JinkoSolar Holding Co., Ltd. (Shanghai, China) on May 28th, 2015 announced its unaudited financial results for the first quarter ended March 31st, 2015. Total solar photovoltaic (PV) product shipments to third parties amounted to 789.2 megawatts (MW), consisting of 703.5 MW of PV modules, 53.3 MW of silicon wafers and 32.4 MW of solar cells.
This represents a decrease of 5.8% from 838.2 MW in the fourth quarter of 2014 and an increase of 35.8% from 581.2 MW in the first quarter of 2014. Total PV module shipments were 753.8 MW, which includes 50.3 MW earmarked for use in the Company's downstream projects.
As of March 31st, 2015, the Company had completed solar PV projects totaling 617 MW.
Total revenues were RMB 2.7 billion (USD 443.5 million), representing a decrease of 7.5% from the fourth quarter of 2014 and an increase of 36.5% from the first quarter of 2014.
Gross margin was 20.3%, compared with 22.8% in the fourth quarter of 2014 and 24.0% in the first quarter of 2014.
Downstream solar power project revenues increased 111.1% y/y
Revenue generated from downstream solar power projects were RMB 102.1 million (USD 16.5 million), representing an increase of 26.9% from the fourth quarter of 2014 and an increase of 111.1% from the first quarter of 2014.
Downstream PV projects generated 115.27 GWh of solar power, a 25.3% increase from the fourth quarter of 2014 and an increase of 149.1% from the first quarter of 2014.
Module shipments to third parties exceeded the high end of JinkoSolar's guidance
“We had another strong quarter with solid growth as we further solidified our leading position in the global solar industry,” comments Kangping Chen, JinkoSolar's CEO.
“Total revenues during the first quarter of 2015 reached USD 443 million, representing an increase of 36.5% over the same period in 2014. Module shipments to third parties reached 703.5 MW, exceeding the high end of our guidance of 600 MW. As our solar project capacity and pipeline continue to grow and our Malaysia facility begins operations, I am optimistic about new opportunities for the rest of the year.”
“We expect that our Malaysia facility will be highly cost-competitive. As we increase production capacity, we expect the facility to help drive strong overall gross margins for the rest of the year.”
“Solar power output during the first quarter reached 115 GWh with revenues reaching RMB 102 million, representing an increase of 26.9% from the fourth quarter of 2014. We expect to generate 190 GWh to 200 GWh of power in the second quarter of 2015. With our project capacity continuing to grow, we expect to see this high-margin business will contribute more meaningfully to our net profits and total revenues.”
Total capacity of connected PV projects reached 617 MW
JinkoSolar connected 114 MW of solar projects to the grid during the quarter, bringing the total capacity of connected projects to 617 MW. With another 370 MW currently under construction, the company is on track to connect 600 MW to 800 MW for the year.
“To support our fast-growing power generation business, we have expanded our project financing capabilities with new strategic financing agreements with China Minsheng Bank and China Development Bank Leasing,” Kangping Chen added.
“Our geographic presence continued to grow thanks to strong brand recognition and deep relationships with global partners. We continued to make progress in the U.S. and new emerging markets such as Chile and Brazil. We also significantly increased our market share and shipments to Japan and the UK, where customers ended their fiscal year during the first quarter. We expect to see strong demand from the Chinese market since next quarter where we remain a market leader. By managing our resources efficiently, we are strengthening our position as a leading solar product supplier for key solar markets.”
Full-year 2015 PV module shipments expected to be in the range of 3.3 GW and 3.8 GW
For the second quarter of 2015, the Company estimates total solar PV module shipments to be in the range of 850 MW to 950 MW, which includes 750 MW to 800 MW module shipments to third parties and 100 MW to 150 MW for its own downstream projects.
For the full year 2015, the Company estimates total solar module shipments to be in the range of 3.3 GW and 3.8 GW which includes 2.7 GW to 3.0 GW module shipments to third parties. The Company expects to grid-connect solar power projects with a total capacity of 600 MW–800 MW in 2015.
2015-05-29 | Courtesy: JinkoSolar Holdings Co., Ltd. | solarserver.com © Heindl Server GmbH
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