Jinko Solar announced decreasing revenue and income in Q1 2021

Chinese solar module manufacturer Jinko Solar Holding Co. achieved revenues of $1.21 billion in the first quarter 2021, a decrease of 15.7 percent compared to the fourth quarter of 2020 and a decrease of 6.4 percent compared to the first quarter of 2020. According to the company, the sequential decrease was mainly attributable to a decrease in the shipment of solar modules partially offset by a rise in the average selling price of solar modules.
Net income attributable to the company's ordinary shareholders was $33.7 million compared with net income of $43.5 million in Q1 2020. As of March 31, 2021, the company had $1.07 billion in cash and cash equivalents and restricted cash.
Total shipments were 5,354 MW, including 4,562 MW for solar module shipments and 792 MW for cell and wafer shipments. The company's in-house annual mono wafer, solar cell and solar module production capacity was 22 GW, 11.5 GW (940 MW for N type cells) and 31 GW, respectively.
The company remains »optimistic about global installation demand and expect the imbalance of upstream and downstream demand to stabilize in the second half of 2021.« For the second quarter of 2021, the management expects total shipments to be in the range of 5.1 GW to 5.3 GW (solar module shipments to be in the range of 4.0 GW to 4.2 GW). Total revenue for the second quarter is expected to be in the range of $1.2 billion to $1.25 billion.
For full year 2021, the Company estimates total shipments (including solar modules, cells and wafers) to be in the range of 25 GW to 30 GW.
Jinko Solar has adjusted its capacity expansion plan and currently expects its annual mono wafer, solar cell and solar module production capacity to reach 30 GW, 24 GW (including 940 MW N-type cells) and 33 GW, respectively, by the end of 2021, from previous guidance of 33 GW, 27 GW, 37 GW, respectively.

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