JinkoSolar Maintains Industry-Leading Shipment Volumes and Expands Energy Storage Initiatives

JinkoSolar (688223): Maintaining Industry Leadership in Shipment Volume and Enhancing Energy Storage for New Growth

On April 29, 2025, the company released its annual report for 2024 and its quarterly report for Q1 2025. According to the announcements, the company achieved a total revenue of 92.471 billion yuan for 2024, representing a year-on-year decrease of 22.08%. The net profit attributable to shareholders was 99 million yuan, down 98.67% year-on-year, while the net profit excluding non-recurring items was -932 million yuan, indicating a shift from profit to loss compared to the previous year. For Q4 2024, the company reported revenue of 20.701 billion yuan, which was down 38.36% year-on-year and 15.57% quarter-on-quarter. The net profit attributable to shareholders was -1.116 billion yuan, and the net profit excluding non-recurring items was -1.409 billion yuan, showing a loss compared to previous profits. In Q1 2025, the company achieved a total revenue of 13.843 billion yuan, a 40.03% decrease year-on-year and 33.13% quarter-on-quarter, with a net profit attributable to shareholders of -1.39 billion yuan and a net profit excluding non-recurring items of -1.866 billion yuan, both reflecting a loss compared to the previous year. The pressures on profitability are primarily due to the low price levels across the photovoltaic industry chain, affecting profit margins across various segments.

Shipment Volume Maintains Industry Leadership, with Q2 Expected to Show Sequential Growth

In 2024, the company achieved a global shipment of 92.87 GW of modules, an increase of 18.28% year-on-year, among which 81.29 GW were N-type, accounting for approximately 88% of total shipments. According to InfoLink Consulting data, this marked the sixth consecutive time the company ranked first in the industry for module shipments. In Q1 2025, the total shipment volume was 19.13 GW, including 17.50 GW of modules and 1.63 GW of wafers and cells, representing a decrease of 12.68% year-on-year. Based on company announcements, and balancing shipment scale with profitability, the company expects its module shipments for Q2 to range between 20 to 25 GW.

Continuous Product Performance Improvement and Gradual Global Layout

By the end of 2024, the average efficiency of mass-produced batteries in the company’s golden zone exceeded 26.7%. The laboratory efficiency of TOPCon perovskite tandem batteries reached 34.22%, paving the way for the integration of mainstream and next-generation battery technologies. Utilizing the HOT4.0 technology platform based on TOPCon, the company launched the third-generation TigerNeo photovoltaic modules, with mainstream model power exceeding 650W and peak power reaching 670W, achieving a module conversion efficiency of 24.8% and a bifacial rate of 85%, further solidifying the industry leadership of TOPCon technology. Additionally, the company has improved its overseas channels and production capacity, with overseas shipments accounting for 57.8% of total shipments in 2024 and representing 68.6% of total sales. In 2024, the company signed an agreement with partners in Saudi Arabia to establish local production capacity for 10 GW of battery components, expected to commence production in the second half of 2026. Meanwhile, the company’s U.S. factory has completed upgrades, with a production capacity of 2 GW, which is anticipated to benefit from the high profitability of the North American market amid tightening tariffs.

Strengthening Energy Storage Business Layout to Create New Growth Opportunities

The company’s energy storage system production line is steadily ramping up, and it is achieving self-research and mass production of key core components. In 2024, the total shipment volume of energy storage systems exceeded 1 GWh, demonstrating significant growth compared to 2023 and showcasing strong business growth potential.

Investment Recommendation: It is estimated that the company will achieve revenues of 75.617 billion yuan, 84.959 billion yuan, and 93.761 billion yuan for the years 2025 to 2027, with net profits attributable to shareholders of 1.635 billion yuan, 2.666 billion yuan, and 3.636 billion yuan respectively. Based on the closing price on April 30, the price-to-earnings ratio (PE) would be 34x, 21x, and 15x. As a leading company in TOPCon technology, its overseas channels and production layout are expected to help the company navigate through industry cycles, while the energy storage business is poised to inject new vitality into the company, maintaining a “Recommend” rating.

Risk Warning: Potential risks include lower-than-expected downstream installation demand, exceeding industry competition, slower-than-expected market expansion, and asset impairment risks.