Jinko Solar(SH:688223) Jin Rong Jie·2025-04-30 12:05Core Viewpoint - JinkoSolar's 2024 annual report reveals significant declines in revenue and profit, highlighting severe challenges in the photovoltaic industry in 2024 [1][4]. Group 1: Financial Performance - The total revenue for JinkoSolar in 2024 was 92.471 billion yuan, a year-on-year decrease of 22.08% [1]. - The net profit attributable to shareholders was only 99 million yuan, a dramatic decline of 98.67% year-on-year [1]. - The non-recurring net profit showed a loss of 932 million yuan, a year-on-year drop of 113.50% [1]. - The company's gross profit margin for the year was only 7.79%, down 5.76 percentage points year-on-year [4]. - In the silicon wafer and battery segments, the gross profit margins were -27.24% and -23.41%, respectively, indicating significant losses in these areas [4]. Group 2: Industry Challenges - The decline in revenue and profit is attributed to low prices across the photovoltaic industry's supply chain and disruptions in demand due to changes in overseas trade policies [4]. - Despite an 18.28% year-on-year increase in module shipments to 92.87 GW, this growth did not translate into profit improvements [4]. Group 3: Technological Innovation and Global Expansion - JinkoSolar has made progress in technological innovation, with the average efficiency of mass-produced high-efficiency N-type TOPCon batteries exceeding 26.6% [5]. - The laboratory efficiency of perovskite tandem batteries based on N-type TOPCon has reached 34.22% [5]. - In terms of global expansion, nearly 70% of JinkoSolar's component sales in 2024 came from overseas markets, with significant growth in the Middle East and Southeast Asia [5]. - The company is collaborating with Saudi Arabia's Public Investment Fund and Vision Industries Company on a 10 GW high-efficiency battery and module project, expected to gradually commence production in the second half of 2026 [5]. Group 4: Future Outlook - JinkoSolar anticipates a 17% growth in global photovoltaic installations in 2025, with TOPCon technology expected to remain dominant in the market [6]. - The company plans to complete upgrades for over 40% of its production capacity by 2025, aiming to establish 40-50 GW of high-power TOPCon capacity by the end of the year [6]. - However, uncertainties regarding industry recovery, downward pressure on photovoltaic module prices, changes in overseas trade policies, and global economic conditions may significantly impact the company's performance [6].