JinkoSolar reports 22% y/y drop in revenue despite higher shipments

Chinese solar module manufacturer JinkoSolar Holding Co Ltd (NYSE:JKS) witnessed a 36% year-on-year increase in quarterly shipments in the second quarter of 2024 but still suffered a 21.6% drop in revenue due to lower selling prices.

The company booked CNY 24 billion (USD 3.39bn/EUR 3.05bn) in revenue in the April-June period in 2024, down from CNY 30.7 billion a year earlier. Gross profit in the second quarter went down to CNY 2.68 billion from CNY 4.78 billion last year.

On an annual basis, JinkoSolar swung to a loss from operations amounting to CNY 1.14 billion during the second quarter of 2024, against CNY 1.54 billion in operating in the previous year. The negative result is explained mostly by the decreases in revenue and gross margin in the reported period.

Total operating expenses accounted for 15.9% of total revenues in the second quarter of 2024, compared to 10.6% in the second quarter of 2023.

The underwhelming financial performance comes against the background of quarterly shipments of 25,318 MW, including 23,822 MW for solar modules and 1,496 MW for cells and wafers.

Looking ahead, the company targets module shipments of 23 GW to 25 GW in the third quarter of 2024. Full-year delivery estimates remain unchanged at between 100 GW and 110 GW, as outlined at the beginning of the year.

(CNY 1 = USD 0.141/EUR 0.127)

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