JinkoSolar Financials: 18.8GW of Modules Shipped in 2020, 25-30GW Expected for 2021

PVTIME – A few days ago, JinkoSolar announced its unaudited fourth quarter and full year financial reports for 2020. Despite extreme challenges, JinkoSolar experienced significant growth in both revenues and shipments for the full year compared with 2019.

According to the report, the company’s annual module shipments reached 18.771GW, a year-on-year increase of 31.4%; total revenue reached US$5.38 billion, an increase of 18.1% year-on-year; and the company achieved a gross profit of US$945.8 million, a year-on-year increase of 13.6%.

In the fourth quarter of 2020, JinkoSolar’s module shipments were 5,774 MW, a year-on-year increase of 27.2%. As of the end of 2020, with an aggregate module shipment count of 70GW, JinkoSolar became the world’s largest PV manufacturer.

JinkoSolar predicts that its total module shipments in the first quarter of 2021 will be between 4.5GW and 5.0GW, and expects its total revenue in the first quarter to be between US$1.18 billion and US$1.3 billion. The gross profit margin in the first quarter is expected to be between 12% and 15%.

Total shipments in 2021 are expected to grow by more than 30% year-on-year to 25GW to 30GW. In 2021, with cumulative orders exceeding 10GW, the new generation of Tiger Pro flagship products will account for 40% to 50% of JinkoSolar’s total shipments.

By the end of 2021, it is expected that JinkoSolar’s internal annual production capacity of monocrystalline silicon wafers, high-efficiency solar cells, and modules will reach 33GW, 27GW and 37GW, respectively.