JinkoSolar shares rise as Q2 module shipments jump by a third since 2023
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JinkoSolar (NYSE:JKS) +3.1% in Friday’s trading, reversing an early decline, after reporting a Q2 loss but higher sequential shipments and revenues.
Jinko (JKS) said Q2 module shipments jumped 34% Y/Y even as revenues fell 21% to RMB24.05B (~$3.31B), mainly due to a lower average selling price of solar modules, but revenues rose 4.4% from Q1, thanks to an increase in module shipments to 23.8 GW worth of solar panels, up 36% Y/Y and 15.6% Q/Q; Q2 gross margin slipped to 11.1% from 11.9% in the previous quarter.
The company said it became the first module manufacturer to deliver 260 GW, adding it expects to sell 23-GW worldwide in Q4 to bring its full-year total to 100-110 MW.
“Oversupply and increasingly irrational low prices along the supply chain that have plagued our industry for some time have started to be addressed by market forces as well as government and industry control policies,” Jinko (JKS) said.
The company also said financial institutions have “become more selective, favoring companies with proven technological innovation, healthy financial conditions, and strong brand recognition.”