JinkoSolar raises FY module shipment guidance

Q2 2015 saw JinkoSolar ship 913.4 MW of its solar PV modules, of which 90.4 MW went to its own projects. In Q3, it expects to ship 1 to 1.1 GW, including up to 950 MW to third parties; and has raised its FY shipping guidance to 4 to 4.5 GW, of which 3.4 to 3.7 GW will be for projects other than its own, up from 3.3 to 3.8 GW.

Total solar shipments to third parties reached 915 MW, an increase of 15.9% from 789.2 MW in Q1 and 38.7% from 659.5 MW in Q2 2014.

Compared to Q1, net income increased slightly, from RMB 51 million in Q1, but at RMB 92.8 million (US$12.3 million), it was still short of the RMB 138.2 million profit in Q2 2014.

Recording an increase, revenues were strong at RMB 3.2 billion (US$516.2 million), up 16.4% from RMB 2.7 billion in Q1 and 31.6% from RMB2.4 billion in Q2 2014. Revenues from its downstream activities increased markedly, by 74.2% from Q1 and 191.6% from Q2 2014, to reach RMB 177.9 million (US$28.7 million). Of this, electricity revenues accounted for RMB 177 million.

Gross profit increased both sequentially and annually, from RMB 558.5 million and RMB 550.3 million, respectively, to reach RMB663.6 million (US$107.0 million), while gross margin, at 20.7% was slightly up on the previous quarterÂ’s 20.3%, but down on the 22.6% seen last year.

To date, JinkoSolar has grid connected 725 MW of solar PV projects, of which 108 MW were completed in the second quarter of this year. For the full year, it says it is on track to connect between 600 and 800 MW.

China remains the key market for JinkoSolar, although CEO, Kangping Chen says "substantial progress" was made in the U.S., which saw shipments increasing 115%. Thailand is also an important market, as are Japan and the U.K., despite shipment levels normalizing following a year-end rush in 2014.

Chen says they "still remain very active and show promising signs of growth," adding that "Turkey and Switzerland in the non-EU region as well as emerging market such as Brazil and Chile all show great potential."