JinkoSolar (JKS) Q4 2024 Earnings Call March 26, 2025 08:00 AM ET Company Participants Stella Wang - Investor Relations OfficerGener Miao - Chief Marketing Officer of JinkoSolar Company LimitedMengmeng Li - Chief Financial OfficerTyler Bisset - Equity Research AssociateHaiyun Cao - DirectorRajiv Chaudhri - President Conference Call Participants Philip Shen - Managing Director, Senior Research AnalystAlan Lau - Analyst Operator Hello, ladies and gentlemen, and thank you for standing by for JinkoSolar Holding ...

JINKOSOLAR HOLDING CO., LTD. Q4 2024 EARNINGS CALL PRESENTATION MARCH 26, 2025 Disclaimer This presentation does not constitute an offer to sell or issue or the solicitation of an offer to buy or acquire securities of JinkoSolar Holding Co., Ltd. (the "Company") in any jurisdiction or an inducement to enter into investment activity, nor may it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. The information herein has been prepared by the Company ...

Core Viewpoint - JinkoSolar reported a challenging financial performance for 2024, with significant declines in revenue and profitability due to decreased module prices and operational challenges, despite maintaining a leading position in the solar industry and achieving record module shipments [4][34]. Group 1: Financial Performance - Total revenues for Q4 2024 were RMB20.65 billion (US$2.83 billion), down 15.7% sequentially and 37.1% year-over-year [10]. - Gross profit for Q4 2024 was RMB747.4 million (US$102.4 million), a decrease of 80.6% sequentially and 81.7% year-over-year [11]. - The net loss attributable to JinkoSolar's ordinary shareholders in Q4 2024 was RMB473.7 million (US$64.9 million), compared to net income of RMB22.5 million in Q3 2024 [29][31]. Group 2: Operational Highlights - Annual module shipments increased by 18.3% year-over-year to 92.9 GW, ranking first in the industry [4][49]. - Total shipments for the full year 2024 were 99,596 MW, including 92,873 MW for solar modules and 6,723 MW for cells and wafers [49]. - The average mass-produced N-type cell efficiency reached nearly 26.5% by the end of Q4 2024, with expectations to reach approximately 27% by the end of 2025 [6]. Group 3: Industry Context - The global PV industry saw a record high of 277 GW in newly added installations in China for 2024, marking a 28% year-over-year increase [5]. - The imbalance between supply and demand in the industry led to a downward trend in module prices, impacting profitability across the sector [5]. - National authorities in China have implemented measures to address supply-demand imbalances, including raising entry barriers for new manufacturing capacities and reducing export tax rebates [5]. Group 4: Future Outlook - For Q1 2025, JinkoSolar expects module shipments to be between 16.0 GW and 18.0 GW, and for the full year 2025, shipments are estimated to be between 85.0 GW and 100.0 GW [9][51]. - The company plans to maintain a cautious approach to capacity expansion in 2025, focusing on upgrades to TOPCon technology [10].

SHANGRAO, China, March 12, 2025 /PRNewswire/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, today announced that it plans to release its unaudited financial results for the fourth quarter and full year ended December 31, 2024 before the open of U.S. markets on Wednesday, March 26, 2025. JinkoSolar's management will host an earnings conference call on Wednesday, March 26, 2025 at 8:00 a.m. U.S. Easte ...

Core Insights - JinkoSolar has been ranked as the most bankable solar module company in the 2024 PV Module Bankability Survey by Bloomberg New Energy Finance, achieving a 100% bankability rating [1][2] Company Performance - By the end of 2024, JinkoSolar's total module shipments exceeded 300GW, with the Tiger Neo series alone surpassing 140GW in cumulative shipments [3] - The latest Tiger Neo 3.0 series features power ratings over 670W, a maximum module efficiency of 24.8%, and bifaciality up to 85%, contributing to a 3.38% increase in overall power generation [3] Financial and Technological Strength - JinkoSolar's strong financial position, technological innovations, and product reliability have been key factors in its top ranking in bankability [1][2] - The enhanced bifaciality of the Tiger Neo series reduces the Levelized Cost of Electricity (LCOE) by 3.14%, providing greater financial benefits for solar investments [3] Future Outlook - The company plans to continue investing heavily in R&D, focusing on N-type technology and integrated "solar + storage" solutions to support the global transition to sustainable energy [4]

