Jinko Solar (688223) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue was RMB 24.52 billion, down 22.09% year-over-year; YTD revenue reached RMB 71.77 billion, down 15.66% year-over-year.

• Net profit attributable to shareholders in Q3 was RMB 14.87 million, down 99.41% year-over-year; YTD net profit was RMB 1.21 billion, down 80.88%.

• The sharp profit decline was mainly due to intensified competition and falling photovoltaic product prices, leading to lower gross margins.

• Total PV product shipments in the first nine months reached 73.13GW, up 31.29% year-over-year, with N-type modules accounting for 85%.

Financial highlights

• Q3 basic EPS was RMB 0.001, down 99.60% year-over-year; YTD basic EPS was RMB 0.12, down 81.25%.

• Operating cash flow for the first nine months was negative RMB 364.68 million, a decrease of 103.28% year-over-year.

• R&D investment in Q3 was RMB 881 million, down 48.46% year-over-year; YTD R&D investment was RMB 3.61 billion, down 18.70%.

• Total assets at Q3-end were RMB 126.20 billion, down 4.48% from year-end 2023.

• Net profit excluding non-recurring items was RMB 258.98 million in Q3, down 89.69% year-over-year; YTD was RMB 476.42 million, down 92.12%.

Outlook and guidance

• Company targets full-year PV product shipments of 90-100GW, but notes execution depends on market demand, policy, and global trade environment.

• Plans to strengthen N-type technology leadership and announced a 10GW high-efficiency N-type cell and module project in Saudi Arabia.