JinkoSolar’s Q3 2024 module shipment volume of 23.8 GW barely changed from the previous quarter
A substantial increase in the module shipments to the US market contributed to 60% of its quarterly shipments going to overseas markets
The management has lowered its annual module shipment guidance to 90 GW to 100 GW
Chinese solar PV manufacturer JinkoSolar Holding’s solar module shipments during Q3 2024 were at the same level as the previous quarter with 23.8 GW out of the total quarterly shipments of 25.9 GW. The share of n-type Tiger Neo module shipments accounted for close to 90% of the total, up from 85% in the previous quarter.
The total solar module shipments during the reporting quarter represented an increase of 14.7% year-on-year (YoY), but they were up only 0.1% on a quarter-on-quarter (QoQ) basis (see China’s JinkoSolar Shipped 23.8 GW Solar Modules In Q2 2024).
While China accounted for the largest chunk of the modules shipped to a single country, the overseas markets accounted for 60% of its quarterly shipments with Europe, North America and emerging markets ‘all healthy.’ Shipments to the US market increased substantially.
The utility-scale segment remains the breadwinner for JinkoSolar, even as the distributed generation (DG) segment accounted for 37% of total module shipments. For the full year 2024, this segment is expected to account for 30% to 40% of total shipments, stated the management.
Financials
Its revenues for the quarter at RMB 24.51 billion ($3.49 billion) decreased by 23% YoY due to the YoY drop in ASPs of solar modules. On a quarterly basis, the revenues went up 1.9%.
The gross margin of 15.7% improved from 11.1% in the previous quarter as ASPs improved during the period, whereas gross profit was RMB 3.86 billion ($549.4 million). Nevertheless, the company managed to return to profitability with a net income of RMB 22.5 million ($3.2 million) after having reported a net loss of RMB 100.7 million ($14.19 million) in Q2 2024.
“Imbalance between supply and demand led to continuous price decline in the end market, causing losses to almost the whole industrial chain. As we worked to balance utilization rates, shipments and profitability, prices in the third quarter were stable sequentially, and shipments to the U.S. increased significantly quarter-over-quarter,” shared JinkoSolar Chairman and CEO Xiande Li.
Guidance
JinkoSolar has lowered its FY 2024 module shipment guidance from 100 GW to 110 GW to now between 90 GW and 100 GW. For Q4 this year, it expects to ship between 22.3 GW and 32.3 GW modules.
Philip Shen of ROTH MKM remarked, “Volumes to the US in Q4 likely come down, and JKS is managing the risk to avoid retroactive tariffs with the ongoing SEA AD/CVD case. The global oversupply outlook, in our view, remains challenged, and we don't see meaningful upside surprise potential yet to pricing, margins, or estimates.”
As for its manufacturing plans, JinkoSolar continues to expand its annual production capacity of mono wafer, cell and module from 85 GW, 90 GW and 110 GW at the end of 2023 to reach 120 GW, 95 GW, and 130 GW by the end of 2024, respectively.
Recently, the Chinese manufacturer announced plans to raise a maximum of RMB 4.5 billion to fund its manufacturing projects (see JinkoSolar Plans To List On Frankfurt Stock Exchange).