光伏行业竞争与破局

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晶科能源详细回复2024年年报问询函 货币资金合理充裕 未来三年整体偿债风险较低
Zheng Quan Shi Bao Wang· 2025-06-23 15:33
Core Viewpoint - JinkoSolar has provided a detailed response to the Shanghai Stock Exchange's inquiry regarding its 2024 annual report, addressing various concerns including overseas operations, cash flow, receivables, fixed assets, and inventory. Group 1: Overseas Operations - In 2024, the photovoltaic industry experienced a significant supply-demand mismatch, leading to a substantial decline in prices across the industry chain. JinkoSolar's product prices in Europe and Asia saw a notable decrease, resulting in a significant reduction in gross margins. However, the company's gross margin in the European market remains relatively high at 7.35% compared to peers. In contrast, gross margins in the Americas increased due to favorable local trade policies and strategic partnerships ensuring high-price market supply and market share stability. The Middle East market also showed high gross margins due to JinkoSolar's strong reputation and market share in the region [1][2]. Group 2: Cash Flow and Debt - As of the end of 2024, JinkoSolar reported cash and cash equivalents of 30.3 billion yuan, with restricted cash of 6.44 billion yuan, a significant decrease of 41.28% from the end of 2023. The proportion of non-restricted cash to operating income is 25.80%, which has been steadily increasing over the past three years, placing the company in a strong liquidity position compared to peers. The company has a reasonable structure of interest-bearing debt, with over half of it maturing in more than three years, and only 16.93% of short-term debt due within one year. JinkoSolar has ample credit lines from financial institutions and secured 14.5 billion yuan in new long-term loans in 2024 at a minimum interest rate of 2.45%. The company has multiple financing channels, indicating a low overall debt repayment risk for the next three years [2]. Group 3: Receivables - JinkoSolar explained that its accounts receivable are primarily from large, reputable clients with strong industry positions and good operational conditions, resulting in relatively low collection risks. As of May 25, 2025, 93.34% of receivables from the top ten clients had been collected, indicating a high post-period collection rate. The company’s bad debt provision ratios for 2022 to 2024 were 2.51%, 2.23%, and 4.84%, while actual bad debt losses were significantly lower at 0.29%, 0.02%, and 0%, respectively, indicating effective risk management [3]. Group 4: Product Innovation and Market Position - Despite facing intense industry competition and international trade barriers in 2024, JinkoSolar maintained its position as the world's leading solar module supplier, being the only profitable company among the top four in the photovoltaic sector. In 2025, the company plans to launch the third generation of its Tiger Neo solar modules based on the TOPCon HOT4.0 technology platform, featuring power ratings exceeding 650W and up to 670W, with a conversion efficiency of 24.8% and a bifacial rate of 85%. This innovation is expected to generate a 10% premium over traditional TOPCon products, positioning JinkoSolar favorably for potential market breakthroughs [3]. Group 5: Asset Management - JinkoSolar provided comprehensive responses regarding asset disposal, fixed assets, and inventory management in its announcement, indicating a proactive approach to addressing regulatory inquiries and maintaining operational transparency [4].