- Press Releases
November 30 (Renewables Now) - JinkoSolar Holding Co Ltd (NYSE:JKS) on Tuesday reported a net profit of CNY 194.2 million (USD 30.4m/EUR 26.9m) for the third quarter of 2021, significantly above the year-ago and quarter-ago levels due to impacts of convertible senior notes, while non-GAAP net profit plunged to CNY 15.9 million.
Gross margin declined to 15.1% from 17.1% in the preceding quarter and 17% in the third quarter of 2020, due in part to material cost increases, which were softened by lower cell production costs as 7 GW of new cell capacity reached full production in the third quarter.
The Chinese solar module maker said that total shipments were affected by logistical issues and blockages. It expects polysilicon supply to gradually go back to satisfactory levels starting next year.
Revenues totalled CNY 8.57 billion, up 8.1% from the second quarter of 2021 and down 2.3% year-over-year. The company shipped 4,993 MW in the period, including 4,671 MW solar modules and 322 MW cell and wafer sales. More details of its performance are in the table below:
|In CNY, except otherwise noted||Q3 2021||Q2 2021||Q3 2020|
|Total shipments||4,993 MW||5,203 MW||5,517 MW|
|- Total module shipments||4,671 MW||3,976 MW||5,517 MW|
|Income from operations||111.2m||356.4m||546m|
|Net profit attributable to ordinary shareholders||194.2m||66.2m||6.9m|
|Non-GAAP net profit attributable to ordinary shareholders||15.9m||274.7m||321.4m|
In the fourth quarter, total shipments are expected to be between 7.3 GW and 8.8 GW, with module shipments 7 GW to 8.5 GW. The company guided for fourth-quarter revenue of USD 1.8 billion-2.2 billion and gross margin of 13% to 16%. It revised its full-year total shipments forecast to the range of 22.8 GW to 24.3 GW from 25 GW-30 GW previously.
With respect to capacity, at the end of September, JinkoSolar had an integrated annual capacity of 31 GW for mono wafers, 19 GW for solar cells, including 940 MW N-type cells, and 36 GW for solar modules. It expects to reach 32.5 GW, 24 GW and 45 GW, respectively, by end-2021. The manufacturer said it is preparing for 16 GW of N-type cell production capacity to be operational in the first quarter of 2022.
(CNY 1 = USD 0.156/EUR 0.139)