During the third quarter of 2015, JinkoSolar reported record high module shipment to third parties. It shipped a total of 1,134.5MW PV modules, representing 21.1% sequential increase and 56.4% annually increase. Its downstream projects came online generated historically high volume of electricity during the quarter and brought RMB 205.8 million to its revenue.
The company expects to ship 3.8~4GW of modules to third parties in 2015, higher than the original guidance of 3.4~3.7GW.
Third Quarter 2015 Highlights
- Total solar module shipments were 1,134.5 MW, which includes 70.6 MW earmarked for use in the Company's downstream projects. Total solar product shipments to the third parties were 1,107.7MW, consisting of 1,063.9 MW of solar modules, 10.4 MW of silicon wafers and 33.4 MW of solar cells. This represents an increase of 21.1% from 915.0 MW in the second quarter of 2015 and an increase of 56.4% from 708.2 MW in the third quarter of 2014.
- As of September 30, 2015, the Company had connected 846 MW worth of solar projects.
- Total revenues were RMB4.1 billion (US$637.6 million), representing an increase of 26.6% from the second quarter of 2015 and an increase of 58.2% from the third quarter of 2014.
- Solar power projects generated electricity of 233.7 GWh, a 15.1% increase from the second quarter of 2015 and an increase of 207.6% from the third quarter of 2014. Revenues generated from solar power projects were RMB205.8 million (US$32.4 million), representing an increase of 15.7% from the second quarter of 2015 and an increase of 205.8% from the third quarter of 2014.
- Gross margin was 21.3%, compared with 20.7% in the second quarter of 2015 and 20.6% in the third quarter of 2014.
- Income from operations was RMB384.0 million (US$60.4 million), compared with RMB237.0 million in the second quarter of 2015 and RMB239.9 million in the third quarter of 2014.
- Net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders was RMB195.1 million (US$30.7 million), compared with RMB76.4 million in the second quarter of 2015 and RMB280.6 million in the third quarter of 2014.
- Diluted earnings per American depositary share ("ADS") was RMB3.12 (US$0.48), compared with RMB2.40 in the second quarter of 2015 and RMB8.00 in the third quarter of 2014.
- Non-GAAP net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders in the third quarter of 2015 was RMB253.3 million (US$39.8 million), compared with RMB206.8 million in the second quarter of 2015 and RMB342.0 million in the third quarter of 2014.
- Non-GAAP basic and diluted earnings per ADS were RMB8.12 (US$1.28) and RMB6.52 (US$1.04), respectively, in the third quarter of 2015.
“This quarter's performance along with what we expect will be a strong fourth quarter, leave me very confident in our ability to deliver strong full-year results and further grow our sustainable business,” commented Mr. Kangping Chen, JinkoSolar's Chief Executive Officer. “With a large and geographically diverse customer base, industry-leading technology, long-lasting relationships with financial institutions and new growth drivers, we are building a foundation for sustainable growth in the years to come and will deliver long-term return to our shareholders.”
To read the full report, please check: JinkoSolar Announces Third Quarter 2015 Financial Results
Capacity Expansion Plan
JinkoSolar is also reported to deploy more production capacity in 2015, according to PV Tech.
As a member of SMSL, JinkoSolar projects higher demand to ingot, wafer, PV cells and modules in 2016. To meet the growing demand, JinkoSolar’s management updated its preliminary expansion plans to increase its production capacities of all segments above.
PV Tech reports that JinkoSolar plans to expand ingot/wafer capacity from 3GW to 3.3GW by the first quarter of 2016. PV cell production capacity could be raised from current’s 2.5GW to 3GW by mid-2016. The module capacity could also be increased by 1GW to 5.3GW by the same time.