SHANGHAI, May 27, 2024 /PRNewswire/ -- First-quarter results show that JinkoSolar is still way ahead of the competition in multiple aspects, its sales growth and margin beat the competitors. In Q1 2024, JinkoSolar saw strong shipment growth of 51.2% year-over-year, with 19.99GW module sales. Furthermore, while most of the other key competitors are faced with negative margins, JinkoSolar's net income as well as sales growth has remained ahead of everyone else. Gross profit was RMB2.74 billion (US$378.8 million), ranking first in the industry. In the case of its historical direct competitors, net profits are non-existent, meaning it's unlikely they'll be able to match JinkoSolar's in a short time. In terms of both sales and profitability, it's clear that JinkoSolar holds fundamental advantages over other PV makers.
With management guiding for production of around 100GW this year, it will continue to grow sales rapidly. Its substantially better profit margins and consistently higher growth rate resulted in greater financial health over its competitors. JinkoSolar has more wiggle room with its margins than others, this has been attributed to JinkoSolar Tiger Neo's robust demands, higher percentage of N-type, higher utilization of capacity, higher yield rate, and less money on each watt it produces. This advantage will be crucial in the turmoil of 2024. So, it is reasonably stated that JinkoSolar will be one of the most bankable PV companies.
With the days of P-type demand seemingly over, JinkoSolar is going on the offensive by baring the TOPCon mass-produced efficiency to 26%-26.5% and 24% on cell and module levels respectively, a move that puts pressure on competitors, and has also excited customers.
While being asked about the market trend of price, Dany Qian VP of JinkoSolar said "In general, slashing price will stop since very few can earn money across the whole chain according to Q1 reports. JinkoSolar has a clear pricing strategy and is focusing on reliability. We trust in the strength of our N-type products and brands."
