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01/11 03:19
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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings call reveals several concerning factors: a significant EPS miss, a 40% revenue drop, declining gross margins, and increased net debt. Although cash reserves have grown, the operating loss margin widened significantly. The Q&A section highlights uncertainties in U.S. market operations and vague responses on key strategic issues, reflecting management's struggle with current challenges. Despite a positive note on cash and a slight improvement in gross margins expected, these are overshadowed by the broader negative financial performance and strategic uncertainties, leading to a negative sentiment.
EPS Reported EPS is $-2.85, missing expectations of $-1.45.
Total Revenue Total revenue was US$1.9 billion, down 40% year-over-year due to a decrease in average selling price of modules and a decrease in shipments.
Gross Margin Gross margin decreased both sequentially and year-over-year, mainly due to the decrease in ASP of solar modules.
Total Operating Expenses Total operating expenses were $350 million, down 18% year-over-year due to a decrease in shipping costs and impairment of long-lived assets.
Operating Loss Margin Operating loss margin was about 20%, compared to 1.5% in the first quarter last year.
Cash and Cash Equivalents Cash and cash equivalents were US$3.77 billion, a significant increase from US$2.44 billion at the end of the first quarter last year.
Asset Liability Ratio Asset liability ratio was approximately 74%, lower from nearly 75% at the end of the first quarter last year.
Total Debt Total debt was US$6.4 billion, compared to US$5.5 billion at the end of the fourth quarter.
Net Debt Net debt was US$2.6 billion, compared to US$1.7 billion at the end of the fourth quarter last year.
AR Turnover Days AR turnover days were 111 days, compared with 100 days in the first quarter last year.
Inventory Turnover Days Inventory turnover days were 84 days, compared with 89 days in the first quarter of last year.
Third-generation TOPCon products: Mass produced cell efficiency exceeded 26.6% and expected power advantage of 20-30 watt peak over previous generation.
Energy Storage Systems (ESS): Shipments exceeded 300 megawatt hours in Q1 2025, with a target of 6 gigawatt hours for the full year.
Module shipments: Total shipments were 19.1 gigawatts, with 70% to overseas markets, particularly Indo-Pacific and North Asia.
Market demand: Global module demand expected to remain above 700 gigawatts in 2025, with strong growth in Asia Pacific, Europe, and the Middle East.
Cost control: Significant year-over-year decrease in comprehensive costs and operating expenses.
Cash reserves: Cash and cash equivalents increased to US$3.77 billion from US$2.44 billion year-over-year.
Supply chain strategy: Flexibly adjusted supply chain strategy and regional shipment mix in response to market dynamics.
R&D investments: Continued investments in R&D for energy storage and solar technologies.
Earnings Miss: JinkoSolar reported an EPS of $-2.85, missing expectations of $-1.45, indicating financial performance challenges.
Profit Margin Pressure: Low prices across the solar supply chain and disruptions in demand due to changes in international trade policies have pressured profit margins.
Decline in Shipments: There was a year-over-year decline in shipments to the U.S. market and a decrease in higher-price overseas orders, impacting module prices and profitability.
Regulatory Changes: Upcoming policy cut-off deadlines for distributed solar regulations and market-based renewable price reform have cooled market sentiment.
International Trade Issues: Changes in international trade policies, including reciprocal tariffs in the U.S., have caused disruptions in the PV industry.
Cost Control Challenges: Despite controlling costs, the company faced a significant year-over-year decrease in revenue and gross margin due to lower average selling prices.
Debt Increase: Total debt increased to $6.4 billion, raising concerns about financial stability.
Cash Flow Management: Although cash reserves increased to $3.77 billion, the company must continue optimizing its asset and liability structure to mitigate risks.
R&D Investments: Investments in R&D, manufacturing, and after-sale service capabilities in energy storage are gradually showing results. Shipments of ESS exceeded 300 megawatts hours in Q1 2025, with expectations of around 6 gigawatts hours for the full-year 2025.
TOPCon Module Production: By the end of Q1 2025, the mass-produced cell efficiency for third-generation TOPCon products exceeded 26.6%. The annual production capacity for third-generation TOPCon modules is expected to reach 40-50 gigawatts by the end of 2025.
Energy Storage Systems: Confirmed orders for energy storage systems accounted for 50% to 60%, with another 20% to 30% showing strong potential for signing.
Market Strategy: JinkoSolar will actively respond to changes in market demand and continuously optimize market strategies and supply chain management.
Module Shipments Q2 2025: Expected module shipments to be between 20 gigawatts to 25 gigawatts in Q2 2025.
Full-Year Module Shipments 2025: Expected module shipments for the full-year 2025 to be between 85 gigawatts to 100 gigawatts.
Production Capacity 2025: Expected annual production capacity for mono wafers, solar cells, and solar modules to reach 120 gigawatts, 95 gigawatts, and 130 gigawatts, respectively.
Global Module Demand 2025: Global module demand is expected to remain above 700 gigawatts in 2025.
Share Repurchase Program: None
The earnings call reveals strong financial metrics, optimistic guidance, and strategic initiatives like reshaping the supply chain and exploring new markets. The company plans significant share buybacks, which is generally positive for stock prices. Despite some uncertainties and management's reluctance to provide specific future pricing, the overall sentiment is positive with expected growth in ESS demand and improved margins.
The earnings call reveals several concerning factors: a significant EPS miss, a 40% revenue drop, declining gross margins, and increased net debt. Although cash reserves have grown, the operating loss margin widened significantly. The Q&A section highlights uncertainties in U.S. market operations and vague responses on key strategic issues, reflecting management's struggle with current challenges. Despite a positive note on cash and a slight improvement in gross margins expected, these are overshadowed by the broader negative financial performance and strategic uncertainties, leading to a negative sentiment.
The earnings call highlighted several negative factors: a significant revenue drop, increased debt, and a high operating loss margin. The lack of a shareholder return plan further dampens sentiment. The Q&A session revealed uncertainties in U.S. manufacturing plans and unclear responses on buyback timing, adding to concerns. Despite improved cash reserves, these issues, coupled with weak guidance on margins, suggest a likely negative stock reaction. The market cap indicates a small-cap stock, which may amplify the negative response.
The earnings call reveals significant financial challenges: a 37% revenue drop, a drastic decline in net income, and increased debt levels. The gross margin and operating profit margin have sharply decreased, raising concerns about profitability. Although there are some operational efficiencies, the lack of clear guidance on U.S. shipments and management's vague responses in the Q&A add uncertainty. The absence of a current buyback plan, despite future intentions, further weighs negatively. Given the small-cap nature of the stock, these factors suggest a negative stock price reaction in the short term.
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