Jinko Power Technology (601778) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue reached RMB 1.97 billion, up 12.23% year-over-year; net profit attributable to shareholders was RMB 132 million, down 47.57% year-over-year.

• Nine-month revenue totaled RMB 3.89 billion, up 11.03% year-over-year; net profit attributable to shareholders was RMB 219.8 million, down 43.55% year-over-year.

• Net profit decline mainly due to increased losses from natural disasters and lower gains from power station transfers.

Financial highlights

• Q3 basic and diluted EPS were RMB 0.04, down 42.86% year-over-year; nine-month EPS was RMB 0.06, down 50%.

• Gross margin for the nine months was 40.1%, compared to 41.4% in the prior year period.

• Operating cash flow for the nine months was RMB 590.7 million, a significant improvement from the prior year.

• Total assets at quarter-end were RMB 43.25 billion, up 5.36% from year-end 2023.

• Shareholders’ equity was RMB 15.70 billion, up 0.81% from year-end 2023.

Outlook and guidance

• The company is actively repairing typhoon-damaged facilities and pursuing insurance claims; final loss impact is pending further assessment.

• Initial estimate for typhoon-related asset loss is approximately RMB 50.51 million, but subject to change based on ongoing evaluations.