Jinko Solar sees strong quarter; hits record revenues, income, shipments

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Another up-and-coming Chinese photovoltaics manufacturer hit record revenues, net income, and product shipment numbers during the second quarter, as JinkoSolar saw its sales jump 64% and its shipments rise more than 20% during the period. The vertically integrated company, which began trading on the New York Stock Exchange in mid-May, also increased production capacities across the enterprise.

Quarterly revenues reached $132.8 million, compared to $80.9 million in the previous period. Gross profit margin was 26.9%, compared to 23.7% for the first quarter, and net income came in at $26.6 million, more than double Q1’s US$10.8 million.

Total shipments came in just under 100MW at 99.9MW, up from 83MW in Q2. The breakdown of shipments by category was 29.6MW of wafers, 16MW of cells, and 54.3MW of modules. Module average selling price was stable at $1.70/W during the quarter, down only a penny from Q1.

The company attributed the significant increase in solar module shipments and decrease in silicon wafer shipments to the implementation of its strategic plan to transition from a silicon wafer manufacturer to a leading vertically integrated solar module manufacturer.

After spending $33.6 million on capital expenditures during the quarter, production capacities for silicon ingot, wafer, cell, and module were increased to 400MW, 400MW, 300MW, and 300MW, respectively.

The company also saw its overall manufacturing cost per watt (nonsilicon and silicon costs) drop from $1.18 to $1.14 sequentially, crediting vertical integration economies of scale, production efficiency improvements, state-of-the-art equipment, and six-sigma practices for the continuing improvements.
   
For the third quarter, Jinko sees revenues reaching $145 million—US$155 million. The company expects total solar product shipments to fall between 100MW—110MW, with modules accounting for 65-70MW of the total.

For the full-year 2010, Jinko is guiding revenues in the $500 million to $525 million range, and total product shipments between 395MW and 415MW, with about half of the total coming from module shipments.

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