Q2 Quarterly Results: Jinkosolar With Significant Decline in Sales - Expectations Missed - Negative EarningsQ2 Quarterly Results: Jinkosolar With Significant Decline in Sales - Expectations Missed - Negative Earnings

Shangrao, China - Chinese solar giant Jinkosolar has announced its financial results for the second quarter of 2024.

Overall, Chairman and CEO Xiande Li believes the Group is on track. At the end of the second quarter, Jinkosolar was the first solar company in the world to achieve cumulative module sales of 260 GW in nearly 200 countries and regions. This is further proof of the strength of the company's globalization strategy, Li said.

Jinkosolar in total achieved sales of RMB 24.05 billion (USD 3.31 billion) in the second quarter of 2024. Compared to the same quarter of the previous year, this corresponds to a decrease of 21.6 percent (Q2 2023: RMB 30.69 billion / USD 4.22 billion). This means that Jinkosolar also missed analysts' estimates, who on average had expected revenue of RMB 28.38 billion (approx. USD 3.9 billion). Overall, the solar output delivered in Q2 2024 increased by around 36% year-on-year to 25,318 MW (Q2 23: 18,613 MW), of which 23,822 MW is attributable to solar modules and 1,496 MW to cells and wafers (Q2 2023: 17,763 MW, 850 MW). According to Li, this volume of module deliveries puts Jinkosolar in first place in the industry.

On balance, the solar giant listed on the RENIXX World renewable share index reported a net loss of RMB 100.65 million (USD - 13.85 million) in Q2 2024, compared to a profit of RMB 1.306 billion (approx. USD 180 million) in the same quarter of the previous year. This results in a diluted loss per American Deposit Share (ADS) of - 2.12 RMB (approx. - 0.29 USD / ADS) after a profit of 22.2 RMB (approx. 3.05 USD) in the same quarter of the previous year.

“Overall, global demand showed fast growth momentum in the first half of 2024. The newly added installations in China totaled 102.4 GW, up 30.7% year-over-year while total solar module exports increased by around 20% year-over-year. Thanks to our global footprint and competitive products, by the end of the second quarter, the visibility of our orderbook for 2024 exceeds 80%, enabling us to maintain an industry-leading utilization rate, particularly nearly 100% for N-type cells,” commented CEO Li on the development in the second quarter.

For the third quarter of 2024, the company expects module deliveries in the range of 23.0 GW to 25.0 GW. For 2024 as a whole, the company anticipates module deliveries in a range between 100 GW and 110 GW. Jinkosolar expects its annual production capacity for mono wafers, solar cells and solar modules to reach 120.0 GW, 95.0 GW and 130.0 GW respectively by the end of 2024.

The RENIXX Group share price rose slightly last week by 1.6 percent to EUR 16.90 (closing price, 29.08.2024, Stuttgart Stock Exchange). Since the turn of the year, the share price has thus lost 50 percent.

Source: IWR Online, 02 Sep 2024