晶科能源 20251031 摘要 晶科能源 2025 年前三季度营收 479.86 亿元，归母净利润亏损 39.2 亿 元，扣非净利润亏损 45.43 亿元，但第三季度环比减亏 5.08 亿元，毛 利率环比提升 4.77 个百分点，经营性现金流大幅改善至 24.7 亿元，预 计全年经营性现金流为正。 高功率 TOPCon 产品升级改造稳步推进，第三季度已交付部分 640 瓦 以上产品，溢价 1~2 美分/瓦，预计 2026 年高功率产品出货占比不低 于 60%，储能系统前三季度发货 3.3GWh，海外占比显著提升，盈利明 显改善，预计第四季度有望扭亏，并在 2026 年贡献盈利。 公司将合理控制开工率，推动落后产能出清，聚焦高效产能升级改造， 应对海外政策变化保障稳定供应，强化技术全球化竞争优势，预计四季 度组件出货 21~25GW，有信心完成全年 6GWh 储能发货目标。 晶科能源看好美国市场，预计 2026 年出货量和占比均会显著上升，尽 管前期受达尔文法案限制，但已布局独立供应链并积极调整策略，满足 人工智能和机器人应用增加带来的电力需求增长。 Q&A 请介绍一下公司在 2025 年前三个季度的经营情况 ...

Group 1 - The core viewpoint of the articles highlights the resilience of JinkoSolar in the face of growing global photovoltaic demand and downward pricing pressure, achieving a record shipment volume and maintaining its leading position in the industry [1][4] - JinkoSolar's photovoltaic module shipment reached 92.87 GW, a year-on-year increase of 18.28%, marking the sixth consecutive year of leading global shipments [1] - The company reported annual revenue of 92.47 billion yuan and a net profit attributable to shareholders of 99 million yuan [1] Group 2 - JinkoSolar's core competitiveness lies in its technological breakthroughs, particularly in N-type technology, with an average mass production efficiency of over 26.7% for battery cells by the end of 2024 [2] - The company plans to complete over 40% of its capacity upgrades by 2025, aiming to establish a high-power TOPCon capacity of 40-50 GW by the end of the year [2] - The third-generation TigerNeo photovoltaic module, based on the TOPCon HOT4.0 technology platform, features a maximum power output of 670W and a conversion efficiency of 24.8% [2] Group 3 - JinkoSolar maintains a high level of R&D investment, adhering to the principle of "exploring one generation, developing one generation, and mass-producing one generation" [3] - The company aims to enhance the efficiency and power of N-type products to maintain competitive advantages in a highly competitive market [3] - TOPCon technology is expected to dominate the market with over 75% market share in the next three years, with JinkoSolar leading the transition from P-type to N-type products [3] Group 4 - In 2024, JinkoSolar plans to drive growth through capacity upgrades and R&D leadership, signaling a strategic focus on increasing R&D intensity and advancing digitalization in the industry [4] - The company aims to maintain a high degree of capacity integration and leverage its first-mover advantage in N-type technology to lead in technology, scale, cost, and quality [4] - JinkoSolar is committed to reinforcing its leadership position in the "N-type era" of the photovoltaic industry [4]