Major PV manufacturer, JinkoSolar reported a record high 758.1MW of module shipments in the third quarter of 2014, while guiding shipments of over 1GW in the fourth quarter.
JinkoSolar reported third quarter revenue of US$417.3 million, up 5.5% from the previous quarter when revenue reached US$392.1 million.
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Gross profit was US$86.1 million, compared to US$88.7 million in the second quarter of 2014, due to slightly lower ASPs, offset by increased shipments. Gross margin was 20.6%, compared with 22.6% in the second quarter of 2014 and 22.3% in the third quarter of 2013.
“We are pleased to report another solid quarter, as total revenues increased 30.5% from the same period last year,” commented Kangping Chen, JinkoSolar's Chief Executive Officer.” We shipped a record-high 758.1 MW modules, including 100 MW designated for our own downstream projects. Our business continues to gain considerable momentum as we remain on track to deliver a very successful year in terms of top- and bottom-line growth and near completion of our targeted solar power project expansion. With strong financial support from established financial institutions, a constantly expanding geographic presence and a host of new products coming on line in the near future, we are poised to finish the year on a strong note and look forward to a successful 2015.”
JinkoSolar reported total solar product shipments to the third parties of 708.2MW, which included 658.1MW of modules, 30.3MW of silicon wafers and 19.8MW of solar cells.
Total solar product shipments therefore increased 7.4% from 659.5MW in the second quarter of 2014 and an increase of 36.5% from 518.9 MW in the third quarter of 2013. Total solar module shipments were 758.1MW, which included 100MW for its downstream PV project business.
Key shipment growth was due to China, which increased 81.4% compared with the previous quarter.
Guidance
JinkoSolar guided total solar module shipments in the fourth quarter of 2014 to be in the range of 1,030MW to 1,120MW, which is expected to include 730MW to 770MW of module shipments to third parties and 300MW to 350MW for its own downstream projects.
For the full year 2014, JinkoSolar is estimating that total solar module shipments would be in the range of 2.9GW and 3.2GW which would include 2.3GW to 2.5GW of module shipments to third parties.
Full year project development scale is expected to be above 600 MW.
