Investment Rating - The investment rating for the company has been upgraded to "Buy" [6][8]. Core Views - The company reported a significant turnaround in Q3 2024, achieving a net profit of 390 million RMB, which exceeded expectations due to improved cost management and foreign exchange gains [2][6]. - The company has demonstrated strong cost control capabilities, with production costs for Q3 2024 dropping to below 0.7 RMB/W, contributing to a gross margin of 8.67% [3][6]. - The company is actively expanding its overseas market presence, with over 52.40% of shipments in the first three quarters being exported [4]. Revenue and Profitability - In Q3 2024, the company reported revenues of 16.991 billion RMB, reflecting a year-on-year decrease of 11.22% and a quarter-on-quarter decrease of 20.55% [2]. - The gross margin and net margin for Q3 2024 were 8.67% and 2.07%, respectively, showing improvements from the previous quarter [2][6]. - The company expects a significant increase in net profit for 2024-2026, with projections of -1.21 billion RMB, 3.973 billion RMB, and 5.028 billion RMB, respectively [6][20]. Shipment and Production - The company achieved a total shipment of approximately 57 GW of battery components in the first three quarters of 2024, marking a year-on-year increase of 51% [3]. - In Q3 2024, the company shipped about 19 GW, with a year-on-year growth of 39%, and the share of N-type components continues to rise [3]. Capacity and Market Expansion - The company plans to exceed 100 GW of component production capacity by the end of 2024, with N-type battery capacity reaching 57 GW [4]. - The company has successfully launched a new 2 GW component factory in the U.S., which is expected to ramp up production and secure local orders [4]. New Product Launch - In October 2024, the company launched the "Nebula" series of energy storage solutions, which are projected to achieve a static payback period of only 4.2 years with an internal rate of return (IRR) of 18% [5]. Valuation and Earnings Forecast - The target price for the company has been raised to 28.80 RMB, based on a projected PE ratio of 24 times for 2025 [6][8]. - The company’s earnings per share (EPS) estimates for 2024-2026 are -0.04 RMB, 1.20 RMB, and 1.52 RMB, respectively [6][20].

Group 1: Company Performance Overview - In the first three quarters of 2024, the company shipped over 57 GW of battery modules, with a significant drop in product prices leading to a substantial decrease in gross profit [1] - The company's revenue for the first three quarters of 2024 was 54.348 billion yuan, a decrease of 9.39% compared to the same period last year [1] - The net profit attributable to shareholders was -4.84 billion yuan, a decline of 107.16% year-on-year [1] - As of the end of the reporting period, total assets were 1162.88 billion yuan, and net assets attributable to shareholders were 317.30 billion yuan [1] Group 2: Third Quarter Highlights - In the third quarter, battery module shipments reached 18.5 GW, with N-type module shipments accounting for approximately 75% [2] - The company achieved a revenue of 16.991 billion yuan in the third quarter, with a net profit of 0.39 billion yuan [2] - Continuous cost reduction efforts led to improved gross margins and overall performance in the third quarter [2] Group 3: Capacity and Production Plans - By the end of 2024, the company's module production capacity is expected to exceed 100 GW, with N-type battery capacity reaching 70 GW [2] - The rapid ramp-up of N-type battery production has resulted in a significant decrease in production costs [2] Group 4: Share Buyback and Financial Management - As of October 29, 2024, the company completed its share buyback plan, repurchasing 26,945,700 shares, representing 0.81% of the total share capital, with a total transaction amount of 490 million yuan [2] - The company emphasizes the importance of operating cash flow, which turned positive in the third quarter after being negative in the first half of the year [3] Group 5: Market and Technology Insights - The company is exploring various battery technologies, including HJT, BC, and perovskite, focusing on customer needs and technology maturity [2] - The company anticipates that market competition will lead to increased industry concentration, impacting pricing strategies [3] Group 6: Future Outlook and Challenges - The company is optimistic about cash flow management for the fourth quarter, expecting improvements due to cost reductions [3] - Continuous cost reduction efforts will be pursued, although the pace may slow down as challenges arise [4]

Group 1 - The core viewpoint is that JinkoSolar believes it can continue to ship products to the U.S. market despite potential challenges from Southeast Asia exports [1] - The company has existing orders and some inventory that will support its U.S. shipments [1] - JinkoSolar is exploring capacity investment opportunities in countries outside the U.S. and Southeast Asia [1]

