JinkoSolar Holding Co Ltd ( JKS ) shares are trading higher after the Shanghai, China-based company reported first-quarter fiscal 2024 results.

JKS's Q1 revenue decreased 1.2% year-over-year to $3.19 billion, missing the consensus of $3.25 billion.

Quarterly shipments increased 51.2% Y/Y to 21,907 MW (19,993 MW for solar modules and 1,914 MW for cells and wafers).

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Gross margin for the quarter stood at 11.9%, compared to 17.3% in Q1 2023, reflecting decreases in the average selling price of solar modules.

Loss from operations was RMB339.6 million ($47.0 million), compared to RMB1.21 billion income from operations in the first quarter of 2023. 

JinkoSolar Adjusted net income was RMB 470.3 million ($65.1 million), compared to RMB 836.4 million a year ago. Earnings per ADS was RMB 11.28 ($1.56) basic and RMB 5.36 ($0.74) diluted.

As of March 31, JinkoSolar ( JKS ) held $2.44 billion in cash, equivalents, and inventories were $2.79 billion.

Leveraging N-type technology, a broad operation network, and advanced capacity, module shipments grew 53.3% year-over-year to 19.99 GW.

N-type modules comprised nearly 80% of these shipments, with about 50% going to North America. Order book visibility for 2024 currently exceeds 70%. 

The company stated that the newly added installations in China reached 45.7 GW (+35.9% Y/Y). Module exports totaled 61.7 GW (+20% Y/Y). 

JKS is optimistic about increasing global demand for N-type technology and plans to maintain leadership by improving technology, production capabilities, and cost efficiency. By the end of 2024, they aim for N-type cell efficiency at 26.5% and expect these modules to constitute nearly 90% of their shipments due to high demand. 

The company is limiting capacity expansion in 2024, focusing on advanced N-type capacity, including 28 GW at their Shanxi, China plant. 

Outlook: The Shanghai, China-based company expects its second-quarter module shipments to be around 24.0 GW and 26.0 GW.

The company expects FY24 module shipments of 100.0 GW to 110.0 GW. JinkoSolar ( JKS ) expects its annual production capacity for mono wafers, solar cells, and solar modules to reach 120.0 GW, 110.0 GW, and 130.0 GW by the end of 2024.

Price Action: JKS shares are trading higher by 3.56% at $25.00 premarket at the last check Monday.

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