JinkoSolar sales drop 1.2% to $3.19 bn in first-quarter

By Editor


JinkoSolar Holding, a leading solar module manufacturer in the world, announced its financial results for the first quarter ended March 31, 2024.

JinkoSolar said module shipments increased 53.3 percent to 19.99 GW. N-type module shipments accounted for nearly 80 percent of all module shipments globally and nearly 50 percent of module shipments to North America.

JinkoSolar said quarterly shipments were 21,907 MW (19,993 MW for solar modules, and 1,914 MW for cells and wafers), down 21.4 percent sequentially, and up 51.2 percent.

JinkoSolar reported revenues of $3.19 billion, down 29.8 percent sequentially and down 1.2 percent year-over-year.

Gross profit was $378.8 million, down 33.1 percent sequentially and down 32.3 percent year-over-year.

Gross margin was 11.9 percent, compared with 12.5 percent in Q4 2023 and 17.3 percent in Q1 2023.

Net income was RMB 609.4 million ($84.4 million), compared with RMB29.3 million in Q4 2023 and RMB788.7 million in Q1 2023.

“Module prices continued to fall in the first quarter. While the industry average utilization rate declined sharply, we maintained our leading utilization rate at high level, leading the industry. Over 70 percent of modules were shipped to overseas markets in the first quarter, with a significant sequential increase in the proportion of shipments to Europe and the U.S,” Xiande Li, JinkoSolar’s Chairman and Chief Executive Officer, said.

New installations in China reached 45.7 GW, an increase of 35.9 percent. Module exports totaled 61.7 GW, an increase of over 20 percent. The PV industry remained one of the few sectors maintaining a high growth rate.

JinkoSolar’s 1GW N-type module capacity in the U.S. has started production and another 1GW is expected to start production in the second quarter of 2024.

According to the latest predictions by the International Energy Agency (IEA), solar PV and wind will account for 95 percent of global renewable expansion and by 2028, the share of wind and solar PV in global electricity generation will double to 25 percent.

The declining cost of solar+storage will continue to improve the economics of investing in PV storage projects. JinkoSolar said solar+storage will become the major model for future growth in electricity generation.

JinkoSolar expects module shipments to be between 24.0 GW and 26.0 GW for the second quarter of 2024, and between 100.0 GW and 110.0 GW for the full year 2024, with N-type modules accounting for nearly 90 percent of total module shipments.

JinkoSolar expects production capacity for mono wafers, solar cells and solar modules to reach 120.0 GW, 110.0 GW and 130.0 GW, respectively, by the end of 2024.

Second Quarter and Full Year 2024 Guidance

For the second quarter of 2024, the Company expects its module shipments to be in the range of 24.0 GW to 26.0 GW.

For full year 2024, the Company estimates its module shipments to be in the range of 100.0 GW to 110.0 GW.

Solar Products Production Capacity

JinkoSolar expects its annual production capacity for mono wafer, solar cell and solar module to reach 120.0 GW, 110.0 GW and 130.0 GW, respectively, by the end of 2024.

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