A net loss of RMB 310.5 million announced in Q2 has been staunched impressively to a Q3 loss of just RMB 54.8 million (US$8.7 million), but still compares badly year-on-year with a Q3 2011 profit of RMB 68.1 million, thus reflecting the pricing storm that has afflicted the photovoltaics industry over the last 12 months.
With an E.U. anti-dumping and countervailing investigation underway, JinkoSolar has switched focus to new markets including South Africa, South America and Eastern Europe and has achieved impressive 117% quarter-on-quarter growth in shipments to its domestic market, contributing to total shipment levels of 335.3 MW, up 11% on the previous three months and 30.1% higher year on year.
Of that figure, the lions share 280 MW came from modules with 28.6 MW of silicon wafers and 26.6 MW of solar cells shipped. JinkoSolar is predicting a similar figure of 250 to 300 MW for module shipments in the current quarter.
Revenues rose to RMB 1.4 billion, up 12.2% on the previous quarter and 22% year on year, thanks chiefly to the higher volume of modules shifted. The result was a rise in gross profit to RMB137.4 million from RMB103.6 million in the preceding three months and from RMB66 million on Q3, 2011.
JinkoSolars EPC business announced three projects in North West China during the quarter, again emphasizing the tendency of Chinese manufacturers to look inwards in the face of continued sabre-rattling from the U.S. and E.U.
"We are encouraged by our strong performance this past quarter as we continue to benefit from our strategic focus on cost reduction and geographical diversification with strong sales in China compensating for weakness in our more traditional markets," said Chen.
He added, "We believe we have turned a corner operationally and financially despite the global economic softening as we continue to focus on our core business and work to advance our industry leading position."
For Q4, JinkoSolar foresees shipments between 250 and 300 MW. It declined to provide any further guidance.