Investment Rating - The report maintains a "Buy" rating for the company [1][8] Core Views - The company has significantly improved profitability, exceeding market expectations, as the impact of capacity ramp-up has been eliminated [1] - The company is expected to enhance its market share and profitability recovery due to its leading position in TOPCon technology and overseas capacity and channel layout [2] - The company has achieved a notable increase in operating cash flow, indicating a positive trend in financial health [1] Summary by Sections Performance Overview - In the first three quarters of 2024, the company achieved revenue of 543 billion RMB, a year-on-year decrease of 9%, and a net profit attributable to shareholders of -4.84 billion RMB [1] - In Q3 alone, revenue was 170 billion RMB, down 11% year-on-year and 21% quarter-on-quarter, but net profit was 3.9 billion RMB, showing a significant recovery from previous losses [1] Operational Analysis - The company has completed the ramp-up of TOPCon battery production, leading to a significant reduction in costs and an improvement in profitability [1] - The gross profit margin in Q3 increased by 5.6 percentage points to 8.67%, and the net profit margin turned positive at 2.07% [1] - The company shipped approximately 57 GW of battery components in the first three quarters, with overseas shipments accounting for about 52.40% [1] Future Outlook - The company is expected to exceed 100 GW of module capacity by 2024, with N-type battery capacity reaching 57 GW [2] - The company is expanding its overseas production capabilities, including a photovoltaic module base in the United States, which is anticipated to support market share growth and profitability recovery [2] - Profit forecasts for 2024-2026 have been adjusted to -2.8 billion RMB, 46.1 billion RMB, and 54.2 billion RMB, respectively, with corresponding PE ratios of 13 and 11 times for 2025 and 2026 [2]

| 证券代码：002459 | 证券简称：晶澳科技 | 公告编号：2024-107 | | --- | --- | --- | | 债券代码：127089 | 债券简称：晶澳转债 | | 晶澳太阳能科技股份有限公司 关于回购期限届满暨股份回购实施结果的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 晶澳太阳能科技股份有限公司（以下简称"公司"）于 2023 年 10 月 30 日召 开第六届董事会第十四次会议，审议通过了《关于回购公司股份方案的议案》， 公司拟使用不低于人民币 4 亿元（含）且不超过人民币 8 亿元（含）的自有资金 以集中竞价交易方式回购部分公司发行的人民币普通股（A 股）用于员工持股计 划或者股权激励。回购价格不超过人民币 36.12 元/股（含），回购期限自董事会 审议通过本次回购方案之日起 12 个月内。具体内容请详见公司于 2023 年 10 月 31 日、2023 年 11 月 2 日披露的《关于回购公司股份方案的公告》（公告编号： 2023-161）、《回购报告书》（公告编号：2023-164）。 因公司实施 2023 年度权 ...

