JinkoSolar revenue up 8.9% in 2Q16; module shipment up 7.3%

Kangping Chen

JinkoSolar has achieved revenues of RMB5.96 billion (US$896.1 million) for the second quarter of 2016, an increase of 8.9 percent from the first quarter of 2016 and 86.1 percent from the second quarter of 2015.

Total solar module shipments were 1,716 MW which includes 204 MW used in the Company’s downstream projects.

Total solar module shipments increased by 7.3 percent from 1,600 MW in the first quarter of 2016 and 87.9 percent from 913 MW in the second quarter of 2015, the company said in a statement.

Solar power projects generated 327 GWh of electricity, representing an increase of 55.8 percent from the first quarter of 2016 and 60.9 percent from the second quarter of 2015.

Total revenues generated from solar power projects were RMB288.5 million (US$43.4 million), representing an increase of 55.5 percent from the first quarter of 2016 and 62.1 percent from the second quarter of 2015.

As of June 30, 2016, the Company had connected 1,130 MW worth of solar power projects.

Commenting on the results which exceeded the previous guidance, Kangping Chen, JinkoSolar’s chief executive officer, said, “We expect global demand to remain robust despite recent industry headwinds and are confident that we will be able to carry this strong growth momentum throughout the second half of the year.”

Demand during the quarter was strong, especially from the US and China which accounted for the majority of our shipments. However, demand in China is expected to soften in the third quarter due to the June 30th FiT cut but is expected to pick up again in the fourth quarter of 2016.

“The geographic mix of our shipments is also expected to balance out during the second half of this year with other markets such as Latin America, India and Japan expected to grow rapidly,” Chen said.

As of June 30, 2016, the Company’s in-house annual silicon wafer, solar cell and solar module production capacity was 3.5 GW, 3.5 GW and 6.5 GW, respectively.

Jinko Solar has updated the guidance for year-end manufacturing capacity to 4.5GW, 3.7GW, and 6.5GW for wafers, cells and modules, respectively. The increase is mainly as a result of increased wafer production for usage of its PERC-line products, Chen added.

For the third quarter of 2016, the Company estimates total solar module shipments to be in the range of 1.5 GW to 1.7GW, which includes 1.40 GW to 1.65 GW module shipments to third parties.

For the full year 2016, the Company estimates total solar module shipments to be in the range of 6 GW and 6.5 GW, which includes 5.4 GW to 5.7 GW module shipments to third parties. Full year newly-added solar power project development scale is expected to be in the range of 600 MW to 800 MW.

Rajani Baburajan

editor@greentechlead.com