JinkoSolar said its Q2 revenue decreased 21.6 percent to RMB24.05 billion or $3.31 billion from RMB30.69 billion in Q2 2023 mainly due to a drop in the average selling price of solar modules.
JinkoSolar registered a quarter-on-quarter increase of 4.4 percent in Q2 revenue from RMB23.04 billion in Q1 2024 mainly due to the increase in module shipments.
JinkoSolar reported gross profit of RMB2.68 billion or $368.3 million, compared with RMB2.74 billion in Q1 2024 and RMB4.78 billion in Q2 2023.
JinkoSolar’s gross margin was 11.1 percent in Q2 2024, compared with 11.9 percent in Q1 2024 and 15.6 percent in Q2 2023 due to the decrease in the average selling price of solar modules.
JinkoSolar’s loss from operations in Q2 2024 was RMB1.14 billion or $156.6 million, compared with loss from operations of RMB339.6 million in Q1 2024 and income from operations of RMB1.54 billion in Q2 2023.
Operating loss margin was 4.7 percent in Q2 2024, compared with operating loss margin of 1.5 percent in Q1 2024 and operating profit margin of 5 percent in Q2 2023.
Operating expenses of JinkoSolar was RMB3.81 billion or $524.9 million, accounting for 15.9 percent of total revenues in the second quarter of 2024, compared to 13.3 percent in the first quarter of 2024 and 10.6 percent in the second quarter of 2023.
JinkoSolar’s module shipments grew by 34.1 percent year-over-year to 23.8 GW in the second quarter, ranking first in the industry.
JinkoSolar became the first module manufacturer in the world to deliver a total of 260 GW solar modules at the end of the second quarter.
JinkoSolar’s N-type TOPCon based perovskite tandem solar cell set a record with conversion efficiency of 33.24 percent against previous record of 32.33 percent.
Quarterly shipments were 25,318 MW (23,822 MW for solar modules, and 1,496 MW for cells and wafers), up 15.6 percent sequentially, and up 36.0 percent year-over-year.
Xiande Li, JinkoSolar’s Chairman and Chief Executive Officer, said: “Prices in several segments of the industry chain declined slightly on a sequential basis leading us to adjust our production scheduling strategy and utilization rates for different processes. We also optimized our supply chain strategy to control costs.”
JinkoSolar targets module shipments of 100 GW – 110 GW for 2024. JinkoSolar expects module shipments of 23 GW – 25 GW for the third quarter of 2024.
The company expects its annual production capacity for mono wafer, solar cell and solar module to reach 120.0 GW, 95.0 GW and 130.0 GW, respectively, by the end of 2024.
JinkoSolar says DG business accounted for ~50 percent in Q2 2024 and is expected to account for 30~40 percent for full year 2024. JinkoSolar says Tiger Neo modules accounted for ~85 percent overall in Q2 2024, increased from 80 percent in Q1, and continued to enjoy a premium.
JinkoSolar said 60 percent and 65 percent of modules were shipped to overseas markets in Q2 2024 and 1H 2024, respectively. In Q2, shipments to the U.S. were relatively stable and shipments to Europe increased by 40 percent, JinkoSolar ssaid.
JinkoSolar said production efficiency of N-type cells to reach 26.5 percent, by the end of 2024. Proportion of N-type products expected to reach ~90 percent of total module shipments in 2024, JinkoSolar said.
Baburajan Kizhakedath