Jinko Solar: 1.7 GW module shipments in Q2 2016 – expansion of PERC production lines

8/30/16, 11:04 AM -

Jinko Solar increased its module shipments to 1,716 MW in Q2 2016 and topped Trina`s Solar figures. Also revenues increased compared to Q1.

Jinko Solar also expands its own project business.

Total solar module shipments were 1,716 megawatts, which includes 204 MW used in the company's downstream projects. Total solar module shipments increased by 7.3 % from 1,600 MW in the first quarter of 2016 and 87.9 % from 913 MW in the second quarter of 2015.Total revenues were RMB 5.96 billion ($ 896.1 million), representing an increase of 8.9 % from the first quarter of 2016 and 86.1 % from the second quarter of 2015.

55.5 % total revenues increase

Solar power projects generated 327 GWh of electricity, representing an increase of 55.8 % from the first quarter of 2016 and 60.9 % from the second quarter of 2015. Total revenues generated from solar power projects were RMB 288.5 million ($ 43.4 million), representing an increase of 55.5 % from the first quarter of 2016 and 62.1 % from the second quarter of 2015.

Slightly decreased gross margin

Gross margin was 20.4 %, compared with 21.3 % in the first quarter of 2016 and 20.7 % in the second quarter of 2015. Income from operations was RMB 445.1 million ($67.0 million), compared with RMB 573.7 million in the first quarter of 2016 and RMB 237.0 million in the second quarter of 2015.

Third quarter guidance

For the third quarter of 2016, Jinko estimates total solar module shipments to be in the range of 1.5 GW to 1.7 GW, which includes 1.40 GW to 1.65 GW module shipments to third parties. Revenues will not be recognized for the modules shipped to the Company’s own downstream projects, the company notes.

Total module shipments up to 6.5 GW in 2016

For the full year 2016, the company expects 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. The year-end manufacturing capacity is estimated to 6.5 GW for modules, 3.7 GW for cells and 4.5 GW for wafers.

New black-silicon technology

“We continue to expand our PERC production lines and have made solid progress in developing our black-silicon technology. We are also working to combine these two technologies to further increase the efficiency and reliability of our products”, CEO Kangping Chen said.

Recently Jinko Solar Malaysia signed a $ 25 million combined trade agreement with Maybank to expands its Malaysian production facility and business. (HCN)

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