DUBLIN, March 22, 2019 /PRNewswire/ -- The "Flexible Elastomeric Foam Market by Type (Natural Rubber, NBR/PVC, EPDM, CR), Function (Thermal, Acoustic), End-use Industry (HVAC, Automotive & Transportation), and Region (North America, Europe, APAC, MEA, South America) - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.

The flexible elastomeric foams market is projected to grow from USD 2.2 billion in 2018 to USD 2.7 billion by 2023, at a CAGR of 4.72% between 2018 and 2023.

The growing demand from end-use industry such as HVAC and automotive & transportation is expected to fuel the growth of the flexible elastomeric foams market. However, the lack of awareness about the benefits of insulation is expected to restrain the growth of the market during the forecast period.

Thermal insulation is the largest and fastest functional type segment of the flexible elastomeric foams market

Flexible elastomeric foams are segmented on the basis of various functions such as, thermal and acoustic. The demand for thermal insulation flexible elastomeric foams is driven as they significantly reduce energy consumption across a broad spectrum of applications such as in solar piping, residential & commercial heating & ventilation piping, and AC and refrigeration piping. It is equally important to insulate materials from sound where acoustic insulation is needed.

It is always efficient in reducing energy consumption by properties such as low thermal conductivity, water vapor barrier, and keeping product environmentally friendly. So, this drives the demand for thermal insulating flexible elastomeric foams.

APAC is the largest market for the flexible elastomeric foams market

APAC is projected to be the fastest-growing market, in terms of both volume and value, during the forecast period. APAC is estimated to account for the largest share, in terms of both volume and value, of the overall market in 2018. The market in the region is driven by the growing population and economic growth. Both residential and non-residential sectors are expected to grow in China and India during the forecast period, which, in turn, will drive the HVAC industry, thereby, increasing the demand for flexible elastomeric foam in this industry.

Key companies profiled in this report are Armacell (Germany), L'ISOLANTE K-FLEX (Italy), Kaimann (Germany), Aeroflex (US), Rogers Corporation (US), and Hira Industries (Dubai).

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Flexible Elastomeric Foam Market Attractiveness
4.2 Flexible Elastomeric Foam Market, By End-Use Industry
4.3 Flexible Elastomeric Foam Market, By Function Type
4.4 Flexible Elastomeric Foam Market in APAC, By Type and Country
4.5 Flexible Elastomeric Foam Market, By Country

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Superior Properties of Flexible Elastomeric Foams
5.2.1.2 Growth in the End-Use Industries of Flexible Elastomeric Foams
5.2.2 Restraints
5.2.2.1 Lack of Awareness About the Benefits of Insulation
5.2.3 Opportunities
5.2.3.1 Growing Opportunities in the Healthcare Sector
5.2.3.2 Stringent Government Regulations Encouraging Energy Efficiency
5.2.4 Challenges
5.2.4.1 Difficulty in the Disposal of Flexible Elastomeric Foams
5.3 Porter's Five Forces Analysis
5.4 Macroeconomic Overview and Trends
5.4.1 Introduction
5.4.2 Construction Contribution to GDP
5.4.3 Trends of the Automotive Industry

6 Flexible Elastomeric Foam Market, By Function
6.1 Introduction
6.2 Thermal Insulation
6.2.1 Property of Keeping Product Environmentally Friendly is Expected to Drive the Demand
6.3 Acoustic Insulation
6.3.1 High Demand for Acoustic Insulation in the Construction Industry is Expected to Boost the Market

7 Flexible Elastomeric Foam Market, By Type
7.1 Introduction
7.2 Natural Rubber/Latex
7.2.1 High Resilience and Resistance to Compression Set Property Makes Natural Rubber the Most Preferred Type
7.3 Nitrile Butadiene Rubber/Polyvinyl Chloride (NBR/PVC)
7.3.1 High Tensile Strength and More Demand for the Blend in the End-Use Industry Makes NBR/PVC the Most Preferred Type
7.4 Ethylene Propylene Dine Monomer (EPDM)
7.4.1 More Demand for EPDM in the Automotive & Transportation Industry is Expected to Drive the Market
7.5 Chloroprene (CR)
7.5.1 Superior Ozone Resistance Property is Expected to Spur the Demand for CR in the End-Use Industry
7.6 Others

8 Flexible Elastomeric Foam Market: By End-Use Industry
8.1 Introduction
8.2 HVAC
8.2.1 High Demand for Flexible Elastomeric Foam in Ac, Refrigeration, and Solar Application is Expected to Drive the Market
8.3 Automotive & Transportation
8.3.1 There is A High Demand for Flexible Elastomeric Foam in Gasketing Application in This End-Use Industry
8.4 Others

