According to the half-year earnings reports of China's listed photovoltaic companies, the combined shipment of modules of the top 10 companies totaled 227.226 GW in the first half of 2024. Below is a detailed presentation of each player.
Jinko Solar: Net profit of 1.2 billion yuan, down 68.77% year-on-year
During the reporting period, the Jinko Solar achieved an operating income of 47.251 billion yuan, a year-on-year decrease of 11.88%; the net profit attributable to shareholders of listed companies was 1.200 billion yuan, a year-on-year decrease of 68.77%; and the basic earnings per share was 0.12 yuan.
The report shows that by the end of the reporting period, the company has achieved a stable mass production capacity of N-type batteries at above 75GW, and the yield rate has remained above 98%. The average power of 182mm72-format N-type TOPCon modules in mass production exceeds 595W. N-type modules accounted for more than 80% of the company's shipments in the first half of 2024, and the total shipments and N-type product shipments continued to rank first in the industry.
In the first half of 2024, JinkoSolar sold approximately 43.8GW of photovoltaic module products worldwide, of which approximately 35.9GW were N-type modules. In the third quarter of 2024, the company's module shipments are expected to be 23-25GW.
JA Solar: Loss of 874 million yuan in H1 2024, turning from profit to loss year-on-year
During the reporting period, the company achieved an operating income of 37.357 billion yuan, a year-on-year decrease of 8.54%; the net profit attributable to shareholders of the listed company was -874 million yuan, a year-on-year change from profit to loss; and the basic earnings per share was -0.27 yuan. As of June 30, 2024, the scale of the company's photovoltaic power stations is about 3GW.
During the reporting period, the company's PV module shipments significantly increased year-on-year, which exceeded 38GW (including 1GW for self-use). The overseas module shipments accounted for approximately 54%.
According to the company's capacity planning, the company's module production capacity will exceed 100GW by the end of 2024, and the silicon wafer and PV cell production capacity will reach 80% of the module production capacity, of which the N-type battery capacity will be 57GW.
Trina Solar: Net profit of 526 million yuan, down 85.14% year-on-year
The company achieved an operating income of 42.968 billion yuan in the first half of the year, a year-on-year decrease of 12.99%; the net profit attributable to shareholders of listed companies was 526 million yuan, a year-on-year decrease of 85.14%; and the basic earnings per share was 0.24 yuan.
Affected by the imbalance of supply and demand in the industrial chain and the sharp drop in the market price of photovoltaic products, the profitability of the company's module business has declined. However, thanks to the company's forward-looking layout of diversified businesses such as distributed photovoltaic systems and photovoltaic power stations, the company still achieved overall profitability in the first half of 2024.
LONGi Green Energy: Loss of 5.243 billion yuan, turning from profit to loss year-on-year
LONGi achieved an operating income of 38.529 billion yuan in the first half of 2024, a year-on-year decrease of 40.41%; the net profit attributable to shareholders of the listed company was -5.243 billion yuan, turning from profit to loss year-on-year; and the basic earnings per share was -0.69 yuan.
The report shows that in the first half of 2024, the company's silicon wafer shipments reached 44.44GW (21.96GW was sold externally), and the PV cells sales reached 2.66GW. The module shipments were 31.34GW in H1 2024, of which sales in the Asia-Pacific region increased by more than 140% year-on-year.
Tongwei: Loss of 3.129 billion yuan, turning from profit to loss year-on-year
During the reporting period, Tongwei achieved an operating income of 43.797 billion yuan in the first half of 2024, a year-on-year decrease of 40.87%; the net profit attributable to shareholders of the listed company was -3.129 billion yuan, turning from profit to loss year-on-year; and the basic earnings per share was -0.6951 yuan.
The report shows that in terms of photovoltaics, the company now carries a production capacity of more than 650,000 tonnes high-purity silicon, 95GW solar cell, and 75GW modules. Its product cost, quality and efficiency are world-leading, and it is an important participant and promoter of the global photovoltaic industry. Up to now, the company's high-purity silicon production has ranked first in the world for many consecutive years, and its domestic market share exceeded 25% in the first half of 2024.
As a professional solar cell manufacturer, the company's cell shipments have ranked first in the world for seven consecutive years since 2017, and it has become the first company in the industry with a cumulative cell shipment of more than 200GW.
In terms of modules, the company's shipments were among the top five in the world in 2023. According to the company's production capacity planning, it is expected that from 2024 to 2026, the company's high-purity silicon production capacity will reach 800,000 to 1 million tonnes, the solar cell production capacity 1.3-150GW, and the module production capacity 80-100GW.
Chint New Energy: Net profit of 1.976 billion yuan, up 0.97% year-on-year
During the reporting period, the company achieved an operating income of 28.988 billion yuan in the first half of the year, a year-on-year increase of 4.08%, and realized a net profit attributable to shareholders of listed companies of 1.922 billion yuan, a year-on-year increase of 0.97%.
During the reporting period, the company's smart electrical appliance segment achieved an operating income of 11.668 billion yuan, a year-on-year increase of 1.69%. In terms of household photovoltaics, in the first half of 2024, Chint's new installed capacity exceeded 6GW,. In the power station business, Chint has carried out photovoltaic power station construction in more than 40 countries and has built nearly 700 power stations at home and abroad, with a total installed capacity of more than 12GW.
CSI Solar: Net profit of 1.24 billion yuan, down 35.55% year-on-year
During the reporting period, the company achieved an operating income of 22 billion yuan and net profit attributable to shareholders of listed companies of 1.24 billion yuan, with net profit data increasing quarter-on-quarter for two consecutive quarters.
During the reporting period, the company continued to maintain sound profitability through rational strategic and tactical adjustments, as well as the development of its second main business, energy storage business. In the first half of 2024, the company sold a total of 14.5GW of photovoltaic products and 2.6GWh of energy storage products to the world.
In terms of photovoltaic products, the company actively reduced the shipments and prioritized the profits to maintain the company's operational stability and financial health. In the third quarter of 2024, the company's module shipments are expected to be 9.0-9.5GW. As an important subsidiary of the Canadian Solar Group, the module business is an important part of the group and an key contributor to the company's revenue. The company's full-year module shipments are expected to be 32-36GW.
GCL Integration: Net profit of 43 million yuan, down 61.15% year-on-year
During the reporting period, the company achieved a revenue of 8.113 billion yuan, an increase of 44.73% over the same period last year; and a net profit attributable to shareholders of 43.334 million yuan, a year-on-year decrease of 61.15%.
During the reporting period, the company's modules shipments and operating income significantly increased year-on-year. However, affected by the price cut of modules, the company's net profit decreased year-on-year.
Risen Energy: Loss of 963 million yuan, turning from profit to loss year-on-year
In the first half of the year, the company achieved an operating income of 10.459 billion yuan, a year-on-year decrease of 40.59%; the net profit attributable to shareholders of the listed company was -963 million yuan, turning from profit to loss year-on-year; and the basic earnings per share was -0.8472 yuan.
As of the end of the reporting period, the company's annual production capacity of photovoltaic modules reached 35GW, and the production capacity was mainly distributed in production bases such as Ningbo, Zhejiang, Jintan, Jiangsu, Yiwu, Zhejiang, Chuzhou, Anhui, Malaysia and Baotou, Inner Mongolia.