Jinko Solar(SH:688223)2024-10-30 11:14Financial Performance - Revenue for the third quarter was RMB 24.52 billion, a decrease of 22.09% year-over-year[2] - Net profit attributable to shareholders for the first three quarters was RMB 14.87 million, a decrease of 99.41% year-over-year[2] - Basic earnings per share for the third quarter were RMB 0.001, a decrease of 99.60% year-over-year[4] - Weighted average return on equity for the first three quarters was 3.55%, a decrease of 17.34 percentage points year-over-year[4] - Non-recurring gains and losses for the third quarter amounted to a loss of RMB 244.10 million[6] - Total operating revenue for the first three quarters of 2024 was 71.77 billion RMB, a decrease from 85.10 billion RMB in the same period of 2023[18] - Net profit attributable to the parent company's owners was 13.02 billion RMB in Q3 2024, compared to 14.04 billion RMB in the previous year[16] - Net profit for the quarter was RMB 1,235,959,360.49, compared to RMB 6,354,264,293.50 in the same period last year[19] - Operating profit for the quarter was RMB 2,477,866,611.29, a significant decrease from RMB 7,882,855,954.88 in the previous year[19] - Total comprehensive income for the quarter was RMB 1,165,455,185.41, down from RMB 6,446,190,315.91 in the same period last year[20] - Basic earnings per share (EPS) for the quarter were RMB 0.12, compared to RMB 0.64 in the previous year[20] - Revenue from sales of goods and services was RMB 67,612,108,713.73, slightly down from RMB 68,106,760,723.33 in the same period last year[21] R&D and Investment - R&D investment for the third quarter was RMB 881.32 million, a decrease of 48.46% year-over-year[4] - The company reduced R&D investment, leading to a significant decrease in R&D expenses[7] - R&D expenses for the first three quarters of 2024 were 642.12 million RMB, a significant decrease from 1.17 billion RMB in the same period of 2023[18] Cash Flow and Liquidity - Operating cash flow for the first three quarters was negative RMB 364.68 million, a decrease of 103.28% year-over-year[4] - Cash flow from operating activities was negative RMB 364,680,394.61, a sharp decline from RMB 11,103,131,362.39 in the same period last year[22] - Cash flow from investing activities was negative RMB 4,487,478,177.04, compared to negative RMB 12,160,069,483.40 in the previous year[22] - Cash flow from financing activities was positive RMB 7,187,639,985.34, up from RMB 3,687,365,746.14 in the same period last year[23] - Total cash and cash equivalents at the end of the quarter were RMB 19,488,781,956.00, compared to RMB 11,253,131,682.44 in the previous year[23] - Tax refunds received during the quarter were RMB 4,690,316,164.81, up from RMB 4,133,012,129.29 in the previous year[22] Assets and Liabilities - Total assets at the end of the reporting period were RMB 126.20 billion, a decrease of 4.48% compared to the end of the previous year[4] - Total assets as of Q3 2024 were 126.20 billion RMB, down from 132.12 billion RMB in the previous year[15] - Total liabilities as of Q3 2024 were 90.72 billion RMB, a decrease from 97.76 billion RMB in the previous year[16] - Fixed assets increased to 40.67 billion RMB in Q3 2024, up from 37.00 billion RMB in the previous year[15] - Short-term borrowings decreased to 5.32 billion RMB in Q3 2024, down from 6.26 billion RMB in the previous year[15] - Long-term borrowings increased significantly to 12.75 billion RMB in Q3 2024, up from 3.62 billion RMB in the previous year[16] - Total equity attributable to the parent company's owners was 33.29 billion RMB in Q3 2024, down from 34.36 billion RMB in the previous year[16] - As of September 30, 2024, the company's monetary funds stood at RMB 26,668,243,691.50, a decrease from RMB 27,837,054,442.93 at the end of 2023[14] - Accounts receivable decreased to RMB 19,440,851,868.14 from RMB 22,564,708,975.77 year-over-year[14] - Inventory levels dropped to RMB 15,233,460,995.79 from RMB 18,215,537,232.67 compared to the end of 2023[14] - The company's prepayments decreased to RMB 2,932,605,453.62 from RMB 4,610,634,680.84 year-over-year[14] - Other receivables increased significantly to RMB 2,400,478,813.49 from RMB 1,129,927,646.87 at the end of 2023[14] Photovoltaic Market and Shipments - The decrease in net profit is primarily due to intensified competition in the photovoltaic market and continuous price declines in photovoltaic products[7] - Total photovoltaic product shipments reached 73.13GW in the first nine months of 2024, with module shipments at 67.65GW and N-type modules accounting for approximately 85%[13] - Shipments of silicon wafers and battery cells totaled 5.48GW, representing a year-over-year growth of 31.29%[13] - The company plans to develop a 10GW high-efficiency N-type battery module production capacity in Saudi Arabia to enhance global competitiveness[13] - For Q4 2024, the company aims to achieve annual shipments between 90-100GW, balancing scale and profitability[13] - The global photovoltaic industry is undergoing a phase of higher-level supply-demand rebalancing, driven by technological innovation and globalization efforts by leading companies[12] Operating Costs and Expenses - Total operating costs for the first three quarters of 2024 were 70.28 billion RMB, compared to 76.26 billion RMB in the same period of 2023[18]