Financial Data and Key Metrics Changes - Total revenue was approximately $3.5 billion, up 2% sequentially but down 23% year-over-year, primarily due to a decrease in average selling price of solar modules [23][24] - Gross margin was 5.7%, compared to 11.1% in the second quarter and 19.3% in the same quarter last year, with the sequential increase attributed to higher average selling prices [24] - Net income attributable to ordinary shareholders was $3.2 million, with an adjusted net income of $14.8 million [26] Business Line Data and Key Metrics Changes - Total shipments were 25.9 gigawatts in the third quarter, with module shipments accounting for 92%, nearly flat sequentially [17] - Tiger Neo's shipments accounted for nearly 90% of total shipments, increasing from 85% in the second quarter [19] - Distribution business accounted for approximately 37% of total shipments, down from 45% in the second quarter [18] Market Data and Key Metrics Changes - Shipments to the U.S. market were approximately 15% to 18% of total shipments in Q3, with expectations for a decrease in Q4 due to seasonality and market turbulence [30] - In September, newly added installations in China were 20.89 gigawatts, up 32.4% year-over-year and 26.9% sequentially [9] Company Strategy and Development Direction - The company aims to balance market structure and profits while maintaining a leading position in N-type TOPCon technology and optimizing integrated costs [7][15] - Continued investment in R&D and digital transformation initiatives, such as the Jinko 360 Smart Platform, to enhance production efficiency and competitiveness [12][13] Management Comments on Operating Environment and Future Outlook - Management noted that the industry is facing pressure from supply-demand imbalances and price declines, but the company achieved relatively outstanding results [7][8] - The company expects model share to be between 90 gigawatts to 100 gigawatts for 2024 and 22.3 gigawatts to 32.3 gigawatts for Q4 [16] Other Important Information - The company has completed third-party ESG audits for most key suppliers and is committed to improving ESG management in its supply chain [14] - Total debt at the end of Q3 was $5.23 billion, up from $3.86 billion in the previous quarter [28] Q&A Session Summary Question: What was the volume of modules shipped into the U.S. in Q3? - Management confirmed that shipments to the U.S. were roughly 15% to 18% of total shipments [30] Question: What are the expectations for average selling prices (ASPs) in Q4? - ASPs are expected to decline moderately in Q4 due to a downward trend in market prices [35] Question: Can you provide an update on the storage business? - Management indicated that it is still early-stage and detailed numbers are not yet available [40] Question: What is the trend in shipping costs? - Shipping costs are expected to decrease starting in Q4 due to improved logistics conditions [41] Question: How much of the business is from the utility segment versus rooftop solar? - The utility segment accounts for approximately 63% of the business, while the rooftop solar segment is around 37% [52]

