JinkoSolar said solar module shipments rose 50.7 percent year on year and fell 16.1 percent quarter on quarter to 3,037 megawatts (MW) the first quarter ended March 31, 2019.
JinkoSolar reported revenues of RMB 5.82 billion or $867.5 million (+27.5 percent) with a gross margin of 16.6 percent in the first quarter of 2019, compared with 14.7 percent in the fourth quarter of 2018, and 14.4 percent in the first quarter of 2018.
JinkoSolar posted income from operations of RMB235.7 million or $35.1 million compared with RMB237.4 million in the fourth quarter of 2018 and RMB125.0 million in the first quarter of 2018.
Net income of JinkoSolar was RMB40.2 million or $6.0 million in the first quarter of 2019, compared with RMB114.8 million in the fourth quarter of 2018 and RMB3.6 million in the first quarter of 2018.
JinkoSolar has in-house annual silicon wafer, solar cell and solar module production capacity was 10.5 GW (including 6.5 GW of mono wafers), 7.0 GW (including 5.4 GW of PERC cells) and 11.0 GW, respectively.
JinkoSolar expects its annual silicon wafer, solar cell and solar module production capacity to reach 15.0 GW (including 11.5 GW of mono wafers), 10.0 GW (including 9.2 GW of PERC cells) and 16.0 GW, respectively, by the end of 2019.
JinkoSolar expects total solar module shipments to be 3.2-3.3 GW in the second quarter of 2019 and 14-15 GW for the full year 2019.
JinkoSolar CEO Kangping Chen said: “The global solar market continues to generate rapid and sustainable growth momentum as grid parity approaches, in particular for our high-efficiency mono products which are continuously in short supply.”
JinkoSolar CEO Kangping Chen said China is expected to install 40 GW; Europe to hit 17 GW; and U.S. to install 12 GW to 15 GW this year.