JinkoSolar Announces Third Quarter 2024 Financial Results

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$3.49 billion), up 1.9$ 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$3.2 million), a recovery from a net loss of RMB 100.7 million in the previous quarter but a significant drop from RMB 1.32 billion in the same quarter last year [3][22]. Operational Insights - The company achieved a gross margin of 15.7$ 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].