Module Shipments and Production Capacity - Module shipments reached 25,910 MW in Q3 2024, up 2.3% sequentially and 14.7% year-over-year[4] - N-type module shipments accounted for approximately 90% of total module shipments globally in Q3 2024[3] - The company expects full-year 2024 module shipments to be between 90.0 GW to 100.0 GW[8] - Total solar module, cell, and wafer shipments reached 25,910 MW in Q3 2024, with solar module shipments accounting for 23,838 MW and cell and wafer shipments at 2,072 MW[33] - The company expects Q4 2024 module shipments to range between 22.3 GW to 32.3 GW[35] - Full-year 2024 module shipments are estimated to be between 90.0 GW to 100.0 GW[36] - Annual production capacity for mono wafer, solar cell, and solar module is projected to reach 120.0 GW, 95.0 GW, and 130.0 GW, respectively, by the end of 2024[37] Financial Performance - Total revenues were RMB24.51 billion (US$3.49 billion), up 1.9% sequentially but down 23.0% year-over-year[4] - Gross margin improved to 15.7% in Q3 2024, compared to 11.1% in Q2 2024 and 19.3% in Q3 2023[11] - Net income attributable to ordinary shareholders was RMB22.5 million (US$3.2 million), a significant improvement from a net loss of RMB100.7 million in Q2 2024[28] - Adjusted net income attributable to ordinary shareholders was RMB103.9 million (US$14.8 million), excluding certain non-recurring items[29] - Operating profit margin was 0.3% in Q3 2024, compared to an operating loss margin of 4.7% in Q2 2024[13] - Revenue for the quarter ended Sep 30, 2023, was RMB 31,834,258 thousand, with a gross profit of RMB 6,133,211 thousand[48] - Net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders for the quarter ended Sep 30, 2023, was RMB 1,323,373 thousand[48] - For the nine months ended Sep 30, 2023, total revenue was RMB 85,848,419 thousand, with a gross profit of RMB 14,956,900 thousand[48] - Net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders for the nine months ended Sep 30, 2023, was RMB 3,418,128 thousand[48] - Basic net income per share for the quarter ended Sep 30, 2023, was RMB 6.42[48] - Diluted net income per ADS for the nine months ended Sep 30, 2023, was RMB 59.38[48] - Comprehensive income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders for the quarter ended Sep 30, 2023, was RMB 1,305,575 thousand[49] - Comprehensive income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders for the nine months ended Sep 30, 2023, was RMB 3,644,388 thousand[49] Cash Flow and Financial Position - Cash, cash equivalents, and restricted cash increased to RMB22.37 billion (US$3.19 billion) as of September 30, 2024, up from RMB13.87 billion as of June 30, 2024[31] - Accounts receivables rose to RMB19.67 billion (US$2.80 billion) as of September 30, 2024, compared to RMB18.39 billion as of June 30, 2024[31] - Inventories decreased to RMB15.25 billion (US$2.17 billion) as of September 30, 2024, down from RMB19.49 billion as of June 30, 2024[31] - Total interest-bearing debts increased to RMB36.72 billion (US$5.23 billion) as of September 30, 2024, up from RMB28.06 billion as of June 30, 2024[32] - Total assets increased to RMB 135,831,825 thousand (USD 18,555,607 thousand) as of December 31, 2023, compared to RMB 130,215,828 thousand (USD 18,555,607 thousand) as of September 30, 2023[51] - Cash, cash equivalents, and restricted cash decreased to RMB 19,069,107 thousand (USD 3,187,856 thousand) from RMB 22,371,099 thousand (USD 3,187,856 thousand) in the previous quarter[51] - Accounts receivable, net increased to RMB 22,958,693 thousand (USD 2,802,961 thousand) from RMB 19,670,062 thousand (USD 2,802,961 thousand)[51] - Inventories, net rose to RMB 18,215,537 thousand (USD 2,172,744 thousand) from RMB 15,247,446 thousand (USD 2,172,744 thousand)[51] - Total current liabilities increased to RMB 81,060,645 thousand (USD 8,691,025 thousand) from RMB 60,990,142 thousand (USD 8,691,025 thousand)[51] - Long-term borrowings decreased to RMB 11,238,806 thousand (USD 2,836,766 thousand) from RMB 19,907,288 thousand (USD 2,836,766 thousand)[51] - Total shareholders' equity slightly increased to RMB 33,534,142 thousand (USD 4,750,442 thousand) from RMB 33,336,702 thousand (USD 4,750,442 thousand)[52] - Non-controlling interests increased to RMB 13,377,708 thousand (USD 1,883,718 thousand) from RMB 13,219,180 thousand (USD 1,883,718 thousand)[52] Operational Efficiency and Technology - The mass production efficiency of N-type TOPCon cells reached approximately 26.2% by the end of Q3 2024[7] - Module shipments to the U.S. increased significantly quarter-over-quarter in Q3 2024[5] - Total operating expenses for the quarter ended Sep 30, 2023, were RMB 3,143,007 thousand[48] - Research and development expenses for the quarter ended Sep 30, 2023, were RMB 218,097 thousand[48] Share Repurchase and Listing Plans - JinkoSolar repurchased 5,596,739 ADSs totaling approximately US$134.5 million under its share repurchase programs[38] - The company plans to list up to 1,000,519,986 A shares in the form of GDRs on the Frankfurt Stock Exchange[38]

Core Insights - JinkoSolar reported its third-quarter financial results for 2024, highlighting a significant increase in module shipments and improvements in gross profit and net income compared to the previous quarter, despite a year-over-year decline in revenue and net income [1][3][4]. Business Highlights - JinkoSolar's module shipments ranked first in the industry for both the third quarter and the first three quarters of 2024, with total shipments reaching 25,910 MW, including 23,838 MW for solar modules and 2,072 MW for cells and wafers [2][3]. - The company became the first module manufacturer to deliver over 280 GW of solar modules globally, with N-type module shipments accounting for approximately 90% of total shipments in the third quarter [2]. - The mass production efficiency of N-type TOPCon cells reached approximately 26.2% [2]. Financial Performance - Total revenues for the third quarter were RMB 24.51 billion (US$ 3.49 billion), up 1.9% sequentially but down 23.0% year-over-year [3][8]. - Gross profit was RMB 3.86 billion (US$ 549.4 million), reflecting a 44.0% increase sequentially but a 37.1% decrease year-over-year [3][9]. - Net income attributable to ordinary shareholders was RMB 22.5 million (US$ 3.2 million), a recovery from a net loss of RMB 100.7 million in the previous quarter but a significant drop from RMB 1.32 billion in the same quarter last year [3][22]. Operational Insights - The company achieved a gross margin of 15.7%, an improvement from 11.1% in Q2 2024 but a decline from 19.3% in Q3 2023 [10]. - Operating income was RMB 75.5 million (US$ 10.8 million), compared to a loss of RMB 1.14 billion in the previous quarter [11]. - Total operating expenses decreased by 0.9% sequentially to RMB 3.78 billion (US$ 538.7 million) but increased by 20.3% year-over-year [13]. Market and Industry Context - The solar industry faced challenges with price declines due to supply-demand imbalances, leading to losses across the industrial chain [4][5]. - The China Photovoltaic Industry Association (CPIA) has called for manufacturers to adopt self-discipline in pricing strategies to stabilize the market [5]. - JinkoSolar expects module shipments for the full year 2024 to be between 90.0 GW and 100.0 GW, with a production capacity target of 120.0 GW for mono wafers, 95.0 GW for solar cells, and 130.0 GW for solar modules by the end of 2024 [7][27]. Recent Developments - JinkoSolar completed a delivery program providing over 1,000 PV modules to a housing initiative in Maui, and was recognized as an Overall Highest Achiever in the 2024 PV Module Index Report [27]. - The company launched its first Climate White Paper during the 2024 New York Climate Week, emphasizing its commitment to sustainability [2][27].

