Our reporter Cao Qi
On October 31st, JinkoSolar disclosed its third quarter report for 2024, which showed that the company achieved a revenue of 71.77 billion yuan in the first three quarters, a net profit attributable to shareholders of the listed company of 1.215 billion yuan, and a net profit attributable to shareholders of the listed company after deducting non recurring gains and losses of 476 million yuan.
From January to September 2024, the company achieved a shipment of 73.13GW of photovoltaic products, a year-on-year increase of 31.29%. Among them, 67.65GW of components were shipped, and according to third-party statistics, the shipment scale continues to maintain its position as the world's largest. The proportion of N-type TOPCon shipments in the first three quarters of the company has exceeded 85%, becoming a guarantee for the continuous increase in market share, "said a person in charge of Jingke Energy to reporters.
Third quarter non recurring net profit increased month on month
2024 is destined to be a turbulent year for the photovoltaic industry, as the continuous bottoming out of industry chain prices puts pressure on profits in various links, causing widespread losses in the industry and some companies falling into a situation of "selling too much thanks".
Jingke Energy stated that in the first three quarters of 2024, while the global demand for photovoltaic installed capacity is steadily released, the continuous bottoming out of the photovoltaic industry chain prices has accelerated the pace of clearing outdated production capacity in the industry. With leading enterprises actively promoting technological innovation and global layout upgrading, the industry is expected to gradually enter a higher level of supply-demand rebalancing stage. According to the third quarter report, with excellent product performance and global sales channels, Jinko Solar has achieved sustained market share leadership, with total shipments increasing by 31.29% compared to the same period last year. The company's performance in the third quarter has significantly improved, with Jinko Solar achieving a non recurring net profit of 259 million yuan, a significant increase compared to the previous quarter.
Regarding this, Song Qinghui, founder of Qinghui Think Tank, told reporters, "For the leading companies in the photovoltaic industry, the most difficult times in the industry may have passed
Jingke Energy also stated that the industry is currently at the bottom of the cycle, and the disorderly expansion of industry production capacity has been curbed from the source. Outdated production capacity is accelerating its clearance. At the bottom of the industry cycle, the company's bidding prices in the domestic market have always been at a high level among top companies, while overseas it has achieved high premium market leading share through global market capabilities. In the future, it will ensure leading share and price level through more global localized manufacturing and investment layouts.
The conversion efficiency of N-type products has reached a new high
In recent years, JinkoSolar has been committed to consolidating and strengthening its leading advantage in N-type technology, continuously promoting the improvement of product mass production efficiency and power, and optimizing production capacity structure. Recently, the company launched the third-generation N-type TOPCon Tiger Neo 3.0 photovoltaic module, carefully crafted based on the HOT4.0 technology platform, covering multiple innovative features such as HCP and MAX. Its two flagship product series provide power outputs of up to 670W and 495W respectively, with a conversion efficiency of up to 24.8%, setting a new record high.
Looking ahead to the fourth quarter, the company will strive to overcome external challenges in the industry, balance shipment scale and profits, and strive to achieve the goal of shipping 90GW to 100GW for the whole year. Previously, JinkoSolar stated in an investor survey that the fourth quarter is the traditional peak season for domestic photovoltaic installation, and according to the current plan, the production schedule for October has increased compared to September. At the same time, facing the continuous decline in component prices in the domestic market, the company will strive to balance operating rates and profit margins to maintain business sustainability.
It is worth noting that in the future, with the increase of domestic large-scale base projects, as well as the subsequent improvement of ultra-high voltage construction and the enhancement of power grid consumption capacity, domestic demand will be steadily released. Overseas markets continue to maintain stable growth, while emerging markets such as Southeast Asia and the Middle East have overall fast growth rates. The market growth rate is expected after the inventory and power grid consumption issues in Europe are resolved. In the long run, local production capacity in markets with high localization requirements is expected to maintain a differentiated premium.