Core Viewpoint - JinkoSolar's majority-owned subsidiary, Jiangxi Jinko, reported significant declines in financial performance for the year ended December 31, 2024, primarily due to reduced selling prices of photovoltaic products and challenges in the industry [1][2][3]. Financial Performance - Preliminary unaudited revenues for Jiangxi Jinko were RMB 92.62 billion, a decrease of 21.96% year-on-year [2] - Preliminary unaudited net income attributable to shareholders was RMB 90.54 million, down 98.78% year-on-year [2] - Preliminary unaudited net loss attributable to shareholders, excluding extraordinary gains and losses, was RMB 1,011.98 million, a decrease of 114.66% year-on-year [2] Industry Context - The global photovoltaic installation demand continued to grow in 2024, but supply-demand mismatches led to downward pressure on end product prices, affecting profitability across the industry [3] - Jiangxi Jinko showed operational resilience compared to peers due to technological advantages and optimization of capacity structure [3] - The company maintained a leading position in module shipments and improved operational efficiency despite financial performance declines [3] Operational Developments - Jiangxi Jinko upgraded its globalization strategy and enhanced digital management capabilities [3] - The company faced challenges such as prolonged pricing pressure, elimination of obsolete production capacity, and a fire accident impacting financial results [3] Accounting and Reporting - The preliminary unaudited financial results for Jiangxi Jinko differ from JinkoSolar's consolidated financial results due to different consolidation scopes and accounting standards [4] - Investors are advised to exercise caution when reviewing the preliminary results, as they are subject to change upon the completion of the audit process [5]

Core Viewpoint - JinkoSolar (JKS) has received a Zacks Rank 2 (Buy) upgrade, indicating a positive trend in earnings estimates which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Impact - The Zacks rating system emphasizes the importance of earnings estimate revisions, which have shown a strong correlation with near-term stock price movements [4][6]. - Rising earnings estimates for JinkoSolar suggest an improvement in the company's underlying business, likely leading to an increase in stock price [5]. Zacks Rank System - The Zacks Rank system categorizes stocks into five groups based on earnings estimates, with a proven track record of Zacks Rank 1 stocks generating an average annual return of +25% since 1988 [7]. - JinkoSolar's upgrade to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, indicating a strong potential for market-beating returns in the near term [10]. Earnings Estimate Revisions for JinkoSolar - For the fiscal year ending December 2024, JinkoSolar is expected to earn -$0.24 per share, reflecting a change of -102.4% from the previous year [8]. - Over the past three months, the Zacks Consensus Estimate for JinkoSolar has increased by 296.8%, indicating a significant upward revision in earnings expectations [8].

Core Viewpoint - The Schall Law Firm is investigating JinkoSolar Holding Co., Ltd. for potential violations of securities laws, particularly concerning misleading statements and undisclosed information that may have affected investors [1][2]. Group 1: Investigation Details - The investigation centers on whether JinkoSolar issued false or misleading statements and failed to disclose critical information to investors [2]. - On January 17, 2025, JinkoSolar reported a decline of over 98% in its majority-owned subsidiary, Jinko Solar Co., Ltd., and anticipated a significant net loss for the year [2]. - Following this announcement, JinkoSolar's American depositary receipt (ADR) price dropped by 9.77% on the same day [2]. Group 2: Legal Representation - The Schall Law Firm is representing investors globally and specializes in securities class action lawsuits and shareholder rights litigation [3]. - Shareholders who have suffered losses are encouraged to contact the firm for a free discussion of their rights [3].

Core Insights - JinkoSolar ranked No.1 in the Global Solar Module Manufacturers Ranking 2025 by Wood Mackenzie, showcasing its technological capabilities and module performance [1][2] - The report evaluated 40 solar module manufacturers based on nine criteria, with JinkoSolar excelling in financial strength and sustainable operations [2] - JinkoSolar's cumulative module shipments exceeded 300 GW by the end of 2024, maintaining its leadership in global module shipments for five consecutive years [3] Company Performance - JinkoSolar's Tiger Neo N-type TOPCon modules achieved shipments of 140 GW, with quarterly sales exceeding 20 GW in 2024, making it one of the best-selling module types [3] - The introduction of the third-generation N-type TOPCon Tiger Neo 3.0 solar modules features power outputs up to 670W and a residential module with a conversion efficiency of 24.8% [4] - The company emphasizes continuous innovation in TOPCon technology to drive industry advancements and set new benchmarks [4] Global Presence - JinkoSolar operates over 10 production facilities and has more than 20 overseas subsidiaries across various countries, including the United States, Germany, and India [7] - The company has a diversified international customer base, distributing solar products and services in numerous countries and regions [6]

Core Insights - JinkoSolar Holding Co, Ltd is rated as a buy due to its strong operational efficiency and resiliency in the market [1] Company Analysis - The company demonstrates robust operational efficiency, which is a key factor in the positive rating [1] - The analysis emphasizes the importance of breaking down complex financial and technological problems to identify overlooked investment opportunities [1] Industry Context - The focus on emerging technologies and sustainable investing is highlighted as a significant trend within the industry [1] - The intersection of innovation and finance is a critical area for investment analysis, suggesting a growing importance of sustainability in investment decisions [1]