Jinko Solar (688223) H1 2024 earnings summary

Executive summary

• Revenue for H1 2024 was ¥47.25 billion, down 11.88% year-over-year due to intensified competition and falling PV product prices.

• Net profit attributable to shareholders was ¥1.20 billion, a 68.77% decrease year-over-year.

• N-type TOPCon modules accounted for over 80% of shipments, with total module shipments reaching 43.8GW, maintaining global leadership.

• Overseas sales comprised 65% of shipments and 71% of revenue, with strong market share in the Middle East and emerging markets.

• Company continues to invest in R&D and global capacity expansion, including a new 10GW JV in Saudi Arabia.

Financial highlights

• Operating cash flow was -¥1.62 billion, a sharp decline from ¥5.57 billion in H1 2023.

• Gross margin and net margin declined due to price pressure and lower profitability in core business.

• Basic EPS was ¥0.12, down 68.42% year-over-year; diluted EPS was ¥0.11.

• R&D investment was ¥2.73 billion, representing 5.78% of revenue, up 0.68 percentage points year-over-year.

• Total assets at period end were ¥124.53 billion, with net assets attributable to shareholders at ¥33.41 billion.

Outlook and guidance

• Q3 2024 module shipment guidance is 23–25GW.

• Management expects full-year shipment targets to be met, with improved profitability in H2 as industry prices stabilize and demand recovers.

• Company aims to balance regional shipments and profit to ensure sustainable performance.