JinkoSolar (JKS) Q2 2024 earnings summary

Executive summary

• Q2 2024 module shipments grew 34.1% year-over-year to 23.8 GW, ranking first in the industry and reaching a cumulative 260 GW shipped globally across nearly 200 countries.

• Total Q2 2024 shipments were 25,318 MW, up 15.6% sequentially and 36.0% year-over-year, including modules, cells, and wafers.

• N-type TOPCon technology leadership with mass production efficiency exceeding 26.1% and a perovskite tandem cell record of 33.24%.

• Recognized as Tier 1 energy storage provider and PV module manufacturer by BloombergNEF.

• Entered a joint venture in Saudi Arabia for 10 GW high-efficiency solar cell and module production, with operations expected in 2026.

Financial highlights

• Q2 2024 revenue was $3.31 billion, up 4.4% sequentially but down 21.6% year-over-year due to lower average selling prices.

• Gross margin was 11.1%, compared to 11.9% in Q1 and 15.6% in Q2 last year.

• Adjusted net income was $52.1 million, down sequentially and year-over-year; reported net loss attributable to shareholders was $13.9 million, impacted by a fire incident.

• EBITDA for Q2 2024 was $334.1 million, down 20.4% sequentially.

• Cash and cash equivalents at quarter-end were $1.91 billion; net debt increased to $1.95 billion.

Outlook and guidance

• Full-year 2024 module shipment guidance reiterated at 100–110 GW; Q3 2024 expected shipments are 23–25 GW.

• Mass-produced N-type cell efficiency expected to reach 26.5% by year-end.

• Annual production capacity for mono wafer, solar cell, and solar module projected to reach 120 GW, 95 GW, and 130 GW, respectively, by year-end.

• CapEx for 2024 is projected at RMB 9 billion, with a further reduction planned for 2025 except for strategic Saudi Arabia investment.