JinkoSolar's Q1 gross margin grows, shipments top 3 GW

Ken Teegardin/CC BY-SA 2.0

JinkoSolar Holding Co Ltd (NYSE:JKS) reported a first-quarter (Q1) 2019 net profit of CNY 40.2 million (USD 5.85m/EUR 5.1m) and improved profitability.

Module shipments reached 3,037 MW and are expected to increase further in the second quarter to about 3,200 MW-3,300 MW.

The solar manufacturer’s Q1 gross margin rose to 16.6% from 14.7% in the preceding quarter and 14.4% a year earlier. Quarter-on-quarter it grew due to a higher proportion of self-produced high-efficiency mono products and further reductions in production cost. Year-on-year the gross margin increased mainly because of lower solar module costs, but that effect was in part offset by a drop in the average selling price of solar modules.

The table contains more details on JinkoSolar’s performance in the period under review.

Results in CNY	Q1 2019	Q4 2018	Q1 2018
Total revenues	5.82 billion	7.72 billion	4.57 billion
Gross margin (in %)	16.6	14.7	14.4
Net income attr. to ordinary shareholders	40.2 million	114.8 million	3.6 million
Non-GAAP net income attr. to ordinary shareholders	33.3 million	111.8 million	11.0 million

JinkoSolar plans to reach a total annual production capacity of 15 GW for wafers, 10 GW for cells and 16 GW for modules by the end of the year. It expects full-year shipments of 14 GW-15 GW.

(CNY 10 = USD 1.46/EUR 1.28)

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