2026-01-09 05:13Summary of Jinko Solar Investor Call Company Overview - Company: Jinko Solar (688223.SS) - Industry: Solar Energy Key Points from the Call Partnership and Technology Development - Jinko Solar has partnered with XtalPi to focus on AI-assisted R&D for perovskite tandem solar cells, aiming for commercialization by 2028E [1][2] - The AI-driven R&D process is expected to reduce the development cycle by up to 70%, significantly improving efficiency in material composition selection [2] Market Outlook and Growth Potential - Jinko is optimistic about the application of perovskite tandem solar cells in space-based solar power, which could enhance energy efficiency [1][7] - The company anticipates a rise in earnings from module sales, with the sales mix of high-efficiency products projected to increase from 5% in 2025E to 60% in 2026E at premium prices [1] - The solar module industry is believed to have passed its cyclical trough, indicating potential for recovery and growth [1] Financial Performance and Projections - Earnings Summary: - 2023A: Net Profit of Rmb 7,440 million, Diluted EPS of Rmb 0.730, EPS growth of 170.4% [3] - 2024A: Net Profit of Rmb 99 million, Diluted EPS of Rmb 0.010, EPS growth of -98.6% [3] - 2025E: Net Profit of -Rmb 4,653 million, Diluted EPS of -Rmb 0.465 [3] - 2026E: Net Profit of -Rmb 1,143 million, Diluted EPS of -Rmb 0.114, EPS growth of 75.4% [3] - 2027E: Net Profit of Rmb 2,401 million, Diluted EPS of Rmb 0.240, EPS growth of 310.2% [3] Valuation and Investment Rating - Target price set at Rmb 7.50 per share, with an expected total return of 17.4% [5][8] - Current market cap is Rmb 63,933 million (approximately US$ 9,137 million) [5] Risks and Challenges - Key risks include unfavorable changes in overseas trade policies affecting solar and energy storage system (ESS) exports from China, failure of measures to reduce excessive solar production capacity, and lower-than-expected global solar installation demand [9] Additional Insights - The efficiency of Jinko's perovskite-silicon tandem solar cells has reached 34.76%, which is 25.1% higher than the highest efficiency of silicon-only TOPCon cells [7] - Space-based solar power offers advantages such as higher energy density and longer power generation hours compared to ground-based systems [7]