JinkoSolar raises 2017 shipments forecast

Solar module. Author: Oregon Department of Transportation. License: Creative Commons, Attribution 2.0 Generic.

December 7 (Renewables Now) - JinkoSolar Holding Co Ltd (NYSE:JKS) now expects to ship 9.6 GW to 9.8 GW of modules in 2017, up from its previous forecast of 8.5 GW-9 GW, the Chinese solar manufacturer said today as it reported third-quarter results.

Shipments in the three months to the end of September totalled 2,374 MW, at the top of the company's guidance for 2.1 GW to 2.3 GW. The figure represents a decline of 17.7% from the second quarter of 2017, but a 47.8% rise from the year-ago period. Shipments in the fourth quarter are seen in the range of 2.3 GW to 2.5 GW.

At CNY 6.42 billion (USD 970m/EUR 822m), revenues were down 19% quarter-over-quarter and up 20.4% year-over-year.

The company improved its gross margin to 12% from 10.5% in the second quarter of 2017, which chief executive Kangping Chen said is "a direct result of our effective cost cutting measures and reduction in the usage of OEM manufacturers." A year back, the gross margin was 19.2%.

Net profit attributable to ordinary shareholders from continuing operations dropped to CNY 11.3 million from CNY 47.4 million in the preceding quarter and from CNY 233.7 million in the prior-year period.

More details of JinkoSolar's financial performance are in the table.

In CNY million Q3 2017 Q3 2016 9-mo 2017 9-mo 2016
Revenues 6,419 5,331 20,120 16,279
Profit from operations  91.9 433.3 233.9 1,271
Profit from continuing operations before income taxes 15.6 327.9 92.4 1,151
Net profit attributable to ordinary shareholders 
from continuing operations 
11.3 212.2 119.2 844.9
Non-GAAP net profit attributable to ordinary shareholders from continuing operations  25.9 271.4 167.5 1,052

Demand in China remained strong during the quarter, with the distributed generation market growing rapidly, the CEO said. The company plans to continue bolstering its position in various emerging markets by expanding its service teams there and enhancing its brand image.  

(CNY 1 = USD 0.151/EUR 0.128)  

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Plamena has been a UK-focused reporter for many years. As part of the Renewables Now team she is taking a keen interest in policy moves.

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