How JinkoSolar revenue performed in Q1 2016

JinkoSolar

JinkoSolar today announced its financial results for the first quarter ended March 31, 2016.

JinkoSolar shipped 1,600 MW of solar module (–6.4 percent from the fourth quarter of 2015 and +102.7 percent in the first quarter of 2015) in Q1 2016.

JinkoSolar revenues were RMB5.47 billion or $847.8 million (– 10 percent from the fourth quarter of 2015 and +98.8 percent from the first quarter of 2015).

The sequential decrease was mainly attributable to the decrease in shipments of solar modules. The year-over-year increase was mainly due to the increase in shipments of solar modules and electricity revenues from the growing number and capacity of projects, said JinkoSolar.

Solar power projects of JinkoSolar generated 210 GWh of electricity, representing a 36.4 percent increase from the fourth quarter of 2015, and an increase of 81.7 percent from the first quarter of 2015

JinkoSolar said revenues generated from solar power projects were RMB185.5 million or $28.8 million, representing a 36.1 percent increase from the fourth quarter of 2015 and an increase of 81.7 percent from the first quarter of 2015.

As of March 31, 2016, JinkoSolar had connected 1,007 MW worth of solar power projects.

Net income of JinkoSolar Holding was RMB313.3 million or $48.6 million, compared with RMB349.4 million in the fourth quarter of 2015 and RMB51.0 million in the first quarter of 2015.

JinkoSolar CEO Kangping Chen said: “Solar demand continues to grow as costs go down. China remains our biggest market with a number of big orders continuing to come in. The recognition of our brand name is generating opportunities in emerging markets such as Chile, Thailand and India.”

Electricity output from JinkoSolar’s solar projects reached 210 GWh, up 36.4 percent sequentially while generating RMB185 million in revenue.

Revenues from downstream solar power projects were RMB185.5 million or $28.8 million, an increase of 36.1 percent from RMB136.3 million in the fourth quarter of 2015 and an increase of 81.7 percent from RMB102.1 million in the first quarter of 2015.

The sequential increase was primarily due to newly-completed solar power projects ramping up to full capacity in the first quarter of 2016. The year-over-year increase in solar power project revenues was due to the increase in number and capacity of the company’s solar projects.

Total solar module shipments in the first quarter of 2016 amounted to 1,600 MW, including 166 MW to be used in the company’s downstream projects.

As of March 31, 2016, the company’s in-house annual silicon wafer, solar cell and solar module production capacity was 3.5 GW, 3 GW and 6 GW, respectively.

For the second quarter of 2016, JinkoSolar estimates total solar module shipments to be in the range of 1.6 GW to 1.7 GW, which includes 1.45 GW to 1.6 GW module shipments to third parties.

For the full year 2016, JinkoSolar estimates total solar module shipments to be in the range of 6 GW and 6.5 GW which includes 5.4 GW to 5.7 GW module shipments to third parties. Full year newly-added solar power project development scale is expected to be in the range of 600 MW to 800 MW.