JinkoSolar (JKS) Q3 2024 earnings summary

Executive summary

• Achieved industry-leading module shipments, ranking first globally for Q3 and year-to-date, with over 280GW delivered cumulatively and 25.9GW shipped in Q3, 92% as modules.

• N-type TOPCon modules comprised 90% of shipments, with mass production efficiency reaching 26.2%.

• Launched Tiger Neo 3.0 solar panel, advanced digital platform Jinko360, and published first Climate White Paper.

• Recognized as a Tier 1 energy storage provider and topped PV-Tech's Q3 ModuleTech Bankability Report with a AAA rating.

• Formed partnership to build the world's largest overseas N-type facility in Saudi Arabia and completed major disaster relief module delivery.

Financial highlights

• Q3 2024 revenue was $3.49 billion (RMB24.51B), up 1.9% sequentially but down 23% year-over-year due to lower ASPs.

• Gross margin improved to 15.7% from 11.1% in Q2, but down from 19.3% in Q3 2023.

• Net income attributable to shareholders was $3.2 million (RMB22.5M); adjusted net income was $14.8 million (RMB103.9M), excluding non-recurring items.

• Cash, cash equivalents, and restricted cash at quarter-end were $3.19 billion (RMB22.37B); total debt was $5.23 billion (RMB36.72B).

• EBITDA was $324.3 million, down 6.2% QoQ and 48.6% YoY.

Outlook and guidance

• FY 2024 module shipment guidance is 90GW-100GW; Q4 guidance is 22.3GW-32.3GW.

• N-type products expected to comprise ~90% of full-year shipments.

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

• CapEx for 2024 estimated at CNY 9 billion; operating cash flow at CNY 5 billion; free cash flow negative CNY 4 billion.

• GDR listing in Frankfurt expected to raise RMB 4.5 billion with 5-6% dilution, mainly funding Shanxi factory expansion and working capital.