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Company Profile Jinko Solar Co., Ltd. (the company, or “Jinko Solar”) (SSE: 688223) is one of the most famous and innovative solar technology companies in the world. Its business covers the core links of the photovoltaic industry chain, focusing on the R&D of integrated photovoltaic products and integrated clean energy solutions. At present, Jinko Solar"s products serve more than 3,000 customers in more than 160 countries and regions around the world, and the company has ranked No.1 in global module shipments from 2016 to 2019. By the end of March 2022, the cumulative module shipments of Jinko Solar have exceeded 100GW.Jinko Solar is an industry opinion leader under various international frameworks such as B20, and it is also one of the first solar energy companies to join the RE100 green initiative. Jinko Solar is the first company to establish a "vertically integrated" production capacity from silicon material processing to wafer, cell and module production in the industry. It has a total of 14 global production bases in China, the United States, Malaysia and Vietnam. As of Q2 2022 , the company"s effective production capacity of monocrystalline silicon wafers, cells and modules reach 40GW, 40GW and 50GW respectively. Jinko Solar has more than 1,000 R&D and technical employees and has won many honors such as "National Enterprise Technology Center", "National Technology Innovation Demonstration Enterprise", "Champion of Manufacturing ", and has formulated many international and domestic industry standards such as IEC. Jinko Solar continuously expands the diversified application scenarios of photovoltaic technology, including building-integrated photovoltaic, photovoltaic hydrogen production, energy storage and other fields, and strives to create a new energy ecosystem. Jinko Solar was listed on the STAR Board of the Shanghai Stock Exchange in 2022, and JinkoSolar Holding Co., Ltd., its indirect controlling shareholder, was listed on the New York Stock Exchange in 2010. (Source:https://www.jinkosolar.com/en/site/aboutus) Event Jinko Solar Co., Ltd. (“Jinko Solar”/ the company) announced its third-quarter financial results of 2022. In the first three quarters of 2022, Jinko Solar made a revenue of CNY 52.77 billion, a surge of 117.4% year on year (YoY); it achieved CNY 1. 68 billion in net income attributable to shareholders, soaring 132.4% from a year earlier; it reported CNY 1.52 billion in net income deducting non-recurring items, skyrocketing 417.6% from a year earlier. In Q3 alone, Jinko Solar notched CNY 19.36 billion in revenue, up 126.5%YoY; it hit CNY 771 million in net income attributable to shareholders, 393.9% higher than it was a year ago; its net income deducting non-recurring items surged 677.3%YoY to CNY 713 million. Comments The shipment continued to beat expectations, and the single-watt profits improved greatly from a quarter earlier. The company’s shipment was expected to reach 7.5-8GW/8.5-9.5GW/9-10GW in Q1/ Q2/ Q3, and its actual shipment reached 8.4GW/10.5GW/10.9GW, with module contributing 8.0GW/10.2GW/10.3GW, a better-than-expected performance. The expected shipment in Q4 is 13-15GW and the actual shipment is estimated to hit the upper range. Based on the net income attributable to shareholders and the shipment of module, the single-watt net income roughly stood at CNY 0.05/CNY 0.05/CNY 0.07, a great improvement in Q3. The production capacity of N-shape TOPCon continued to release, and its capacity structure of battery gradually takes the lead. The company lifted its nominal production capacity of silicon wafer/ battery/ module at 2022-end to 65/55/70GW, showing its greatly improved integration. The proportion of its N-shape battery production capacity gradually elevated. As of Q3-end, the N-shape TOPCon batteries were produced in a full capacity in the first phase, at 16GW, with the transformation efficiency reaching 25%; the second phase, with capacity of 19GW, also began to plan. The production capacity of TOPCon is expected to account for over 55% of the company’s battery production capacity, taking the lead in the industry. Jinko Solar will lift the shipment of N-shape module in 2023 from 50% to over 60%, and the shipment structure of new battery module will also take the leading position in the industry by then. Earnings forecast and investment recommendation As a leading manufacturer of PV module, Jinko Solar boasts first-mover advantages in new battery technologies. We revise our forecasts for the company’s net income attributable to shareholders to CNY 2.73 billion in 2022, CNY 6.06 billion in 2023, and CNY 7.64 billion in 2024, implying a P/E ratio to 61.3x, 27.6x, and 21.9x, based on the closing price on November 1st.We upgraded our rating for the company to “Buy”. Potential risks changes in policies; weaker-than-expected outcomes of policies; less-than-expected demand in the downstream; a continuous rise in raw material prices; macroeconomic fluctuations; overseas policy changes【免责声明】本文仅代表第三方观点，不代表和讯网立场。投资者据此操作，风险请自担。

关键词： better-than-expected