JinkoSolar 4Q12 revenue down 12.2% from third quarter, record shipments for the year

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Greentech Lead Asia: JinkoSolar’s revenues for the fourth quarter of 2012 were RMB1.17 billion (US$187.3 million), a decrease of 12.2 percent from the third quarter of 2012 and a decrease of 2.6 percent from the fourth quarter of 2011.

Total solar product shipments during the fourth quarter of 2012 were 301.9 megawatts (MW), consisting of 252.3 MW of solar modules, 25.3 MW of silicon wafers and 24.3 MW of solar cells. This represents a decrease of 9.9 percent from 335.2 MW in the third quarter of 2012 and an increase of 33.0 percent from 227.0 MW in the fourth quarter of 2011.

Total solar product shipments for the full year 2012 reached a record high of 1,188.3 MW, consisting of 912.4 MW of solar modules, 197.4 MW of silicon wafers and 78.5 MW of solar cells, an increase of 25.0 percent from 950.5MW for the full year 2011.

Total revenues were RMB4.79 billion (US$769.6 million) for the full year 2012, a decrease of 35.1 percent from RMB7.38 billion for the full year 2011.

“Our business continued to face significant challenges during the fourth quarter due to continued module oversupply and the economic uncertainties lingering over the global economy,” said Kangping Chen, JinkoSolar ‘s chief executive officer.

“Despite these challenges, we were able to maintain positive gross margins while shipping a record high 1,188.3MW during 2012, of which 912.4MW were solar modules,” Chen added. “I believe that these results demonstrate the effectiveness of our strategy and ability to adapt to the changing environment and conditions of our diversified markets and locations.”

Chen mentioned that JinkoSolar has been the only Chinese solar company to date to have successfully issued corporate bonds in 2013, reflecting strong market confidence in the company’s long-term growth potential and sustainable business development.

JinkoSolar recently launched the new “Eagle” series of modules, the world’s first potential induced degradation free modules to be certified under weather conditions of 85 degrees Celsius and 85 percent relative humidity.

As the European economies continue to struggle, JinkoSolar now focuses on diversifying their presence in emerging solar markets such as China, Japan, the United States, South Africa and India. Though it entered the Japanese market relatively late, it has established considerable market presence and become a serious competitor in the market.

JinkoSolar expects the United States market to account for a large portion of the global growth in the coming year. The company has adjusted their strategy to accommodate the AD/CVD tariffs.

In the fourth quarter of 2012, JinkoSolar secured 60MW sales to India. Recently the company also signed a 115MW solar contract in South Africa. China still presents significant opportunities for the company.

Recently, the company signed a three-year framework agreement of 600MW modules with China Three Gorges New Energy Corp. following the 50MW contract signed in October 2012.

Although the prospects for the global solar industry remain uncertain, especially in light of the recent adverse developments in the industry, we are optimistic about our future development based on our current financial and operational strengths,” Chen said.

For the first quarter of 2013, JinkoSolar expects total solar module shipments to be between 270 MW and 300 MW. For the full year 2013, total solar module shipments are expected to be between 1.2 GW and 1.5 GW, and total project development scale is expected to be between 200 MW and 300 MW.

The Company expects to maintain in-house annual silicon wafer, solar cell and solar module production capacity at approximately 1,200 MW each by the end of 2013.

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