Jinko Power Technology (601778) H1 2024 earnings summary

Executive summary

• Revenue for H1 2024 reached RMB 1.92 billion, up 9.83% year-over-year; net profit attributable to shareholders was RMB 87.81 million, down 36.21% year-over-year, mainly due to lower gains from power station transfers.

• Power generation volume reached 3.283 billion kWh, up 43.93% year-over-year; self-owned installed capacity reached 6.02GW, up 47% year-over-year.

• Second quarter saw revenue of RMB 1.145 billion, up 22.78% year-over-year, and net profit of RMB 186 million, up 64.42% year-over-year.

Financial highlights

• Operating cash flow was negative RMB 725.70 million, improved from negative RMB 1.35 billion year-over-year.

• Total assets at period end were RMB 42.88 billion, up 4.46% from year-end 2023; net assets attributable to shareholders were RMB 15.60 billion, up 0.14%.

• Basic and diluted EPS were RMB 0.03, down 25% year-over-year.

• Gross margin for H1 2024 was 47.2%.

Outlook and guidance

• Company expects power station transfer scale to further increase in 2024, with related revenue and profit to be realized in H2.

• Full-year performance targets are expected to be gradually achieved as transfer plans are executed.