Jinko Solar(SH:688223) Chang Jiang Shang Bao·2025-05-12 00:27Core Viewpoint - JinkoSolar, a leading photovoltaic module manufacturer, is facing significant operational and financial pressure, with a notable decline in revenue and profits in the first quarter of 2024, marking its first loss in nearly a decade [1][3][8]. Financial Performance - In Q1 2024, JinkoSolar's total shipment volume was 19,130 MW, a year-on-year decrease of 12.68% [1][7]. - The company reported revenue of approximately 13.8 billion yuan, down about 40% year-on-year [1][2]. - The net profit attributable to shareholders was a loss of 1.39 billion yuan, with a non-recurring net profit loss of 1.866 billion yuan [1][2]. - For the full year 2024, the company expects a net profit of 99 million yuan, but a non-recurring net profit loss exceeding 900 million yuan [1][2]. Debt and Financial Pressure - As of the end of Q1 2024, JinkoSolar's interest-bearing debt was approximately 34.877 billion yuan, an increase of 3.654 billion yuan from the beginning of the year [1][3]. - The company's financial expenses for Q1 2024 were 224 million yuan, a year-on-year increase of over 50% [1][3]. - The asset-liability ratio was 72.72% at the end of Q1 2024, indicating rising financial pressure [3]. Operational Challenges - JinkoSolar's cash flow from operations was negative 2.62 billion yuan in Q1 2024, a decline of 323.43% year-on-year [4][8]. - The company is seeking to list in Germany, which would make it the first photovoltaic company listed in A-shares, the U.S., and Germany [4]. Expansion and Market Position - JinkoSolar has been aggressively expanding, announcing a 56 billion yuan investment project to build a vertically integrated production base with a capacity of 56 GW [5][6]. - The company has maintained its position as a global leader in module shipments, with cumulative shipments exceeding 300 GW by the end of 2024 [5]. - JinkoSolar's N-type TOPCon module shipments accounted for 85% of its total shipments in 2024, positioning it as a key player in this technology [5][7]. Future Outlook - The company’s R&D investment in 2024 was 4.407 billion yuan, a decrease of approximately 36% year-on-year [8]. - The future of JinkoSolar remains uncertain, with market attention focused on its ability to navigate the current downturn and maintain cash flow while enhancing innovation and competitiveness [8].