November 4th Greentown | China International Capital Corporation research report pointed out that JinkoSolar (688223.SH) 3Q24 performance met expectations, with 23.8GW of company modules shipped in Q3, basically flat on a quarter-on-quarter basis, and the leading position stable. Among them, 3Q24 shipments in the usa exceeded 3GW, mainly due to the increase in the proportion of concentrated deliveries, with a significant increase of 1.2GW compared to 2Q. It is expected that the operation will continue to improve in 2025. Due to the trend of consolidation and profits towards leading companies, maintain the profit forecast for 2024 unchanged, raise the 2025 net income attributable to the parent forecast by 32% to 3.48 billion yuan; maintain an outperform industry rating, with the industry turning point approaching, the supply-side reform is expected to accelerate the arrival of the industry turning point and enhance the performance and valuation elasticity of leading companies, raising the target price by 22% to 11 yuan, corresponding to current upside potential of 19.6%, corresponding to a 31.6 P/E multiple for 2025, and the current market cap corresponds to a 26.5 P/E multiple for 2025.