JinkoSolar Announces Fourth Quarter and 2019 Financial Results; Reports $4.3 bn Profit

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JinkoSolar, one of the largest and most innovative solar module manufacturers announced its unaudited financial results for the fourth quarter and full-year ended December 31, 2019.

The firm has reported that Technological transformation driving margin expansion – gross margin during 2019 was 18.3% compared to 14.0% and 11.3% in 2018 and 2017 respectively. Total solar module shipments were 4,538 megawatts with showed an increase of 36.4% from 3,326 MW in the third quarter of 2019 and 25.4% from 3,618 MW in the fourth quarter of 2018. Total revenues were US $ 4.27 billion, an increase of 18.8 percent from USD 3.57 billion for full-year 2018.

Total solar module shipments were 14.3 GW an increase of 25.6% from 11.4 GW for the full year 2018. Total revenues were US$4.27 billion and the Gross margin was 18.3%, compared with 14.0% for the full year 2018. 

Mr. Kangping Chen, JinkoSolar’s Chief Executive Officer commented, “JinkoSolar’s growth story continues to progress strongly and I couldn’t be prouder of our very strong performance during the quarter in which solar module shipments, total revenue, and gross profit all hit record highs.”

He added that “We are benefitting from the rapid expansion of our mono wafer production capacity during the second half of 2019 and our industry-leading integrated cost structure, which has ideally positioned us to drive growth throughout the full year 2020 where we expect solar module shipments to increase by approximately 35%”

” We believe global demand in 2020 will continue its strong growth momentum with newly added installations expected to reach 140GW to 150GW, an increase of around 20% year-over-year. New installations in Europe doubled in 2019 while ASPs in the U.S. remained high as a result of constrained supply. Several projects from 2019 will likely be delayed into 2020 which we expect will result in total installations in China reaching 40GW to 50GW for the full year 2020, an increase of about 50% year-over-year.With grid parity rapidly approaching in many markets, the long-term growth potential of the industry is rapidly opening up.”

In response to the outbreak of Coronavirus Chen said: “The outbreak of COVID-19 across China affected certain raw materials supply and logistics during the first quarter of 2020, causing some module shipments to be postponed to the second quarter of 2020.but we believe our shipments and capacity expansion plans for the full year 2020 will not be impacted by the outbreak.”

Total revenues of the JinkoSolar in the fourth quarter of 2019 were US$1.37 billion and 48 billion in the third quarter of 2019. Total revenues for the full year 2019 were US$4.27 billion. Gross profit for the full year was US$780.2 million and the Gross margin was 18.3% for the full year 2019, compared with 14.0% for the year 2018.

JinkoSolar is one of the largest solar module manufacturers in the world and distributes its solar products all across the globe. As of December 31, 2019. JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of 11.5 GW for mono wafers, 10.6 GW for solar cells, and 16 GW for solar modules.

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