“出货王”晶科能源一季度正在加速“出血”？

Core Viewpoint - The photovoltaic industry is gradually transitioning from losses to breakeven and then to profitability, as indicated by the exit of some cross-industry photovoltaic companies from market competition [1] Company Performance - JinkoSolar reported a revenue of 92.47 billion yuan in 2024, a year-on-year decline of 22.08%, and a net profit of 9.893 million yuan, down 98.67% year-on-year [1] - In Q1 2025, JinkoSolar's revenue and net profit fell by 40.03% and 218.20% year-on-year, respectively, marking a significant decline in profitability [1] - Despite the overall losses in the photovoltaic sector, JinkoSolar was one of the few companies to remain profitable in 2024, but it began to incur losses in Q4 2024, amounting to 1.116 billion yuan [3] Financial Comparison - In Q1 2025, JinkoSolar's revenue was 13.84 billion yuan with a net loss of 1.39 billion yuan, while its peers, JA Solar, Trina Solar, and LONGi Green Energy, showed signs of reduced losses [2][3] - The total revenue for the four major photovoltaic companies in Q1 2025 was 52.5 billion yuan, with a combined net loss of 5.784 billion yuan, indicating a 42.15% reduction in losses compared to the previous quarter [2] Market Dynamics - JinkoSolar's declining performance is attributed to a significant drop in component delivery prices and a decrease in high-priced overseas orders, leading to a gross margin drop from 15.7% in Q3 to 3.6% in Q4 2024 [3] - The company has faced challenges due to low prices across the photovoltaic supply chain and changes in overseas trade policies, which have pressured profit levels [3] Production and Capacity - JinkoSolar has shipped over 320 GW of photovoltaic modules globally, with a focus on N-type TOPCon technology, achieving an average efficiency of over 26.6% [4] - In Q1 2025, JinkoSolar's total shipment volume was 19,130 MW, a 12.68% decrease year-on-year, with expectations to increase shipments to 20-25 GW in Q2 2025 [4] Financial Health - As of March 2025, JinkoSolar's debt-to-asset ratio was 72.72%, with interest-bearing liabilities totaling 34.877 billion yuan, indicating significant short-term repayment pressure [5] - The company's operating cash flow decreased by 68.3% year-on-year to 7.867 billion yuan in 2024, and turned negative in Q1 2025, highlighting operational funding challenges [6] Strategic Expansion - JinkoSolar has aggressively expanded its production capacity, with plans for a 560 billion yuan investment in a comprehensive production base, but faced delays and financial challenges due to market conditions [7][8] - The company has experienced setbacks, including a fire incident that resulted in a loss exceeding 646 million yuan in Q1 2024, and ongoing funding issues that have delayed project progress [8] Industry Outlook - The TOPCon technology remains the mainstream in the photovoltaic sector, but there are concerns about its potential obsolescence as new technologies emerge [10]