Jinko Power(601778) 民生证券·2024-03-29 16:00Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Insights - The company achieved significant year-on-year growth in performance, with a revenue increase of 36.72% in 2023, reaching 4.37 billion yuan, and a net profit increase of 77.05%, amounting to 0.383 billion yuan [5]. - The company's light asset strategy is progressing, with a focus on optimizing asset structure and improving capital efficiency through project sales [5]. - The renewable energy generation business is expanding rapidly, with a total installed capacity of 6.93 GW by the end of 2023, and a significant increase in power generation and revenue [5]. - The company is also diversifying into energy storage, with various projects underway [5]. Financial Summary - Revenue projections for 2024, 2025, and 2026 are 10.176 billion yuan, 12.371 billion yuan, and 14.244 billion yuan, respectively, with growth rates of 132.8%, 21.6%, and 15.1% [2][5]. - Net profit forecasts for the same years are 0.565 billion yuan, 0.754 billion yuan, and 0.951 billion yuan, with growth rates of 47.4%, 33.5%, and 26.1% [2][5]. - The company's PE ratio is expected to decrease from 30 in 2023 to 20 in 2024, 15 in 2025, and 12 in 2026, indicating improving valuation [2][5].