Company Overview - Jinko Technology's stock price increased by 2.07% on August 22, reaching 65.98 CNY per share, with a trading volume of 292 million CNY and a turnover rate of 1.39%, resulting in a total market capitalization of 26.268 billion CNY [1] - The company specializes in the research, production, sales, and service of string inverters, with its main revenue sources being grid-connected inverters (47.97%), household photovoltaic power generation systems (21.28%), energy storage inverters (20.91%), new energy power production (8.01%), and others (1.83%) [1] Financial Performance - For the first half of 2025, Jinko Technology reported a revenue of 3.794 billion CNY, representing a year-on-year growth of 13.09%, and a net profit attributable to shareholders of 602 million CNY, which is a significant increase of 70.96% year-on-year [2] - The company has distributed a total of 660 million CNY in dividends since its A-share listing, with 318 million CNY distributed over the past three years [3] Shareholder Structure - As of August 8, 2025, the number of shareholders increased to 51,800, with an average of 6,206 circulating shares per person, a decrease of 1.74% from the previous period [2] - Notable institutional shareholders include Guangfa High-end Manufacturing Stock A, which is the fifth-largest shareholder with 6.9963 million shares, and E Fund's ChiNext ETF, which is the seventh-largest shareholder with 5.5145 million shares, having decreased its holdings by 139,800 shares [3]

Investment Rating - The report maintains a "Buy-A" rating for the company [3] Core Views - The company achieved a revenue of 11.21 billion yuan in 2024, representing a year-on-year increase of 49.8%, and a net profit of 2.96 billion yuan, up 65.3% year-on-year [1] - In Q1 2025, the company reported a revenue of 2.57 billion yuan, a 36.2% increase year-on-year, but a 19.6% decrease quarter-on-quarter, with a net profit of 710 million yuan, up 63.0% year-on-year [1] - The inverter business continues to grow, with revenue reaching 5.56 billion yuan in 2024, a 25.4% increase year-on-year, and a gross margin of 47.8% [2] - The energy storage battery pack business saw significant growth, with revenue of 2.45 billion yuan in 2024, a 177.2% increase year-on-year, and a gross margin of 41.3% [2] - The company is expanding its global after-sales service system, establishing service centers in Southeast Asia, Europe, and Africa [2] Financial Data and Valuation - The projected EPS for 2025-2027 is 5.73, 6.95, and 8.54 respectively, with corresponding PE ratios of 15.6, 12.9, and 10.5 [3] - The company’s revenue is expected to grow from 14.44 billion yuan in 2025 to 21.72 billion yuan in 2027, with a net profit increasing from 3.70 billion yuan to 5.52 billion yuan in the same period [11]