JinkoSolar released its financial results for the second quarter of 2015. The PV module shipment was 913.4MW, while shipments to third parties reached 823MW, exceeding the high-end of the companies’ third party shipment guidance for the quarter in a row. JinkoSolar expects stronger demands in the second half of 2015 and decided to raise annual guidance up to 4.0~4.5GW.
Second Quarter 2015 Highlights
- Total solar module shipments were 913.4 MW, which includes 90.4 MW earmarked for use in the Company’s downstream projects. Total solar product shipments to the third parties amounted to 915.0 MW, consisting of 823.0 MW of solar modules, 59.5 MW of silicon wafers and 32.5 MW of solar cells. This represents an increase of 15.9% from 789.2 MW in the first quarter of 2015 and an increase of 38.7% from 659.5 MW in the second quarter of 2014..
- As of June 30, 2015, the Company had connected 725 MW worth of solar projects.
- Total revenues were RMB3.2 billion (US$516.2 million), representing an increase of 16.4% from the first quarter of 2015 and an increase of 31.6% from the second quarter of 2014.
- Solar power projects generated electricity of 203 GWh, a 75.8% increase from the first quarter of 2015 and an increase of 201.9% from the second quarter of 2014. Revenues generated from solar power projects were RMB177.9 million (US$28.7 million), representing an increase of 74.2% from the first quarter of 2015 and an increase of 191.6% from the second quarter of 2014.
- Gross margin was 20.7%, compared with 20.3% in the first quarter of 2015 and 22.6% in the second quarter of 2014.
- Income from operations was RMB237.0 million (US$38.2 million), compared with RMB230.0 million in the first quarter of 2015 and RMB251.6 million in the second quarter of 2014.
- Net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders was RMB76.4 million (US$12.3 million), compared with RMB51.0 million in the first quarter of 2015 and RMB138.2 million in the second quarter of 2014.
- Diluted earnings per American depositary share (“ADS”) was RMB2.40 (US$0.40), compared with RMB1.60 in the first quarter of 2015 and RMB4.04 in the second quarter of 2014.
- Non-GAAP net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders in the second quarter of 2015 was RMB206.8 million (US$33.4 million), compared with RMB171.2 million in the first quarter of 2015 and RMB177.4 million in the second quarter of 2014.
- Non-GAAP basic and diluted earnings per ADS were RMB6.64 (US$1.08) and RMB6.44 (US$1.04), respectively, in the second quarter of 2015.
