Jinko Solar(688223) 中银证券·2024-11-12 03:32Investment Rating - The report maintains an "Accumulate" rating for the company [1][3]. Core Views - The company reported a significant year-on-year decline in profit for the first three quarters of 2024, with a net profit decrease of 80.88% [3]. - Despite the decline, the company's component shipment volume has steadily increased, maintaining its position as the global leader in shipments [3]. - The company's overseas capacity expansion is expected to enhance its long-term competitiveness [3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of RMB 71.77 billion, a decrease of 15.66% year-on-year [5]. - The net profit attributable to shareholders was RMB 1.21 billion, down 80.88% year-on-year, with a significant drop of 99.41% in Q3 compared to the same period last year [3][5]. - The gross margin for the first three quarters was 9.68%, down 6.09 percentage points year-on-year, while the net margin was 1.72%, down 5.75 percentage points year-on-year [3][5]. Shipment and Production Capacity - The total shipment of photovoltaic products reached 73.13 GW in the first three quarters of 2024, representing a year-on-year increase of 31.29% [3]. - The company shipped 67.65 GW of components, with N-type components accounting for over 85% of the total shipments [3]. Overseas Expansion - The company is actively pursuing overseas capacity expansion, including a partnership with local funds in the Middle East to invest in 10 GW of battery and component capacity [3]. - A plan to issue global depositary receipts to raise up to RMB 4.5 billion for projects, including a 1 GW high-efficiency component project in the U.S., has been disclosed [3]. Earnings Forecast - The earnings per share (EPS) estimates for 2024-2026 have been adjusted to RMB 0.16, 0.39, and 0.59, respectively, with corresponding price-to-earnings ratios of 56.2, 22.5, and 15.1 [3][4].