JinkoSolar ships 4.51GW of solar modules in 2015; guides high-end of 6.5GW in 2016

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JinkoSolar reported total revenues in 2015 of US$2.48 billion, an increase of 61.1% from the previous year.

‘Silicon Module Super League’ (SMSL) member JinkoSolar has exceeded fourth quarter and full-year 2015 PV module shipment guidance. 

The company shipped a total of 4,511.6MW in 2015, up from module shipment guidance of 4.2GW to 4.5GW. Shipments included a total of 304MW for its solar power projects. Total shipments were 53.3% higher than the previous year, which were themselves around 65% higher than in 2013. 

As a result of official shipment figures for 2015, JinkoSolar secured its position as the third largest PV solar module manufacturer in the world and third ranked of six SMSL members, first reported by PV Tech in January, 2016.

JinkoSolar also exceeded fourth quarter module shipment guidance (1.4 GW to 1.7 GW) with shipments of 1,709.9MW, a 50.7% increase from 1,134.9MW in the third quarter of 2015 and 58.6% above the 1,078.3MW of modules shipped in the fourth quarter of 2014. The company noted that 92.7MW of shipments were used in its downstream projects in the quarter. 

The company shipped a total of 4,511.6MW in 2015, up from module shipment guidance of 4.2GW to 4.5GW. Shipments included a total of 304MW for its solar power projects. Total shipments were 53.3% higher than the previous year, which were themselves around 65% higher than in 2013.

Full-year 2015 financials

JinkoSolar reported total revenues in 2015 of US$2.48 billion, an increase of 61.1% from the previous year. 

Gross profit was US$504.8 million, an increase of 46.0% from the previous years and gross margin was 20.3%, down from 22.4% for the full year 2014. The decrease in gross margin was said to be primarily due to a slight decline in module ASPs.

Operating income US$205.9 million, compared with RMB931.6 million for the full year 2014. Operating margin for the full year 2015 was 8.3%, compared with 9.3% for the full year 2014. 

Fourth quarter 2015 financials

JinkoSolar reported revenue of US$937.7 million in the fourth quarter of 2015, an increase of 49.9% the third quarter of 2015 and an increase of 104.4% from the fourth quarter of 2014. 

Gross margin in the quarter was 19.5%, compared with 21.3% in the third quarter of 2015 and 22.8% in the fourth quarter of 2014. Income from operations was US$74.5 million in the quarter.

The company noted that it had connected 1,006.6MW worth of solar power projects by year-end.

PV projects

The company noted that it had connected 1,006.6MW worth of solar power projects by year-end. Solar power projects generated electricity of 154.4 GWh, a 34.0% decrease from the third quarter of 2015 due to the seasonality and the curtailment of projects in China's western regions, and an increase of 67.9% from the fourth quarter of 2014 due to the increase in number and capacity of solar power projects. 

Revenues generated from solar power projects were US$21.0 million, representing a decrease of 33.8% from the third quarter of 2015 and an increase of 69.4% from the fourth quarter of 2014. 
 
Kangping Chen, JinkoSolar's Chief Executive Officer said, “Our downstream business remains a key focus of ours as we continue to work on building its long-term viability and sustainability. Electricity output during the fourth quarter of 2015 reached 154.4 GWh, down 34.0% sequentially while generating RMB136.3 million in revenue. We connected 161 MW of solar power projects to the grid during the fourth quarter which brings our total capacity of connected projects to 1,006.6 MW as of December 31, 2015. Aside from the effects of seasonality, power output was impacted by the curtailment of projects in China's western regions and strong rainfall in eastern regions. A number of events beyond our control such as delays in subsidy catalog update and a prolonged grid-connection process made us fall short of our connection target for the year but we are confident in our ability to rapidly make up for this shortfall this year. We are now accelerating the spin-off process to maximize shareholder value.”

2016 guidance

JinkoSolar guided total solar module shipments in the first quarter of 2016 to be in the range of 1.3GW to 1.4GW, which includes 1.2GW to 1.3GW module shipments to third parties. 

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

“Global demand for solar energy continues to grow steadily, added Chen. “We remain the market leader in China where growth and demand is expected to be strong and more balanced this year. With the extension of ITC, the biggest market uncertainty has been removed in the US which provides us with good visibility on market stability well into 2018. ASPs in major markets are expected to further stabilize during the first quarter of 2016 as demand grows. We remain cautious about the expansion of production capacity, but with demand growing sharply, we have plans in place to expand our manufacturing capacity to meet our minimum market demand expectations.”

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