9 Flexible Elastomeric Foam Market, By Region

10 Competitive Landscape
10.1 Overview
10.2 Competitive Leadership Mapping
10.3 Market Ranking Analysis
10.4 Competitive Situation & Trends

11 Company Profiles
11.1 Armacell International S.A.
11.2 Hira Industries
11.3 Rogers Corporation
11.4 L'isolante K-Flex S.P.A.
11.5 Kaimann GmbH
11.6 Huamei Energy-Saving Technology Group Co., Ltd
11.7 Jinan Retek Industries Inc
11.8 Aeroflex Usa, Inc.
11.9 NMC SA
11.10 Anavid Insulation Products Kiryat Anavim Ltd.
11.11 Isidem Insulation
11.12 Additional Company Profiles
11.12.1 Roka Yalitim
11.12.2 Rubberlite, Inc.
11.12.3 ODE Insulation
11.12.4 Kingwell World Industries, Inc
11.12.5 Recaa Insulation Systems Sdn. Bhd.
11.12.6 Grando
11.12.7 China Ining Industrial Group Co., Ltd

For more information about this report visit https://www.researchandmarkets.com/research/kn4kk3/global_flexible?w=5

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SHANGHAI, March 22, 2019 /PRNewswire/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), a global leader in the solar PV industry, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2018.

Fourth Quarter 2018 Highlights

  • Total solar module shipments were 3,618 megawatts ("MW"), an increase of 22.5% from 2,953 MW in the third quarter of 2018 and an increase of 45.8% from 2,481 MW in the fourth quarter of 2017.
  • Total revenues were RMB7.72 billion (US$1.12 billion), an increase of 15.3% from the third quarter of 2018 and an increase of 21.5% from the fourth quarter of 2017.
  • Gross margin was 14.7%, compared with 14.9% in the third quarter of 2018, and 11.6% in the fourth quarter of 2017.
  • Income from operations was RMB237.4 million (US$34.5 million), compared with RMB188.0 million in the third quarter of 2018 and RMB91.3 million in the fourth quarter of 2017.
  • Net income attributable to the Company's ordinary shareholders was RMB114.8 million (US$16.7 million) in the fourth quarter of 2018, compared with RMB189.1 million in the third quarter of 2018 and RMB22.5 million in the fourth quarter of 2017.
  • Diluted earnings per American depositary share ("ADS") were RMB2.92 (US$0.44) in the fourth quarter of 2018.
  • Non-GAAP net income attributable to the Company's ordinary shareholders in the fourth quarter of 2018 was RMB111.8 million (US$16.3 million), compared with RMB206.3 million in the third quarter of 2018 and RMB41.5 million in the fourth quarter of 2017.
  • Non-GAAP basic and diluted earnings per ADS were both RMB2.84 (US$0.40) in the fourth quarter of 2018, compared with RMB5.28 and RMB5.28 in the third quarter of 2018 and RMB1.28 and RMB1.24 in the fourth quarter of 2017, respectively.

Full Year 2018 Highlights

  • Total solar module shipments were 11.4 GW (including 209 MW to be used in the Company's overseas downstream solar projects), an increase of 16.0% from 9.8 GW for the full year 2017.
  • Total revenues for the full year 2018 were RMB25.04 billion (US$3.64 billion), a decrease of 5.4% from RMB26.47 billion for the full year 2017.
  • Gross margin was 14.0% for the full year 2018, compared with 11.3% for the full year 2017.
  • Income from operations was RMB644.9 million (US$93.8 million), compared with RMB325.3 million for the full year 2017.
  • Net income attribute to the Company's ordinary shareholders was RMB406.5 million (US$59.1 million) for the full year 2018, compared with RMB141.7 million for the full year 2017.
  • Diluted earnings per ADS for the full year 2018 were RMB10.52 (US$1.52), compared with RMB4.32 for the full year 2017.
  • Non-GAAP net income attributable to the Company's ordinary shareholders for the full year 2018 was RMB435.8 million (US$63.4 million), compared with RMB209.0 million for the full year 2017.
  • Non-GAAP basic and diluted earnings per ADS for the full year 2018 were RMB11.32 (US$1.64) and RMB11.28 (US$1.64), compared with RMB6.48 and RMB6.36 for the full year 2017, respectively.

