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JinkoSolar(JKS) - 2024 Q3 - Quarterly Report
JKSJinkoSolar(JKS)2024-10-30 13:28
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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 (US3.49billion),up1.93.49 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 (US3.2 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 (US14.8million),excludingcertainnon−recurringitems[29]−Operatingprofitmarginwas0.314.8 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 (US3.19 billion) as of September 30, 2024, up from RMB13.87 billion as of June 30, 2024[31] - Accounts receivables rose to RMB19.67 billion (US2.80billion)asofSeptember30,2024,comparedtoRMB18.39billionasofJune30,2024[31]−InventoriesdecreasedtoRMB15.25billion(US2.80 billion) as of September 30, 2024, compared to RMB18.39 billion as of June 30, 2024[31] - Inventories decreased to RMB15.25 billion (US2.17 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 (US5.23billion)asofSeptember30,2024,upfromRMB28.06billionasofJune30,2024[32]−TotalassetsincreasedtoRMB135,831,825thousand(USD18,555,607thousand)asofDecember31,2023,comparedtoRMB130,215,828thousand(USD18,555,607thousand)asofSeptember30,2023[51]−Cash,cashequivalents,andrestrictedcashdecreasedtoRMB19,069,107thousand(USD3,187,856thousand)fromRMB22,371,099thousand(USD3,187,856thousand)inthepreviousquarter[51]−Accountsreceivable,netincreasedtoRMB22,958,693thousand(USD2,802,961thousand)fromRMB19,670,062thousand(USD2,802,961thousand)[51]−Inventories,netrosetoRMB18,215,537thousand(USD2,172,744thousand)fromRMB15,247,446thousand(USD2,172,744thousand)[51]−TotalcurrentliabilitiesincreasedtoRMB81,060,645thousand(USD8,691,025thousand)fromRMB60,990,142thousand(USD8,691,025thousand)[51]−Long−termborrowingsdecreasedtoRMB11,238,806thousand(USD2,836,766thousand)fromRMB19,907,288thousand(USD2,836,766thousand)[51]−Totalshareholders′equityslightlyincreasedtoRMB33,534,142thousand(USD4,750,442thousand)fromRMB33,336,702thousand(USD4,750,442thousand)[52]−Non−controllinginterestsincreasedtoRMB13,377,708thousand(USD1,883,718thousand)fromRMB13,219,180thousand(USD1,883,718thousand)[52]OperationalEfficiencyandTechnology−ThemassproductionefficiencyofN−typeTOPConcellsreachedapproximately26.25.23 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 US134.5 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]