JinkoSolar expects 30% increase in solar module business in 2019

JinkoSolar in Asia

JinkoSolar announced it is expecting 30 percent increase in its solar module shipments during 2019.

JinkoSolar expects to ship 14 GW to 15 GW solar modules in 2019. JinkoSolar solar module shipments reached 11.4 GW in 2018, an increase of 16 percent from 9.8 GW in 2017.

JinkoSolar expects to ship 2.8 GW to 3 GW solar modules in the first quarter of 2019. JinkoSolar solar module shipment touched 3.618 GW in Q4 2018, an increase of 22.5 percent from 2.953 GW in Q3 2018 and an increase of 45.8 percent from 2.481 GW in Q4 2017.

JinkoSolar reported revenues of RMB7.72 billion or $1.12 billion (+21.5 percent) in Q4 2018 and RMB25.04 billion or $3.64 billion (–5.4 percent) in 2018. The drop in annual revenue was primarily due to lower ASPs.

JinkoSolar CEO Kangping Chen said: “We closed the year strongly with module shipments hitting another record high of 3,618 MW during the quarter.”

Q4 2018

JinkoSolar achieved gross margin of 14.7 percent, compared with 14.9 percent in the third quarter of 2018, and 11.6 percent in the fourth quarter of 2017.

JinkoSolar reported income from operations of RMB237.4 million or $34.5 million against RMB188.0 million in the third quarter of 2018 and RMB91.3 million in the fourth quarter of 2017.

JinkoSolar posted net income of RMB114.8 million or $16.7 million in the fourth quarter of 2018, compared with RMB189.1 million in the third quarter of 2018 and RMB22.5 million in the fourth quarter of 2017.

2018

JinkoSolar achieved gross margin of 14 percent in 2018, compared with 11.3 percent in 2017.

JinkoSolar’s income from operations was RMB644.9 million or $93.8 million in 2018 against RMB325.3 million in 2017.

JinkoSolar posted net income of RMB406.5 million or $59.1 million in 2018 against RMB141.7 million in 2017.

JinkoSolar said Chinese market was impacted by the policies released on May 31. China’s National Energy Administration laid out plans for a bidding system and is expected to begin granting subsidy approvals for utility-scale projects. Subsidies will be prepaid by the state grid, avoiding delays in payment for new projects.

US demand grew thanks to the introduction of the solar Investment Tax Credit (ITC) which is expected to generate growth during the second half of 2019. JinkoSolar’s U.S. manufacturing facility started pilot production in November 2018.

Following the cancellation of the minimum import price policy, demand from solar power purchase agreements and grid-parity projects in the European markets is surging, especially in some of the biggest markets such as Spain, the Netherlands and Germany.

Emerging markets are also booming with Jordan, Kuwait, South Africa, and Oman growing rapidly.

Baburajan K