JinkoSolar has announced Q3 2024 financial results saying its revenue dropped 23 percent to $3.49 billion. The revenue decline was driven by lower average selling prices for solar modules.
JinkoSolar’s total shipments were 25,910 MW, comprising 23,838 MW in solar modules and 2,072 MW in cells and wafers.
JinkoSolar is targeting fourth-quarter shipments of between 22.3 GW and 32.3 GW. JinkoSolar is aiming to achieve shipments of 90-100 GW for the full-year.
Operating expenses decreased by 0.9 percent sequentially to RMB3.78 billion ($538.7 million) but rose 20.3 percent from the prior year, due to higher shipping costs and asset impairment.
Operating expenses represented 15.4 percent of total revenue, an improvement from 15.9 percent in Q2 2024.
Gross margin was 15.7 percent, with net income of $3.2 million, showing sequential improvement.
JinkoSolar faced margin pressure due to market oversupply and falling prices, prompting industry discussions on pricing discipline to stabilize the market.
Xiande Li, JinkoSolar’s Chairman and Chief Executive Officer, said: “We will focus on balancing market structure and profit margin levels. We will also optimize our assets and liabilities structure, as well as turnover efficiency.”
In September, China added 20.89 GW of solar installations, a year-over-year increase of 32.4 percent.
The China Photovoltaic Industry Association (CPIA) has encouraged pricing and production discipline, seeking to prevent uncompetitive practices and improve market stability.