Financials Jinko Solar Co., Ltd.

Equities

688223

CNE100005R96

Renewable Energy Equipment & Services

End-of-day quote Shanghai S.E. Other stock markets 23:00:00 29/04/2024 BST			5-day change	1st Jan Change
7.57 ^CNY	+0.26%		+0.53%	-14.56%

04-29	Jinko Solar Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
04-28	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	75,739	-	-
Enterprise Value (EV) ¹	146,500	88,646	73,750	79,354	67,574
P/E ratio	48.8 x	11.8 x	14.8 x	9.43 x	8.82 x
Yield	-	-	1.85%	2.87%	3.06%
Capitalization / Revenue	1.76 x	0.75 x	0.71 x	0.59 x	0.52 x
EV / Revenue	1.76 x	0.75 x	0.69 x	0.61 x	0.46 x
EV / EBITDA	24.8 x	-	5.68 x	4.91 x	3.4 x
EV / FCF	-	-	-14.2 x	-397 x	4.45 x
FCF Yield	-	-	-7.04%	-0.25%	22.5%
Price to Book	5.49 x	2.58 x	2 x	1.66 x	1.49 x
Nbr of stocks (in thousands)	10,000,000	10,005,197	10,005,199	-	-
Reference price ²	14.65	8.860	7.570	7.570	7.570
Announcement Date	27/02/23	27/02/24	-	-	-

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	106,247	129,339	146,276
EBITDA ¹	-	4,181	5,912	-	12,975	16,177	19,893
EBIT ¹	-	1,397	3,208	9,273	6,091	9,467	10,358
Operating Margin	-	3.44%	3.86%	7.81%	5.73%	7.32%	7.08%
Earnings before Tax (EBT) ¹	1,182	1,360	3,181	8,835	5,899	9,155	10,133
Net income ¹	1,042	1,141	2,947	7,486	5,093	8,035	8,591
Net margin	-	2.81%	3.55%	6.31%	4.79%	6.21%	5.87%
EPS ²	-	0.1400	0.3000	0.7500	0.5098	0.8026	0.8580
Free Cash Flow ¹	-	-5,939	-	-	-5,194	-200	15,187
FCF margin	-	-14.64%	-	-	-4.89%	-0.15%	10.38%
FCF Conversion (EBITDA)	-	-	-	-	-	-	76.34%
FCF Conversion (Net income)	-	-	-	-	-	-	176.78%
Dividend per Share ²	-	0.0230	-	-	0.1403	0.2176	0.2320
Announcement Date	06/01/22	22/04/22	27/02/23	27/02/24	-	-	-

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	26/08/22	27/02/23

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)	-	-	-	-	-	0.2234 x	-
Free Cash Flow ¹	-	-5,939	-	-	-5,194	-200	15,187
ROE (net income / shareholders' equity)	-	8.42%	12.2%	24.2%	13.7%	17.6%	17.4%
ROA (Net income/ Total Assets)	-	1.85%	-	-	3.9%	5.48%	6.21%
Assets ¹	-	61,703	-	-	130,640	146,720	138,356
Book Value Per Share ²	-	1.360	2.670	3.440	3.780	4.560	5.080
Cash Flow per Share ²	-	0.3200	-	-	1.150	1.650	1.640
Capex ¹	-	9,168	-	-	10,696	7,759	6,026
Capex / Sales	-	22.6%	-	-	10.07%	6%	4.12%
Announcement Date	06/01/22	22/04/22	27/02/23	27/02/24	-	-	-

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

7.57 CNY

Average target price

9.191 CNY

Spread / Average Target

+21.41%

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.	-14.56%	10.46B
LONGI GREEN ENERGY TECHNOLOGY CO., LTD.	-20.52%	19.05B
FIRST SOLAR, INC.	+4.78%	19.32B
TONGWEI CO.,LTD	-13.30%	13.5B
FLAT GLASS GROUP CO., LTD.	+38.54%	8.04B
XINJIANG DAQO NEW ENERGY CO.,LTD.	-17.35%	7.22B
JA SOLAR TECHNOLOGY CO., LTD.	-31.37%	6.46B
XINYI SOLAR HOLDINGS LIMITED	+24.34%	6.46B
NEXTRACKER INC.	-6.77%	5.96B
TCL ZHONGHUAN RENEWABLE ENERGY TECHNOLOGY CO.,LTD.	-33.31%	5.82B

Photovoltaic Solar Systems & Equipment