Financial Performance - Revenue for Q3 2024 was RMB 16.99 billion, a decrease of 11.22% year-over-year[1] - Net profit attributable to shareholders for Q3 2024 was RMB 389.84 million, a decrease of 80.02% year-over-year[1] - Total operating income for the period was 54.35 billion yuan, down from 59.98 billion yuan, a decrease of 9.4%[13] - Net profit attributable to the parent company decreased to 14.74 billion yuan from 17.07 billion yuan, a decline of 13.7%[13] - Net profit attributable to parent company shareholders was -484.36 million yuan, compared to 6.76 billion yuan in the same period last year[14] - Sales revenue from goods and services was 45.69 billion yuan, down from 52.33 billion yuan in the previous year[16] - Total profit was -960.69 million yuan, compared to 8.02 billion yuan in the same period last year[14] - Comprehensive income attributable to parent company shareholders was -647.86 million yuan, compared to 6.94 billion yuan in the same period last year[15] - Minority shareholders' net loss was 372.76 million yuan, compared to a net profit of 203.02 million yuan in the same period last year[15] - Basic earnings per share were -0.15 yuan, compared to 2.05 yuan in the same period last year[15] Cash Flow - Cash flow from operating activities for Q3 2024 was RMB 232.87 million, a decrease of 96.74% year-over-year[1] - Operating cash flow decreased by 96.74% to RMB 232,868,803.21 due to lower product prices reducing cash received from sales[5] - Net cash flow from operating activities was RMB 232,868,803.21, a significant decrease from RMB 7,152,668,134.08 in the previous period[17] - Financing cash flow increased by 179.67% to RMB 17,837,206,278.60 due to higher borrowing[5] - Net cash flow from financing activities was RMB 17,837,206,278.60, up from RMB 6,377,921,609.40 in the previous period[17] - Net cash flow from investing activities was RMB -16,012,467,836.21, compared to RMB -12,641,791,974.96 in the previous period[17] - The company's cash and cash equivalents increased by RMB 2,173,246,045.05, reaching RMB 8,936,334,820.72 at the end of the period[17][18] - Operating cash inflows totaled RMB 56,184,793,045.17, while operating cash outflows were RMB 55,951,924,241.96[17] - Investment cash inflows were RMB 586,010,290.58, and investment cash outflows were RMB 16,598,478,126.79[17] - Financing cash inflows were RMB 27,267,334,910.41, and financing cash outflows were RMB 9,430,128,631.81[17] - The company received RMB 2,560,916,370.87 in tax refunds, slightly down from RMB 2,623,257,130.78 in the previous period[17] - The company paid RMB 4,905,665,930.15 to employees, up from RMB 3,934,852,404.47 in the previous period[17] Assets and Liabilities - Total assets as of September 30, 2024, were RMB 116.29 billion, an increase of 9.10% compared to the end of the previous year[1] - Total assets increased to 116.29 billion yuan from 106.59 billion yuan, a growth of 9.1%[12] - Cash and cash equivalents rose to 24.20 billion yuan from 15.99 billion yuan, a significant increase of 51.3%[11] - Inventory decreased to 12.02 billion yuan from 14.47 billion yuan, a reduction of 16.9%[12] - Total liabilities increased to 83.90 billion yuan from 68.59 billion yuan, up by 22.3%[13] - Long-term loans surged to 13.64 billion yuan from 1.48 billion yuan, a substantial rise of 822.6%[13] - Fixed assets increased to 45.01 billion yuan from 36.87 billion yuan, a growth of 22.1%[12] - Accounts receivable decreased to 8.81 billion yuan from 9.17 billion yuan, a reduction of 3.9%[11] - Short-term borrowings rose sharply to 10.01 billion yuan from 978.59 million yuan, an increase of 923.3%[12] - Short-term borrowings increased by 923.18% to RMB 10.01 billion as of September 30, 2024[4] - Long-term borrowings increased by 823.64% to RMB 13.64 billion as of September 30, 2024[4] - Lease liabilities increased by 38.91% to RMB 1.60 billion as of September 30, 2024[4] - Construction in progress decreased by 65.01% to RMB 3.41 billion as of September 30, 2024[4] Expenses and Costs - Sales expenses increased by 33.24% to RMB 859,118,502.73 due to higher personnel costs[5] - Financial expenses surged by 227.27% to RMB 280,420,870.28 due to reduced exchange gains and increased interest expenses[5] - R&D expenses were 743.56 million yuan, a decrease from 831.48 million yuan in the same period last year[14] - Management expenses were 1.56 billion yuan, down from 1.67 billion yuan in the previous year[14] - Financial expenses were 280.42 million yuan, compared to -220.33 million yuan in the same period last year[14] - The company's operating costs increased to RMB 51,414,189,308.37 due to accounting policy changes[19] Investments and Income - Investment income rose by 213.80% to RMB 264,100,728.69 due to increased gains from equity changes and hedging transactions[5] - Fair value change income increased by 468.25% to RMB 51,428,999.56 due to floating profits from hedging transactions[5] Shareholder Information - Dongtai Jingtaifu Technology Co., Ltd. holds the largest share at 47.45% with 1,570,307,572 shares[6] - Hong Kong Securities Clearing Company Limited holds 3.50% of the shares with 115,978,729 shares[6] - The company repurchased 26,945,700 shares, accounting for 0.81% of the total shares as of September 30, 2024[7] External Factors - Government subsidies received during Q3 2024 amounted to RMB 83.12 million[2] - Losses due to natural disasters in Q3 2024 were RMB 56.10 million[3] Business Operations - The company's battery module shipments reached approximately 57GW (including 1GW for self-use) in the first three quarters of 2024, with overseas shipments accounting for 52.40%[10]

