20 GW, while the shipment volumes of wafers and cells were 1.914 GW [5] - JinkoSolar's gross margin for Q1 2024 was 9.58%, remaining stable quarter-on-quarter, while the net margin improved to 5.09% due to effective cost control [5] - The company plans to maintain a cautious expansion pace in 2024, focusing on advantageous production capacities and accelerating the elimination of outdated capacities. By the end of 2024, the advanced production capacities for wafers, cells, and modules are expected to reach 120 GW, 110 GW, and 130 GW, respectively [5] - JinkoSolar is a pioneer in TOPCon technology, with an average mass production efficiency of over 26% for N-type TOPCon cells. The company aims to increase this efficiency to 26.5% by the end of 2024 [5] Financial Summary - For 2024, the company is expected to achieve a profit of 4.2 billion yuan, corresponding to a PE ratio of 18 times [6] - The financial projections indicate total revenue of 96.716 billion yuan for 2024, with a gross profit of 9.34 billion yuan, resulting in a gross margin of 10% [10]