Jinkosolar Module Shipments Exceed 5GW in Q3, 13GW in First Three Quarters

PVTIME – JinkoSolar Holding Co., Ltd. (“JinkoSolar” or the “Company”) (NYSE: JKS) announced today its unaudited financial results for the third quarter ended September 30, 2020.

Third Quarter 2020 Operational and Financial Highlights

  • Quarterly shipments were 5,117MW, up 53.8% year over year
  • Total revenues were US$1.29 billion, up 17.2 % year over year
  • Gross profit was US$220.2 million, up 8.2% year over year [1]
  • Gross margin of 17.0%, compared with 17.9% in Q2 2020 and 18.5%[2] in Q3 2019
  • Income from operations of US$80.4 million, up 27.9 % year over year[3]
  • Non-GAAP net income of US$47.3 million, up 6.7% year over year
  • Net income of US$1.0 million, due to US$46.1 million loss of change in fair value of convertible senior notes and call option, given the sharp rise in stock price for the third quarter.

Strategic Business Updates

  • Technological transformation towards high-efficiency product portfolio now complete:

– Mono wafer production capacity has been fully ramped up to 20GW
– Mono based high efficiency products expected to account for nearly 100% of solar module shipments in 2020, compared to 74% in 2019

  • Next-generation high-efficiency Tiger Pro Modules well received by the market with secured orders exceeding 2 GW as of the end of October
  • Industry consolidation accelerating at the backdrop of a challenging macroeconomic environment. Market share of JinkoSolar projected to further step up to approximately 15% for full year 2020, compared to approximately 12% in 2019
  • Successfully maintained stable margin performance despite recent supply shortage of major raw materials, thanks to stringent cost control and resilient supply management
  • Further policy tailwinds from major economies such as China and the US underpins strong future solar demand outlook
  • Principal operating subsidiary Jinko Solar Co., Ltd raised approximately US$458 million in preparation for its listing on the STAR market

Fourth Quarter Guidance

  • Quarterly shipments to be in the range of 5.5GW to GW
  • Total revenues are expected to be in the range of US$1.31 billion to US$1.43 billion
  • Gross margin for the fourth quarter is expected to be in the range of 13%-15%