Jinko Solar(SH:688223)2024-04-29 09:04Financial Performance - The company's operating revenue for Q1 2024 was CNY 23,083,671,879.45, representing a decrease of 0.30% compared to the same period last year[1]. - The net profit attributable to shareholders was CNY 1,175,724,471.33, down 29.09% year-on-year[1]. - The net profit after deducting non-recurring gains and losses was CNY 191,297,099.19, a significant decline of 84.34% due to falling prices of photovoltaic modules[5][11]. - The basic earnings per share were CNY 0.12, down 29.41%, while diluted earnings per share were CNY 0.11, down 21.43%[6]. - The company reported a net profit margin of approximately 1.3% for Q1 2024, down from 1.8% in Q1 2023[23]. - In Q1 2024, the company reported a net profit of ¥1,175,724,471.33, a decrease of 29.1% compared to ¥1,658,032,536.28 in Q1 2023[24]. - The total profit for Q1 2024 was ¥1,472,603,715.25, down from ¥2,057,089,683.79 in the same period last year, reflecting a decline of 28.4%[24]. - Operating profit for Q1 2024 was ¥1,466,182,286.90, compared to ¥2,048,434,773.57 in Q1 2023, representing a decrease of 28.4%[24]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 131,049,463,446.55, a decrease of 0.81% from the end of the previous year[7]. - Total liabilities amounted to ¥95,475,376,277.94, compared to ¥97,775,635,392.73 in the previous period, showing a decrease of about 2.4%[21]. - The equity attributable to shareholders increased by 3.53% to CNY 35,574,087,168.61 compared to the previous year-end[7]. - The equity attributable to shareholders was ¥35,574,087,168.61, up from ¥34,360,187,879.77, indicating an increase of approximately 3.5%[22]. Cash Flow - The net cash flow from operating activities was CNY 1,172,467,883.59, with no applicable comparison due to changes in cash payments for raw material procurement[5][12]. - The company generated cash inflows from operating activities of ¥22,182,220,168.11 in Q1 2024, down from ¥29,213,556,945.24 in Q1 2023, a decline of 24.0%[27]. - The net cash flow from operating activities was ¥1,172,467,883.59, a significant improvement from a negative cash flow of ¥289,686,624.15 in Q1 2023[27]. - Cash and cash equivalents at the end of Q1 2024 totaled ¥12,727,765,249.91, down from ¥17,227,766,735.06 at the beginning of the quarter, indicating a decrease of 26.5%[28]. - The company’s financing activities generated a net cash outflow of ¥3,271,116,844.65 in Q1 2024, compared to a net inflow of ¥2,062,108,538.59 in Q1 2023[28]. Research and Development - Research and development expenses totaled CNY 1,346,385,120.90, accounting for 5.83% of operating revenue, an increase of 1.11 percentage points[10]. - Research and development expenses for Q1 2024 amounted to ¥303,722,936.96, compared to ¥346,618,711.42 in Q1 2023, reflecting a decrease of approximately 12.4%[23]. - The company has ongoing projects in research and development aimed at enhancing product offerings and improving operational efficiency[23]. Market and Competition - The company is facing intense competition in the photovoltaic market, with overall industry chain prices remaining low[16]. - The company plans to enhance market strategies and improve technological and cost competitiveness in response to industry challenges[16]. - The company has a strong focus on long-term customer fulfillment while managing short-term profitability pressures from low-price markets[16]. - The company expects module shipments in Q2 2024 to be between 24 GW and 26 GW, driven by strong demand and a full order book[16]. Shipment and Production - In Q1 2024, the total shipment volume reached 21,907 MW, with module shipments at 19,993 MW, representing a year-on-year growth of 51.19%[16]. - Cumulative global shipments of photovoltaic modules exceeded 236 GW by the end of the reporting period[16]. - The company has achieved an average efficiency of over 26% for mass-produced N-type TOPCon cells, contributing to cost optimization[16].