On the evening of October 30th, Jingke Energy, a leading component integration company, released its third quarter performance. From January to September 2024, the company achieved a shipment of 73.13GW of photovoltaic products, a year-on-year increase of 31.29%. Among them, 67.65GW of components were shipped. According to third-party organizations, the company's shipment scale continues to maintain its position as the world's largest.
Looking at the third quarter alone, Jinko Solar achieved a non recurring net profit of 259 million yuan, a significant increase compared to the previous quarter. The company's gross profit margin also increased from 8.1% in the second quarter to 11.8%. When some peers increased their external borrowing through large-scale borrowing, the company insisted on optimizing its financial structure, and the asset liability ratio continued to decrease by 1.28 percentage points month on month in the third quarter. In addition, the company's operating cash flow has significantly improved compared to the previous quarter, exceeding 1.2 billion yuan in the third quarter.
2024 is destined to be a turbulent year for the photovoltaic industry. The continuous bottoming out of the industry chain prices has put pressure on profits in various links, and the industry has generally suffered huge losses. Some companies have fallen into a situation of "selling too much thanks". But while JinkoSolar maintains a leading market share, its profitability has increased quarter on quarter against the trend, and the company's asset liability ratio has steadily decreased. How can such differentiated competitiveness be achieved? Firstly, it comes from the scale advantage of N-type production capacity. In the extreme situation of low market demand and price competition during the off-season in the industry, market orders are gradually gathering towards a few high-quality production capacity enterprises. JinkoSolar's N-type TOPCon shipments accounted for over 85% in the first three quarters, providing a guarantee for its increasing market share. In the third quarter report, the company stated that it will strive to achieve full year shipments of 90GW to 100GW, while better balancing shipments and profits, which has also pre positioned itself as the champion of component shipments this year.
Next is the advantage in overseas markets. JinkoSolar once stated in its semi annual report that overseas markets contribute over 70% of its revenue. Thanks to its forward-looking predictions of the global market, JinkoSolar has abundant orders on hand and has maintained a leading operating rate in the industry. Its cost efficiency advantage in scale is also quite competitive among the industry leaders. The company's global channels and brand strength, as well as the contribution of high gross profit overseas markets such as the United States and the Middle East, have effectively supported the company's profits.
In addition, the company's pace of innovation has never stopped. In the first three quarters, the company's R&D investment totaled 3.611 billion yuan, accounting for 5.03% of its operating revenue. The company has just released the latest Tiger Neo third-generation product, which covers innovative technologies such as HCP, MAX, and 0BB that have been widely applied for the first time in various industries. It can achieve a maximum power of 670W and a maximum component conversion efficiency of 24.8%. It is currently the highest performance component released in the market, reflecting JinkoSolar's leading product strength and exclusive industry voice in technological innovation.
It is also reported that JinkoSolar has recently disclosed plans to jointly build the largest overseas high-efficiency battery and module production capacity of 10GW in the Middle East, as well as to list and issue GDRs on the Frankfurt Stock Exchange. The industry's first integrated production model in Shanxi is also steadily advancing.