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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