‘Silicon Module Super League’ (SMSL) member JinkoSolar reported first quarter 2016 shipments above those of SMSL leader, Trina Solar.

JinkoSolar reported PV module shipments in the first quarter of 1,600MW, including 166MW assigned to its downstream PV power plant business, compared to Trina Solar reporting 1,423.3MW of module shipments in the quarter, consisting of 1,370.4MW of external shipments and 52.9MW of shipments to its downstream power plant projects.

This is the first time JinkoSolar had exceeded Trina Solar in quarterly module shipments. 

Kangping Chen, JinkoSolar's Chief Executive Officer commented, "We began the year very strongly with total module shipments reaching 1,600 MW, ranking us as the biggest module supplier among our peers during the first quarter. Next month marks our 10-year anniversary and I couldn't imagine a better way to celebrate this milestone. We began our journey from humble beginnings and sustainably built our way into a globally recognized brand having shipped a total of 13 GW to more than 1,700 customers in over 70 countries and regions since then."

Based on module shipment guidance for the second quarter of 2016, JinkoSolar is expected to exceed shipment levels guided by Trina Solar. JinkoSolar guided total solar module shipments to be in the range of 1.6GW to 1.7GW, which includes 1.45 GW to 1.6 GW module shipments to third parties, while Trina Solar said it expected module shipments of the second quarter of 2016 to be in the range of 1.5GW and 1.6GW, of which 40MW to 50MW would be used in its downstream PV projects.

However, both companies reiterated previously guided full-year shipments, which would result in Trina Solar still retaining its number one market position and leading SMSL member, but with only a small MW lead.

Trina Solar’s guided 2016 shipments are 6.3GW to 6.55GW, compared to JinkoSolar’s 6GW to 6.5GW. SMSL member Canadian Solar is likely to lose its number 2 ranked position in 2016, due to recently reiterating 2016 guidance of shipments expected to in the range of 5.4GW to 5.5GW.

Financials

JinkoSolar reported first quarter 2016 revenue of US$847.8 million, only a 10% decline from the previous quarter and an increase of 98.8% from the first quarter of 2015.

Gross profit in the quarter was US$180.8 million, compared with US$182.6 million in the fourth quarter of 2015. Gross margin was 21.3%, compared with 19.5% in the fourth quarter of 2015 and 20.3% in the first quarter of 2015.

Income from operations was US$89.0 million, compared with US$74.5 million in the fourth quarter of 2015.

The company reported revenues from downstream solar power projects of US$28.8 million, an increase of 36.1% from the fourth quarter of 2015 and an increase of 81.7% from RMB102.1 million in the first quarter of 2015. The company noted that the sequential increase was primarily due to newly-completed solar power projects ramping up to full capacity in the first quarter of 2016. 

Gross profit for solar power project revenues was US$12.2 million during the first quarter of 2016, representing a gross margin of 42.3%, according to the company.

Solar power projects generated 210GWh of electricity, representing a 36.4% increase from the fourth quarter of 2015, and an increase of 81.7% from the first quarter of 2015. Revenues generated from solar power projects were US$28.8 million, representing a 36.1% increase from the fourth quarter of 2015 and an increase of 81.7% from the first quarter of 2015.

Tags: c-si manufacturing, pv modules

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