China’s JinkoSolar Shipped 23.8 GW Solar Modules In Q2 2024

Leading Chinese solar PV manufacturer JinkoSolar Holding improved its quarterly shipments in Q2 2024 by 15.6% quarter-over-quarter (QoQ), and 36% year-over-year (YoY) to 25.3 GW, comprising 23.8 GW of solar modules, and the remaining 1.5 GW for cells and wafers.  

During the quarter, 60% of its total module shipments were to overseas markets, mostly to Europe, APAC, and North America. Shipments to the US were relatively stable while those to Europe increased by 40%.   

However, its $3.31 billion revenues for the quarter declined by 21.6% on an annual basis, due to the decrease in the average selling price (ASP) of solar modules. The revenues grew by 4.4% from the $3.19 billion reported for the previous quarter (see JinkoSolar Shipped 20 GW Solar Modules During Q1/2024).  

Altogether, JinkoSolar’s module shipments in H1 2024 went up 46% year-over-year (YoY) to 43.8 GW. It claims to have become the only company to exceed the 40 GW mark for H1 shipments. The management said its H1 shipments are far ahead of its competitors that end up resorting to price cuts to boost sales in this competitive environment; however, JinkoSolar has kept prices relatively stable. This ‘prudent’ strategy also protects its DG customers, says the company.   

Its DG business accounted for 50% of Q2 shipments and is expected to account for 30% to 40% for FY 2024.  

While it managed to report $368 million in gross profit for the quarter, down from $379 million in the previous quarter and $660 million in Q2 2023, JinkoSolar was in the red with a GAAP net loss of $14 million. In Q1 2024, its net income was $84 million.   

“Prices in several segments of the industry chain declined slightly on a sequential basis leading us to adjust our production scheduling strategy and utilization rates for different processes. We also optimized our supply chain strategy to control costs. Gross margin was 11.1% in this quarter, relatively flat sequentially. Adjusted net income was $52.1 million, a slight decrease sequentially,” shared JinkoSolar Chairman and CEO Xiande Li.  

He admitted that there are ‘irrational low prices’ along the supply chain and that these are being addressed by the market forces, government and industry control policies. Financial institutions are also favoring companies with proven technological innovation, healthy financial conditions and strong brand recognition.  

“As a result, some manufacturers have been forced to cut or suspend production while others have delayed, suspended or even canceled capacity expansion projects. We believe that all these measures will further accelerate the elimination of outdated capacity as well as industry consolidation, paving the way for companies with robust sustainable operations to reinforce their industry leadership,” added Li.  

JinkoSolar said the visibility into its 2024 orderbook exceeds 80%, due to which it continues to maintain an ‘industry-leading’ utilization rate. For n-type cells, it is 100%, according to Li.   

The manufacturer is sticking to its FY 2024 module shipment guidance of 100 GW to 110 GW, but has offered a cautious guidance for 23 GW to 25 GW for Q3 2024.  

Technology focus 

On the technology front, JinkoSolar continues to focus on n-type TOPCon cell technology for which its target is to achieve 26.5% mass-produced efficiency by 2024-end, up from over 26.1% at present. By 2025, it continues to guide to begin mass production of 27% efficiency cells. 

JinkoSolar is also working on its n-type TOPCon-based perovskite tandem solar cell that currently holds a conversion efficiency of 33.24%.  

By the end of 2024, JinkoSolar said it will have a total production capacity of 120 GW for mono wafers, 95 GW for solar cells, and 130 GW for solar modules. As on December 31, 2024, its production capacity stood at 85 GW, 90 GW and 110 GW, respectively.   

The company recently announced its 4th overseas facility with 10 GW n-type capacity in Saudi Arabia (see Solar Manufacturing Consortium In Saudi Arabia).