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 (see JinkoSolar Shipped 23.8 GW Solar Modules During Q3 2024).
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 for 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 and 100 GW, including 16 GW to 18 GW in Q1 which gives a hint to the 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 2025-end. It originally planned to achieve this capacity expansion by 2024-end.
“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.
