Chinese solar PV manufacturer JinkoSolar Holding shipped an industry-leading 99.59 GW of solar modules, cells and wafers in 2024, representing 19.2% year-on-year (YoY) growth. However, the company has reported a 22.3% drop in annual revenues due to module ASP decline.
Its total shipments last year comprised 92.87 GW of solar modules, and 6.72 GW of cells and wafers. Overseas markets accounted for 60% of the manufacturer's shipments, primarily Europe, India, Asia Pacific, and the Middle East and Africa. North America accounted for around 8%. Its annual module shipments rose by 18.3% YoY, comprising 25.2 GW shipped in Q4.
Tiger Neo modules accounted for 95% of the total module shipment volume in Q4, and nearly 90% for the full year.
JinkoSolar Chairman and CEO Xiande Li shared, “The ongoing imbalance between supply and demand led to a decline in module prices during the year. Combined with the impact of short-term factors such as the elimination of obsolete production capacity, our profitability dropped significantly year-on-year.”
JinkoSolar’s 2024 revenues matched its module shipments with RMB 92.26 billion ($12.64 billion). Gross profit for the year dropped by 47.4% YoY to RMB 10 billion ($1.37 billion) as it reported adjusted net income of RMB 571.4 million ($78.3 million).
For Q4 2024, JinkoSolar’s revenues of RMB 20.65 billion ($2.83 billion) represented a 15.7% sequential and a 37.1% annual decline. Lower module ASPs also impacted its gross profit of RMB 747.4 million ($102.4 million), down 80.6% and 81.7%, respectively.
During the quarter, JinkoSolar reported a net loss of RMB 473.7 million ($64.9 million) compared to a net income of RMB 22.5 million in the previous quarter.
Reflecting on the overall solar PV industry health globally, Li said, “In the short term, as some leading PV companies face significant financial losses, the industry may have entered a deep adjustment period. Companies lacking competitive costs and efficiency, product and technology iteration capabilities and global expansion capabilities are likely to be phased out, helping restore supply and demand balance to the industry.”
The Managing Director and Sr. Research Analyst at ROTH, Philip Shen, echoed the management’s views on the current industry dynamics, with regard to the pricing pressure faced by the industry. He added, “Higher AD/CVD rates, tariffs, and overall US policy uncertainty add to the difficult market environment. We believe the company is positioned for long-term success as it continues to innovate and lead on the technology front.”
Guidance
JinkoSolar offers a conservative forecast for its solar module shipments in 2025, within 85 GW to 100 GW, including 16 GW to 18 GW in Q1, giving a hint about the expected market conditions this year.
The management is also cautious in its manufacturing capacity plans as it expects to achieve annual production capacity of 120 GW for mono wafers, 95 GW for solar cells, and 130 GW for solar modules by the end of 2025. It had originally planned to achieve this capacity expansion by the end of 2024.
“We are taking a more cautious approach to capacity expansion in 2025 and will not add capacity besides upgrades to TOPCon technology. We will also continue to optimize our assets and liabilities structure while maintaining a healthy cash reserve, further strengthening our resilience to risks,” explained Li.
Meanwhile, JinkoSolar’s 2 GW n-type US solar module factory is nearing full production, while work is progressing on its 10 GW cell and module production plans in Saudi Arabia. It is expected to enter production in H2 2026.
