Tier-one PV module manufacturer JinkoSolar has reported total solar product shipments to third parties of 789.2MW in the first quarter of 2015, generating revenue of US$443.5 million.
JinkoSolar said that the sequential decrease in revenue was primarily attributable to a decrease in shipments of solar modules as a result of seasonality and slightly decreasing ASPs, due to the depreciation of the Euro and Japanese Yen against the RMB.
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JinkoSolar had previously guided total solar module shipments to be in the range of 710MW to 780MW, which included 550MW to 600MW of module shipments to third parties.
Total PV module shipments to third parties in the quarter were 703.5MW. The company shipped 53.3MW of silicon wafers and 32.4MW of solar cells. Total solar module shipments were 753.8 MW, which included 50.3MW earmarked for use in its downstream projects. JinkoSolar had previously guided module shipments to its downstream business of 160MW to 180MW.
Revenue generated from downstream solar power projects in the first quarter of 2015 was US$16.5 million, a 26.9% increase from the fourth quarter of 2014 and an increase of 111.1% from the first quarter of 2014.
Downstream solar power projects generated 115.27 GWh, a 25.3% increase from the fourth quarter of 2014 and an increase of 149.1% from the first quarter of 2014.
JinkoSolar said that it had completed 617MW worth of solar projects by the end of the first quarter. Total capacity of connected JinkoSolar power projects stood at 503MW at end of the previous quarter.
“We connected 114MW of solar projects to the grid during the quarter, bringing the total capacity of connected projects to 617 MW,” said Kangping Chen, JinkoSolar's Chief Executive Officer. “With another 370MW currently under construction, we are on track to connect 600MW to 800MW for the year. To support our fast-growing power generation business, we have expanded our project financing capabilities with new strategic financing agreements with China Minsheng Bank and China Development Bank Leasing.”
Gross margin was 20.3%, compared with 22.8% in the fourth quarter of 2014 and 24.0% in the first quarter of 2014. Gross profit in the first quarter of 2015 was US$90.1 million.
Guidance
JinkoSolar reiterated full-year total solar module shipment guidance to be in the range of 3.3GW and 3.8GW which included 2.7GW to 3.0GW of module shipments to third parties. The company also reiterated project guidance for grid-connect solar power projects to be in the range of 600MW to 800MW in 2015.
JinkoSolar expects the China market to pick-up momentum in the second quarter onwards and guided total solar module shipments to be in the range of 850MW to 950MW, which would include 750MW to 800MW of module shipments to third parties and 100MW to 150MW for its own downstream projects.