SHANGRAO, China, Oct. 23, 2024 /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 third quarter ended September 30, 2024 before the open of U.S. markets on Wednesday, October 30, 2024.JinkoSolar's management will host an earnings conference call on Wednesday, October 30, 2024 at 8:30 a.m. U.S. Eastern Time (8:3 ...

GDR Offering Details - Jiangxi Jinko, a majority-owned subsidiary of JinkoSolar, plans to issue up to 1,000,519,986 A shares in the form of Global Depositary Receipts (GDRs), with each GDR representing 10 shares [1] - The GDRs will represent no more than 10% of Jiangxi Jinko's total share capital prior to the offering [2] - JinkoSolar's equity interest in Jiangxi Jinko will decrease from approximately 58.59% to 53.26% following the GDR Offering [2] Use of Proceeds - The gross proceeds from the GDR Offering are expected to be no more than RMB4.5 billion [3] - The net proceeds will be used for: - Construction and development of a 1 GW High-efficiency Module Project in the U.S. [3] - Construction and development of the Shanxi Phase II 14 GW Integrated Production Base Project [3] - Working capital or repayment of bank loans for Jiangxi Jinko [3] Listing and Approvals - Jiangxi Jinko intends to apply for listing the GDRs on the Frankfurt Stock Exchange [1] - The completion of the GDR Offering is subject to approvals from Jiangxi Jinko's shareholders, the Shanghai Stock Exchange, Frankfurt Stock Exchange, Federal Financial Supervisory Authority in Germany, and the China Securities Regulatory Commission [4] Company Overview - JinkoSolar is one of the largest and most innovative solar module manufacturers globally, with a diversified international customer base across multiple countries and regions [5] - As of June 30, 2024, JinkoSolar operates over 10 production facilities globally, has over 20 overseas subsidiaries, and maintains a global sales network with teams in numerous countries [6]

In my last analysis of JinkoSolar (NYSE: JKS ) published in July, I outlined a deep value opportunity, which broadly applies to many Chinese stocks at this time. Since that analysis, the stock has increased nearly 20% in price, with a total Oliver Rodzianko is an investment analyst specializing in the technology sector, with a focus on artificial intelligence, semiconductors, software, and renewable energy. He has earned a strong reputation on Seeking Alpha, where he is frequently featured in the platform's ...

Shares of JinkoSolar Holding Co Ltd (JKS, Financial) surged 1.78% in mid-day trading on Oct 2. The stock reached an intraday high of $26.90, before settling at $25.99, up from its previous close of $25.53. This places JKS 32.77% below its 52-week high of $38.65 and 55.60% above its 52-week low of $16.70. Trading volume was 694,518 shares, 93.4% of the average daily volume of 743,962.Wall Street Analysts ForecastBased on the one-year price targets offered by 8 analysts, the average target price for JinkoSola ...

My analysis is that JinkoSolar Holding Co., Ltd. (NYSE: NYSE: JKS ) has been a market leader in solar energy innovation and globalization in the solar energy market but has lagged the market in terms of itsThe mission of Grassroots Trading rests on the following principles: providing objective, unbiased, and balanced research, backed by solid data and completely void of emotional influences or preference for companies; focusing on small- to mid-cap companies, offering the Seeking Alpha investor compelling p ...

SHANGRAO, China, Sept. 24, 2024 /PRNewswire/ -- JinkoSolar Holding Co., Ltd. (the "Company," or "JinkoSolar") (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, today announced its principle operating subsidiary Jinko Solar Co., Ltd.'s participation in the 2024 New York Climate Week, where we officially launch the English version of our first Climate White Paper*. This comprehensive report outlines our commitment to sustainability, innovative strategies to reduce ca ...

SHANGRAO, China, Sept. 9, 2024 /PRNewswire/ -- JinkoSolar Holding Co., Ltd. (the "Company," or "JinkoSolar") (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, today announced that it has been recognized as an Overall Highest Achiever in Renewable Energy Testing Center's ("RETC") 2024 PV Module Index Report ("PVMI"). This marks the fifth consecutive year that JinkoSolar has earned this notable award.Since its launch in 2019, RETC's PVMI has gathered results from com ...