JinkoSolar (JKS) Q4 2024 earnings summary

Executive summary

• Achieved record annual module shipments of 92.9 GW in 2024, up 18.3% year-over-year, maintaining industry leadership and surpassing 300 GW cumulative deliveries.

• Faced significant profitability decline due to module price drops from supply-demand imbalance, industry oversupply, and short-term disruptions.

• Q4 2024 module shipments were 25,221 MW, with over half shipped to the lower-priced domestic market, resulting in sequential declines in ASP and profits.

• Maintained technology leadership with N-type TOPCon cell efficiency near 26.5%, set 27 world records, and initiated mass production of third-generation Tiger Neo products.

• Recognized for ESG efforts, included in S&P Global 2025 Sustainability Yearbook, received a BBB MSCI ESG rating, and ranked No.1 globally by Wood Mackenzie and BloombergNEF.

Financial highlights

• 2024 gross margin was 10.9%, down from 16% in 2023; net income was $7.9 million, a 98% year-over-year decrease; adjusted net income was $78.3 million.

• Q4 2024 revenue was $2.83 billion (RMB20.65 billion), down 15.7% sequentially and 37.1% year-over-year; gross margin fell to 3.6%.

• Full-year 2024 revenue was $12.64 billion (RMB92.26 billion), down 22% year-over-year; gross profit was $1.4 billion, down 47%.

• Cash and cash equivalents at year-end were $3.8 billion (RMB27.74 billion), up from $2.7 billion a year earlier.

• Total debt at year-end was $5.56 billion (RMB40.59 billion); net debt was $1.76 billion.

Outlook and guidance

• 2025 mass-produced N-type cell efficiency expected to reach 27%.

• Cautious approach to capacity expansion in 2025, focusing on TOPCon upgrades and asset optimization.

• 2025 year-end production capacity targets: 120 GW mono wafers, 95 GW solar cells, 130 GW modules.

• Q1 2025 module shipments expected at 16–18 GW; full-year 2025 guidance at 85–100 GW.

• CapEx for 2025 projected at RMB 4–5 billion, significantly lower than 2024.