第六届董事会第二十九次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 晶澳太阳能科技股份有限公司（以下简称"公司"）第六届董事会第二十九 次会议于 2024 年 10 月 28 日在公司会议室以现场表决和通讯表决的方式召开。 召开本次会议的通知已于 2024 年 10 月 24 日以电话、电子邮件等方式通知 了各位董事。本次会议由公司董事长靳保芳先生主持，会议应参加的董事 9 名， 实到董事 9 名，符合《中华人民共和国公司法》及《公司章程》的规定。经与会 董事认真审议，会议以记名投票表决方式通过如下议案： 一、审议通过《关于不向下修正"晶澳转债"转股价格的议案》 公司股票已有十五个交易日收盘价低于"晶澳转债"当期转股价格的 85%， 已触发"晶澳转债"转股价格向下修正条款，经审议公司董事会决定本次不向下 修正"晶澳转债"转股价格，同时在未来一个月内（即 2024 年 10 月 29 日至 2024 年 11 月 28 日）如果再次触发"晶澳转债"转股价格向下修正条件，亦不提出向 下修正方案。 | 证券代码：002459 | 证券简称：晶澳科技 ...

| 证券代码：002459 | 证券简称：晶澳科技 | 公告编号：2024-105 | | --- | --- | --- | | 债券代码：127089 | 债券简称：晶澳转债 | | 晶澳太阳能科技股份有限公司 关于完成注册资本工商变更登记的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 晶澳太阳能科技股份有限公司（以下简称"公司"）于 2024 年 10 月 8 日召开 2024 年第二次临时股东大会，审议通过了《关于变更公司注册资本并修订<公司章 程>的议案》，具体内容请详见公司于 2024 年 10 月 9 日披露的《2024 年第二次临 时股东大会决议公告》（公告编号：2024-097）。 近日，公司完成了注册资本工商变更登记手续，并取得了邢台市行政审批局核 发的《营业执照》，具体登记信息如下： 经营范围：生产、加工单晶硅棒、单晶硅片；生产太阳能电池、组件；研制、 开发太阳能系列产品；销售太阳能电池、组件及相关产品与原材料；太阳能光伏并 网发电、电量销售；太阳能光伏电站的开发、建设、运营、管理、维护；货物及技 公司名称：晶澳太阳能科技股份有限 ...

| 证券代码：002459 | 证券简称：晶澳科技 | 公告编号：2024-104 | | --- | --- | --- | | 债券代码：127089 | 债券简称：晶澳转债 | | 晶澳太阳能科技股份有限公司 关于不向下修正"晶澳转债"转股价格的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 重要内容提示： 自 2024 年 10 月 8 日至 2024 年 10 月 28 日，晶澳太阳能科技股份有限 公司（以下简称"公司"）股票已有十五个交易日收盘价低于"晶澳转债"当期 转股价格的 85%，已触发"晶澳转债"转股价格向下修正条款。 经公司第六届董事会第二十九次会议审议通过，公司董事会决定本次不 向下修正"晶澳转债"转股价格，同时在未来一个月内（即 2024 年 10 月 29 日 至 2024 年 11 月 28 日）如果再次触发"晶澳转债"转股价格向下修正条件，亦 不提出向下修正方案。下一触发转股价格修正条款的期间从 2024 年 11 月 29 日 重新起算，若再次触发"晶澳转债"转股价格向下修正条款，届时公司董事会将 再次召开会议决定是否行 ...

债券代码：127089 债券简称：晶澳转债 晶澳太阳能科技股份有限公司（以下简称"公司"）（证券简称：晶澳科技， 证券代码：002459）股票交易连续三个交易日内（2024 年 10 月 21 日、2024 年 10 月 22 日、2024 年 10 月 23 日）日收盘价格涨幅偏离值累计超过 20%，根据 《深圳证券交易所交易规则》的有关规定，属于股票交易异常波动。 二、公司关注、核实情况 针对公司股票交易异常波动，公司对有关事项进行了核查，现将有关情况说 明如下： 股票交易异常波动公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 1、经核实，公司前期披露的信息不存在需要更正、补充之处。 一、股票交易异常波动的情况介绍 2、未发现近期公共传媒报道了可能或已经对本公司股票交易价格产生较大 影响的未公开重大信息。 证券代码：002459 证券简称：晶澳科技 公告编号：2024-102 晶澳太阳能科技股份有限公司 公司董事会确认，本公司目前没有任何根据深交所《股票上市规则》等有关 规定应予以披露而未披露的事项或与该事项有关的筹划、商谈、意向、协议等； 董事会也 ...