Jinko Solar announced significantly decreased net income in H1 2021

Chinese solar module manufacturers Jinko Solar Holding Co., Ltd. sold in the second quarter of 2021 solar products with a capacity of 5,203 MW (3,976 MW for solar modules, 1,227 MW for cells and wafers), down 2.8 percent sequentially, and up 16.4 percent year over year. Total revenues were CNY 7.93 billion ($1.23 billion), down 0.2 percent sequentially and down 6.2 percent year over year. Net income was CNY 66.2 million ($10.3 million), down 79.2 percent year over year. The company put over 7 GW of newly-added capacity of large-size cells into production during the second quarter.
Regarding the first half of 2021, Jinko Solar achieved revenue of CNY 15.8 billion ($2.4 billion), slightly down from CNY 16.9 billion in the same period of 2020. Net income was CNY 287 million ($44 million), a harsh decrease compared to CNY 600 million in H1 2020.
For the third quarter of 2021, the company expects total shipments to be in the range of 5 GW to 5.5 GW (solar module shipments to be in the range of 4.5 GW to 5 GW). Total revenue for the third quarter is expected to be in the range of $1.24 billion to $1.37 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. By the year's end Jinko Solar expects its annual mono wafer, solar cell and solar module production capacity to reach 32.5 GW, 24 GW (including 940 MW N-type cells) and 45 GW, respectively, up from previous guidance of 30 GW, 24 GW and 33 GW, respectively. The manufacturer expects that the 7 GW silicon wafer production facility in Vietnam will start construction soon, and will supply silicon wafers to cell and module facilities in the United States and Malaysia starting 2022.

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