The following is a summary of the JinkoSolar Holding Co., Ltd. (JKS) Q1 2024 Earnings Call Transcript:

Financial Performance:

• JinkoSolar reported Q1 revenues of $3.2 billion, slightly down YoY due to a decrease in the average selling price of solar modules.

• Gross margin was 11.9%, flat sequentially, and total operating expenses were $426 million, down by 18%.

• Net income for the quarter was $84.4 million, a noteworthy increase sequentially with adjusted net income approximately $65 million, slightly up sequentially.

• They reported a positive cash flow in Q1 with cash spent on repurchasing ADS and planning dividends as part of a preliminary shareholder return plan.

Business Progress:

• Module shipments grew 53.3% YoY to nearly 20 GW in Q1 with 70% shipped to overseas markets.

• The N-type capacity expected to exceed 90% by the end of 2024, and another 1 GW is planned for production in the US in Q2.

• For the full year 2024, module shipment is expected to be between 100 GW and 110 GW, with N-type modules accounting for nearly 90% of total shipments.

• A fire at their Shanxi factory influenced expansion plans, affecting around 3 to 5 gigawatts of capacity. Phase II of expansion is set to be fully operational by Q4.

• JinkoSolar is implementing cost-reduction initiatives aimed at efficiency and logistics improvement and adopting new technologies.

• They plan to continue repurchasing stocks and declare dividends, targeting an annual shareholder return of approximately $200 million.

More details: JinkoSolar IR

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