The chart below shows how JKS performed 10 days before and after its earnings report, based on data from the past quarters. Typically, JKS sees a +1.64% change in stock price 10 days leading up to the earnings, and a -2.58% change 10 days following the report. On the earnings day itself, the stock moves by +0.76%. This data can give you a slight idea of what to expect for the next quarter's release.
Positive
Module Shipment Growth: Annual module shipments increased by 18.3% year-over-year to about 93 gigawatts, ranking first in the industry.
Quarterly Shipment Overview: Total shipments were approximately 26.5 gigawatts in the fourth quarter, with module shipment accounting for 95%.
Cumulative Module Shipment Milestone: We were the first PV enterprise to reach the milestone of cumulative module shipment over 300 gigawatts, covering nearly 200 countries and regions.
Global Solar Module Leader: Ranked number one in the Global Solar Module Manufacturing Ranking 2025 report published by Wood Mackenzie.
Bankability Rating Achievement: Received a 100% bankability rating in the 2024 PV Module Bankability Survey by Bloomberg, recognizing our stable financial conditions and high efficiency.
N-Type Cell Efficiency: Our average mass-produced N-type cell efficiency reached nearly 26.5% by the end of the fourth quarter, with the highest-performing production lines exceeding 26.7%.
Sustainability Recognition in Solar: We were included in the S&P Global 2025 Sustainability Yearbook as the only solar module company, scoring 69 points in the Corporate Sustainability Assessments, ranking first among the top five PV module companies.
Cash Reserves Improvement: Our cash and cash equivalents increased to $3.8 billion, a significant improvement from previous quarters, enhancing our resilience to risks.
Negative
Gross Margin Decline: Gross margin dropped significantly from 16% in 2023 to 10.9% in 2024, indicating a decline in profitability.
Dramatic Net Income Decline: Net income fell by 98% year-over-year, from $7.9 million to a net loss of $64.9 million in Q4 2024, highlighting severe financial challenges.
Module Shipments and Pricing: Module shipments in Q4 2024 were 25.2 gigawatts, but the average selling price (ASP) and profits decreased due to over 50% of modules being shipped to lower-priced domestic markets.
Worsening Operational Efficiency: Operating loss margin was 9.8% in Q4 2024, compared to an operating profit margin of 0.3% in Q3 2024, indicating worsening operational efficiency.
Revenue Decline Analysis: Total revenue decreased by 37% year-over-year to $2.83 billion, reflecting a significant downturn in sales performance.
Operating Expenses Impact: Total operating expenses were about $380 million, which, despite being down sequentially, still represented a burden on the overall financial health of the company.
Debt Increase Analysis: The company faced a significant increase in total debt, rising to $5.56 billion compared to $4.38 billion at the end of Q4 2023, indicating growing financial liabilities.
Decline in Gross Profit: The average selling price of solar modules decreased, contributing to the overall decline in gross profit, which was down 47% year-over-year.
JinkoSolar Holding Co., Ltd. (JKS) Q4 2024 Earnings Call Transcript
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