Financials Jinko Solar Co., Ltd.

Equities

688223

CNE100005R96

Renewable Energy Equipment & Services

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-05-09 pm EDT			5-day change	1st Jan Change
8.02 ^CNY	+1.01%		+5.94%	-9.48%

Apr. 29	Jinko Solar Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 28	Solar panel maker Jinko sees impact from fire at workshop in Shanxi province	RE

Valuation

Fiscal Period: December	2022	2023	2024	2025	2026
Capitalization ¹	146,500	88,646	80,242	-	-
Enterprise Value (EV) ¹	146,500	88,646	78,252	83,856	72,076
P/E ratio	48.8 x	11.8 x	16.9 x	10.9 x	9.64 x
Yield	-	-	1.68%	2.48%	2.89%
Capitalization / Revenue	1.76 x	0.75 x	0.76 x	0.63 x	0.55 x
EV / Revenue	1.76 x	0.75 x	0.74 x	0.65 x	0.49 x
EV / EBITDA	24.8 x	-	6.14 x	5.21 x	3.86 x
EV / FCF	-	-	-15.1 x	-419 x	4.75 x
FCF Yield	-	-	-6.64%	-0.24%	21.1%
Price to Book	5.49 x	2.58 x	2.14 x	1.81 x	1.58 x
Nbr of stocks (in thousands)	10,000,000	10,005,197	10,005,199	-	-
Reference price ²	14.65	8.860	8.020	8.020	8.020
Announcement Date	2/27/23	2/27/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	-	40,570	83,075	118,682	105,510	128,335	146,424
EBITDA ¹	-	4,181	5,912	-	12,755	16,096	18,683
EBIT ¹	-	1,397	3,208	9,273	5,756	8,806	10,068
Operating Margin	-	3.44%	3.86%	7.81%	5.46%	6.86%	6.88%
Earnings before Tax (EBT) ¹	1,182	1,360	3,181	8,835	5,663	8,659	9,791
Net income ¹	1,042	1,141	2,947	7,486	4,722	7,335	8,330
Net margin	-	2.81%	3.55%	6.31%	4.48%	5.72%	5.69%
EPS ²	-	0.1400	0.3000	0.7500	0.4732	0.7326	0.8317
Free Cash Flow ¹	-	-5,939	-	-	-5,194	-200	15,187
FCF margin	-	-14.64%	-	-	-4.92%	-0.16%	10.37%
FCF Conversion (EBITDA)	-	-	-	-	-	-	81.29%
FCF Conversion (Net income)	-	-	-	-	-	-	182.31%
Dividend per Share ²	-	0.0230	-	-	0.1345	0.1988	0.2320
Announcement Date	1/6/22	4/22/22	2/27/23	2/27/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2022 S1	2022 Q4
Net sales ¹	-	30,304
EBITDA	-	-
EBIT	-	-
Operating Margin	-	-
Earnings before Tax (EBT)	-	-
Net income ¹	905.1	1,806
Net margin	-	5.96%
EPS	0.0900	-
Dividend per Share	-	-
Announcement Date	8/26/22	2/27/23

¹CNY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	3,614	-
Net Cash position ¹	-	-	-	-	1,990	-	8,165
Leverage (Debt/EBITDA)	-	-	-	-	-	0.2245 x	-
Free Cash Flow ¹	-	-5,939	-	-	-5,194	-200	15,187
ROE (net income / shareholders' equity)	-	8.42%	12.2%	24.2%	13.1%	16.8%	16.9%
ROA (Net income/ Total Assets)	-	1.85%	-	-	3.58%	4.81%	5.91%
Assets ¹	-	61,703	-	-	131,718	152,359	141,012
Book Value Per Share ²	-	1.360	2.670	3.440	3.760	4.440	5.090
Cash Flow per Share ²	-	0.3200	-	-	1.130	1.640	1.580
Capex ¹	-	9,168	-	-	12,902	8,153	6,365
Capex / Sales	-	22.6%	-	-	12.23%	6.35%	4.35%
Announcement Date	1/6/22	4/22/22	2/27/23	2/27/24	-	-	-

¹CNY in Million²CNY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Jinko Solar Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

8.02 CNY

Average target price

8.947 CNY

Spread / Average Target

+11.55%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Photovoltaic Solar Systems & Equipment

	1st Jan change	Capi.
JINKO SOLAR CO., LTD.	-9.48%	11.11B
FIRST SOLAR, INC.	+10.90%	20.45B
LONGI GREEN ENERGY TECHNOLOGY CO., LTD.	-18.69%	19.53B
ENPHASE ENERGY, INC.	-18.00%	14.74B
TONGWEI CO.,LTD	-9.75%	14.08B
FLAT GLASS GROUP CO., LTD.	+32.32%	7.89B
XINJIANG DAQO NEW ENERGY CO.,LTD.	-14.24%	7.5B
JA SOLAR TECHNOLOGY CO., LTD.	-29.34%	6.66B
XINYI SOLAR HOLDINGS LIMITED	+26.10%	6.58B
TCL ZHONGHUAN RENEWABLE ENERGY TECHNOLOGY CO.,LTD.	-31.07%	6.02B

Photovoltaic Solar Systems & Equipment