JinkoSolar Shares Slip As Q2 Results Show Quarterly Shipments Up More Than 76% YoY

JinkoSolar Holding Co Ltd JKS reported second-quarter (Q2) 2023 revenue growth of 50.4% year-on-year to $4.23 billion, beating the consensus of $4.18 billion.

Quarterly shipments were up 28.5% sequentially and up 76.7% YoY, at 18,613 MW (17,763 MW for solar modules and 850 MW for cells and wafers).

Gross margin expanded to 15.6%, from 14.7% in Q2 of 2022; it contracted sequentially due to the increase in inventory provision.

The operating margin recovered to 5% from an operating loss margin of 1.5% in Q2 of 2022.

Adjusted EPS of $3.52 beat the consensus of $2.08.

As of June 30, JinkoSolar held $2.35 billion (RMB17.03 billion) in cash, cash equivalents, and restricted cash.

Inventories were RMB20.09 billion (US$2.77 billion), compared with RMB21.44 billion as of March 31, 2023.

The solar panel manufacturer says it will continue investing in N-type capacity expansion overseas in the second half of 2023. It expects to reach an integrated capacity of over 12 GW. 

3Q23 Outlook: The Shanghai, China-based company expects module shipments to be in the range of 19 GW to 21 GW.

FY23 Outlook:  It estimates module shipments to be in the range of 70 GW to 75 GW.

Price Action: JKS shares traded lower by 2.59% at $35 premarket on Monday.

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