Jinko increased revenue but net income fell significantly yoy

Chinese solar module manufacturer Jinko Solar Holding Co. announced its unaudited financial results for the third quarter ended September 30, 2020. Total revenues were CNY 8.77 billion ($1.29 billion), an increase of 3.8 percent from CNY 8.45 billion in the second quarter of 2020 and an increase of 17.2 percent from CNY 7.48 billion in the third quarter of 2019. The sequential increase was mainly attributable to an increase in the shipment of solar modules partially offset by a decline in the average selling price of solar modules, says the company. The year-over-year increase was mainly attributable to the increase in shipment of solar modules.
Net income attributable to the company's ordinary shareholders was CNY 6.9 million ($1.0 million) in the third quarter of 2020, compared with CNY 318.0 million in the second quarter of 2020 and CNY 363.6 million in the third quarter of 2019.
Total solar module shipments in the third quarter of 2020 were 5,117 MW. As of September 30, 2020, the company's in-house annual mono wafer, solar cell and solar module production capacity was 20 GW, 11GW (10.2 GW for PERC cells and 800 MW for N type cells) and 25 GW, respectively.
For the fourth quarter of 2020, Jinko Solar expects total solar module shipments to be in the range of 5.5 GW to 6.0 GW. Total revenue for the fourth quarter is expected to be in the range of $1.31 billion to $1.43 billion. For full year 2020, the company estimates total solar module shipments to be in the range of 18.5 GW to 19 GW.
Jinko Solar expects its annual mono wafer, solar cell and solar module production capacity to reach 20 GW, 11 GW (including 800 MW N-type cells) and 30 GW, respectively, by the end of 2020.
Recent business developments includes the signing of a contract with Shanghai Electric to supply approximately 1 GW of solar modules for Phase V of the Dubai Electricity and Water Authority Solar Park. Furthermore, Jinko Solar announced that it had supplied Trung Nam Group with 611 MW of Tiger bifacial transparent backsheet modules, which were installed at the Thuan Nam solar power plant project in Vietnam. In October, Jinko Solar signed a module supply agreement for the Kozani project in the north of Greece, which had been developed by Juwi Hellas Renewable Energy Sources S.A.
© PHOTON

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