JinkoSolar targeting 20GW of module shipments in 2020 after record-breaking 2019

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The SMSL said Q4 2019 module shipments would reach 4.5-4.6GW, 6% up on the previous 4.2-4.4GW guidance and breaking the company’s earlier record of 3.6GW in Q4 2018. Image: JinkoSolar

Leading ‘Solar Module Super League’ (SMSL) member JinkoSolar has guided PV module shipments in 2020 to be in the range of 18GW to 20GW, around a 39% increase from upwardly revised shipments for 2019. 

The SMSL said that module shipments in the fourth quarter of 2019 would be in the range of 4.5GW to 4.6GW, a 6% increase from the previous guidance range of 4.2GW to 4.4GW. This would set a new quarterly record for company and industry shipments, surpassing JinkoSolar's earlier quarterly record of 3.6GW-plus in the fourth quarter of 2018.

The SMSL said that module shipments would be in the range of 4.5GW to 4.6GW in the fourth quarter of 2019.

As a result, full-year shipments for 2019 would be in the range of 14.3GW to 14.4GW, compared to a previous guidance range of 14GW to 14.2GW, a new industry and company shipment record. At the end of April 2019, JinkoSolar had said that it had already secured over 10.7GW in module shipment orders for 2019.

Financials

JinkoSolar expects fourth quarter 2019 revenue to be in the range of US$1.35 billion to US$1.38 billion, a potential increase of around 14% compared to a previous guidance range of US$1.17 billion to US$1.23 billion. This would also mark a new quarterly revenue record.

JinkoSolar expects fourth quarter 2019 revenue to be in the range of US$1.35 billion to US$1.38 billion.

The SMSL did not provide full-year revenue guidance but based on the updated fourth quarter range, revenue could be as high as US$4.26 billion, compared to US$3.64 billion in 2018 and US$4.07 billion in 2017, paving the way for yet another company record. 

“JinkoSolar's growth story continues to progress strongly and I couldn't be prouder of the very significant expansion of our expected shipments and total revenues during the quarter,” said Kangping Chen, JinkoSolar's chief executive officer. “2019 marked a significant milestone in our corporate history in which we successfully completed our transformation into one of the most competitive solar manufacturers in the world.”

“The efficient execution of our strategy throughout the second half of the year allowed us to rapidly transition our operations and facilities from poly to mono production and steadily increase the proportion of products made through our fully integrated manufacturing process,” Chen went on to say.

“Both domestic and overseas demand for our mono products remains incredibly strong, which leaves us even more confident in reiterating our outlook for 2020 where solar module shipments are expected to be in the range of 18-20 GW, an approximately 35% year-over-year increase,” the CEO added. “We remain fully committed to driving growth in this new era of grid parity and delivering long-term sustainable value to our shareholders.”

JinkoSolar has already announced manufacturing capacity expansions in 2019 that would take module assembly capacity above 20GW, indicating a further round of expansion plans is expected in 2020. 

JinkoSolar has already announced manufacturing capacity expansions in 2019 that would take module assembly capacity above 20GW, indicating a further round of expansion plans is expected in 2020.

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