The top four companies in China’s PV (photovoltaic) Chinese PV Industry Report – Jinko Solar, JA Solar, LONGi, and Trina Solar Panels have published their Q3 2024 financial reports. These industry giants faced significant challenges due to market conditions, leading to mixed performance results.
Key Highlights:
JinkoSolar: Sharp drop in profits.
- JA Solar: Decline in revenue, slight recovery in profit.
- LONGi: Narrowed losses with reduced revenue.
- Trina Solar: Net losses and lower revenue year-on-year.
JinkoSolar: Sharp Drop in Profit
Financial Performance
- Net Profit: CNY 14.87 million ($2.09 million) in Q3, a steep 99.41% drop year-on-year.
- Revenue: Declined 22.09% to CNY 24.519 billion.
- Year-by-Date Revenue: CNY 71.77 billion, down 15.66% year-on-year.
Shipments and Future Outlook
- Shipments: 73.13 GW of PV products from January to September 2024, including 67.65 GW of modules (with n-type modules growing by 31.29%).
- Year-End Goal: Targeting 90-100 GW of shipments by the end of 2024.
JA Solar: From Profit to Loss
Financial Performance
- Net Loss: CNY 484 million in the first nine months, a major drop from a profit of CNY 6.765 billion last year.
Shipments
- Total Shipments: Approximately 57 GW of PV modules and cells in the first three quarters, a 51% increase year-on-year.
- LONGi: Reducing Losses as Revenue Falls
Financial Performance
- Revenue: CNY 58.593 billion, down 37.73% year-on-year.
- Net Loss: CNY 6.505 billion for the first nine months of 2024.
Product Sales
- Silicon Wafers: 82.80 GW.
- Modules: 51.23 GW, including 13.77 GW of BC series modules (17.7% increase).
Trina Solar: Revenue and Profit Drop
Financial Performance
- Revenue: CNY 63.147 billion for the first three quarters, down 22.16% year-on-year.
- Net Loss: CNY 847 million, representing a 116.67% decrease.
Shipment Data
Trina Solar did not disclose specific shipment volumes for this period.
Innovation in HJT Solar Cells: Huasun Energy’s Progress
Production Advancements
Huasun Energy has launched its first batch of heterojunction (HJT) solar cells from its new Xuancheng facility. The cells are set to reach an efficiency of 26.24% through enhancements in textured surface treatments, double-sided microcrystalline applications, and ITO composite films.
Future Outlook
Huasun is also developing a new silver-copper paste for steel-nickel meshes, aiming to support zero busbars (0BB) technology, which could enhance future product efficiency.
Conclusion;
The Chinese PV Industry Report Q3 results show that China’s top solar companies are grappling with challenging market conditions. However, there are still advances, particularly in technology and efficiency, which could bolster the industry’s growth in the future.
FAQs;
Why did JinkoSolar’s profit drop so drastically?
JinkoSolar’s profit dropped primarily due to tough industry conditions, which impacted sales and revenue.
What is heterojunction (HJT) technology, and why is it important?
HJT is an advanced solar cell technology that combines thin layers of amorphous silicon with crystalline silicon. It’s efficient and suitable for high-performance modules like those Huasun is producing.
Which company had the highest shipments in Q3?
JinkoSolar had the highest reported shipments, with 73.13 GW of PV products sold in the first nine months.
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