JinkoSolar hits record module shipments in Q3

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‘Silicon Module Super League’ (SMSL) member JinkoSolar has reported record shipments in the third quarter of 2015, while guiding fourth quarter shipments of between 1.4GW to 1.7GW. 

JinkoSolar reported third quarter total solar module shipments of 1,134.5MW, which included 70.6MW to its own downstream PV projects. 

Total solar product shipments to the third parties were 1,107.7MW of which 1,063.9 MW of solar modules, 10.4MW of silicon wafers and 33.4MW of solar cells, an increase of 21.1% from 915MW shipped in the second quarter and an increase of 56.4% from 708.2MW shipped in the third quarter of 2014.

The company has shipped a total of 2,640MW of solar modules in the first nine months of 2015. 

On a geographical basis, JinkoSolar’s largest markets for modules were China (334MW) and North America (248MW), compared to 368MW and 191MW respectively in the prior quarter. 

Kangping Chen, JinkoSolar's Chief Executive Officer said, “Earlier this year, we made strategic plans for a surge in global demand during the second half year by pre-emptively increasing inventory levels. This strategy is now paying off as it provides us with flexibility to balance between shipments to third-party customers and our downstream business as well as good visibility on next year's orders.”

PV projects

The company said that it had connected a total of 846MW of solar projects to the grid, compared with 725MW of solar projects to the grid as of June 30, 2015 and expects to grid-connect a total capacity of 600MW to 800MW in 2015. All projects are retained and not sold to third parties.

A total of 121MW of projects were connected to the grid during the third quarter of 2015.

Financial results

In the third quarter JinkoSolar reported revenue of US$637.6 million, an increase of 26.6% from the prior quarter. Revenue from downstream solar power projects US$32.4 million, an increase of 15.7% from the previous quarter. 

Gross margin was 21.3%, compared with 20.7% in the second quarter of 2015 and 20.6% in the third quarter of 2014. Income from operations was US$60.4 million, compared to US$516.2 million in the previous quarter. 

Solar power projects generated electricity of 233.7GWh, a 15.1% increase from the second quarter of 2015 and an increase of 207.6% from the third quarter of 2014. Revenues generated from solar power plants were US$32.4 million, representing an increase of 15.7% from the second quarter of 2015

Guidance

JinkoSolar guided fourth quarter module shipments to be in the range of 1.4GW to 1.7GW, which includes 1.2GW to 1.4GW of module shipments to third parties. 

For the full-year 2015, the company narrowed previously revised upwards module shipments to be in the range of 4.2GW to 4.5GW which includes 3.8GW to 4.0GW of module shipments to third parties. 

To meet increased demand, JinkoSolar is adding 500MW of new solar cell capacity in the first half of 2016 and 1GW of module capacity. Total module capacity is targeted to reach 5.3GW by mid-2016 and solar cell capacity 3GW. 

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