JinkoSolar Reports Increased Shipments Amid Profit Drop, Citing US and Europe Relations and Oversupply Concerns.

JinkoSolar, a Chinese solar panel manufacturer, saw a significant increase in shipments but a 33.1% drop in gross profit between the final quarter of 2023 and the first quarter of 2024, reaching RMB2.74 billion (US$378.8 million), while gross profit also contracted slightly, from 12.5% to 11.9% in the most recent quarter. This drop could be attributed to worsening relations between Chinese module manufacturers and their primary consumers, buyers in the US and Europe, and concerns about an oversupply of Chinese-made modules impacting their industries’ manufacturing sectors. Module shipments were a highlight, with sale volumes increasing 53.3% year-on-year to 19.99GW in Q1 2024. The company also revealed that over 70% of its modules were shipped overseas in the same period, reflecting the importance of these sales to the company’s financial performance. Looking ahead, Jinkosolar expects to ship 24-26GW of modules in Q2 2022, with year-end module shipments of between 100-110GW, a notable increase considering the company’s previous shipment growth. The firm also anticipates global PV demand to grow 25-30% in 2024, potentially driving interest in n-type products.