Jinko Solar(SH:688223)2024-05-18 12:30Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company experienced a significant increase in revenue and profit in 2023, with revenue reaching RMB 118.68 billion, a year-on-year growth of 43.55%, and net profit of RMB 7.44 billion, up 153.41% [2][4] - In Q1 2024, the company reported a decline in performance, with revenue of RMB 23.08 billion, a slight decrease of 0.3% year-on-year, and net profit of RMB 1.18 billion, down 29.09% [2][4] - The company led the market in N-type solar module shipments, achieving 48.41 GW in 2023, a remarkable growth of 352% year-on-year, which constituted approximately 62% of total shipments [2][4] - The company is actively expanding its integrated production capacity, targeting a total of 120 GW for silicon wafers, 110 GW for batteries, and 130 GW for modules by the end of 2024, with a focus on N-type products [2][4] Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of RMB 118,681.78 million, with a gross profit of RMB 16,665.35 million, resulting in a gross margin of 14.04% [4][5] - The net profit for 2023 was RMB 7,440.48 million, with a net profit margin of 6.27% [4][5] - For Q1 2024, the company reported a net profit of RMB 1,175.72 million, with a net profit margin of 5.09% [4][5] Production Capacity - As of the end of 2023, the company's production capacities were 85 GW for silicon wafers, 90 GW for batteries, and 110 GW for modules, with an integrated capacity utilization rate exceeding 85% [2][4] - The company aims to achieve a shipment target of 100-110 GW in 2024, with N-type modules expected to account for 90% of total shipments [2][4] Valuation - The report adjusts the earnings per share (EPS) forecast for 2024-2026 to RMB 0.45, 0.62, and 0.81 respectively, with corresponding price-to-earnings ratios of 17.1, 12.5, and 9.5 [2][5]