JinkoSolar said solar module shipments reached 2,884 MW in Q2 of 2017, +39.5 percent from Q1 2017 and +68.1 percent from Q2 2016.
JinkoSolar posted revenues of RMB7.92 billion or $1.17 billion, +37.2 percent from the first quarter of 2017 and +39.8 percent from the second quarter of 2016.
JinkoSolar achieved gross margin of 10.5 percent against 11.2 percent in the first quarter of 2017 and 18.1 percent in the second quarter of 2016.
Income from operations was RMB85.3 million (US$12.6 million), compared with RMB56.8 million in the first quarter of 2017 and RMB308.8 million in the second quarter of 2016.
Net income was RMB47.4 million or $7.0 million in Q2 2017, compared with RMB60.6 million in Q1 2017 and RMB280.1 million in Q2 2016.
“While ASPs declined during the quarter, prices along our supply chain remained relatively high and impacting our margins. We worked with our OEM partners more extensively than expected during the quarter to ensure timely delivery, which adversely impacted our margins,” Kangping Chen, CEO of JinkoSolar.
JinkoSolar is currently reviewing its strategy in order to improve profitability and cut down the use of OEM going forward.
Demand in emerging markets continued to grow, accounting for a larger portion of its shipments during the second quarter. India’s 100 GW target by 2022 is solid and will continue to create strong demand going forward.
The solar markets in Mexico, Argentina and Brazil are growing in scale, while Egypt and Jordan in Middle East have the potential to become GW level markets next year. We expect demand in emerging markets to continue to grow in 2018.
JinkoSolar said solar module shipments in the second quarter of 2017 amounted to 2,884 MW. The company has in-house annual silicon wafer, solar cell and solar module production capacity was 6.0 GW, 4.5 GW and 7.5 GW, respectively.