Jinko Solar reported significantly increasing net income in Q3 yoy

Chinese solar module manufacturer Jinko Solar Holding Co., Ltd announced its unaudited financial results for the third quarter ended September 30, 2021. Total revenues were CNY 8.57 billion ($1.33 billion), up 8.1 percent sequentially and down 2.3 percent from CNY 8.77 billion compared to Q3 2020. The sequential increase was mainly attributable to an increase in the shipment of solar modules with higher selling price compared with cells and wafers, says the company.
Gross profit was CNY 1.30 billion ($201.1 million), down 4.6 percent sequentially and down 13.3 percent compared with CNY 1.49 billion in Q3 2020.
Net income attributable to the company's ordinary shareholders was CNY 194.2 million ($30.1 million) in the third quarter of 2021, up 193.2 percent sequentially (Q2 2021: CNY 66.2 million) and up about 28 times compared with CNY 6.9 million in the third quarter of 2020.
As of September 30, 2021, the company had CNY 7.32 billion ($1.14 billion) in cash and cash equivalents and restricted cash, compared with CNY 6.52 billion as of June 30, 2021.
Regarding the first nine month 2021, total revenue decreased from CNY 25.7 billion in the previous year to CNY 24.4 billion ($3.7 billion). Net income was CNY 481 million ($75 million) compared to CNY 607 million in the same period 2020.
Quarterly shipments were 4,993 MW (4,671 MW for solar modules, 322 MW for cells and wafers), total shipments went down 4.0 percent sequentially, and down 2.4 percent year over year. According to Xiande Li, Jinko Solar's Chairman of the Board of Directors and Chief Executive Officer, total shipments »were impacted by the delay in sales revenue recognition caused by logistical issues and blockages.«
As of September 30, 2021, the company's in-house annual mono wafer, solar cell and solar module production capacity was 31 GW, 19 GW (940 MW for N type cells) and 36 GW, respectively.
For the fourth quarter 2021, the Board expects total shipments to be in the range of 7.3 GW to 8.8 GW (solar module shipments to be in the range of 7 GW to 8.5 GW). Total revenue for the fourth quarter is expected to be in the range of $1.8 billion to $2.2 billion. For full year 2021, the Company estimates total shipments (including solar modules, cells and wafers) to be in the range of 22.8 GW to 24.3 GW.
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, by the end of 2021. »Our 7 GW monocrystalline silicon wafer plant in Vietnam will commence production in the first quarter of 2022,« says Xiande Li.

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