Mr. Kangping Chen, JinkoSolar's Chief Executive Officer commented, "We closed out the year strongly with module shipments hitting another record high of 3,618 MW during the quarter, an increase of 22.5% sequentially and an increase of 45.8% year-over-year. We shipped a total of 11.4 GW of solar modules in 2018, an increase of 16.0% from 2017. Total revenues during the quarter were US$1.12 billion, an increase of 15.3% sequentially and an increase of 21.5% year-over-year. Total revenues for the full year 2018 were US$3.64 billion, a decrease of 5.4% from 2017, primarily due to lower ASPs. Gross margin was 14.0% for the full year 2018, compared with 11.3% for 2017. Excluding the impact of countervailing duties, gross margin expanded during the quarter to 13.8% from 12.8% last quarter. While the Chinese market was impacted by the policies released on May 31st, we were able to continue growing through our diversified global distribution network and further consolidate our leading position in terms of market share. With global demand recovering strongly, we remain confident in the future prospects of our business and expect module shipments to grow by approximately 30% in 2019."

"China's National Energy Administration recently laid out plans for a bidding system and is expected to again begin granting subsidy approvals for utility-scale projects. Most importantly, subsidies will be prepaid by the state grid, which means there will be no more delays in payment for new projects. The new policies set a clear direction for the country's solar plans and will help to greatly improve sentiment for the solar sector as the country tries to smoothly transition towards grid parity and encourage a more market-driven environment. Based on the new policies, we believe domestic installations in 2019 will exceed last year. Distributed generation projects and projects completed at grid parity will continue to make up a larger portion of overall installations."

"US demand continues to strengthen thanks to the introduction of the solar Investment Tax Credit (ITC) which is expected to generate robust growth during the second half of 2019. Our U.S. manufacturing facility began pilot production in November 2018 and has been steadily ramping up, with full production capacity expected to begin during the second quarter of 2019. With such enormous growth potential, we will continue to expand our presence in the US by leveraging our strong brand recognition, high quality products, and best-in-class customer service. Following the cancellation of the minimum import price policy, demand from solar power purchase agreements and grid-parity projects in the European markets is surging, especially in some of the biggest markets such as Spain, the Netherlands and Germany. Emerging markets are also booming with Jordan, Kuwait, South Africa, and Oman growing rapidly. We are also benefiting from our early entry into Southeast Asian markets such as Malaysia, Thailand and the Philippines where demand remained robust throughout 2018."

"We continue to make progress implementing large-scale crystallization furnaces to increase productivity while working to develop technologies to reduce both oxygen content and light induced degradation. We are also leading the industry in terms of efficiency improvements on our diamond wire cutting, which is continuously reducing our wire consumption. Our large-area N-type monocrystalline silicon solar cell reached record high efficiency of 24.2% in January 2019. We are rapidly increasing our capacity to produce high-efficiency products by increasing both mono wafer capacity and PERC cell capacity and converting our existing non-PERC capacity to PERC capacity to increase output. With our production gradually ramping up into the middle of 2019, our expanded capacity will improve the competitiveness of our products and strengthen our cost advantages. This and other constant technological developments not only enable us to provide our clients with competitive high-efficiency products, but also allow us to sustainably cut costs. We are confident in our ability to further optimize our cost structure going forward and are fully prepared to enter an era of grid parity in the near future."

"Looking out to 2019, we believe Chinese and global demand will grow as solar energy becomes more and more competitive. We are excited about the opportunities that lie ahead, and are confident in our ability to further expand our market share, distinguish ourselves from our competitors, and continue leading the industry forward."

Fourth Quarter 2018 Financial Results

Total Revenues

Total revenues in the fourth quarter of 2018 were RMB7.72 billion (US$1.12 billion), an increase of 15.3% from RMB6.69 billion in the third quarter of 2018 and an increase of 21.5% from RMB6.35 billion in the fourth quarter of 2017. The sequential increase was mainly attributable to an increase in the shipment of solar modules in the fourth quarter of 2018. The year-over-year increase was mainly attributable to an increase in the shipment of solar modules, which was partially offset by a decline in the average selling price of solar modules in the fourth quarter of 2018.

Gross Profit and Gross Margin

Gross profit in the fourth quarter of 2018 was RMB1.13 billion (US$164.7 million), compared with RMB997.6 million in the third quarter of 2018 and RMB735.3 million in the fourth quarter of 2017. The sequential increase was mainly attributable to an increase in the shipment of solar modules in the fourth quarter of 2018. The year-over-year increase was mainly attributable to (i) an increase in the shipment of solar modules, and (ii) the benefit of Countervailing Duty ("CVD") reversal of RMB140.8 million and RMB69.4 million (US$10.0 million) in the third and fourth quarter of 2018, respectively, based on the amended final results of the fourth administrative review of the CVD order published by the U.S. Department of Commerce. The year-over-year increase was partially offset by a decline in the average selling price of solar modules in 2018.

Gross margin was 14.7% in the fourth quarter of 2018, compared with 14.9% in the third quarter of 2018 and 11.6% in the fourth quarter of 2017. Excluding the CVD reversal benefit, gross margin was 13.8% in the fourth quarter of 2018, compared with 12.8% in the third quarter of 2018. The sequential increase was attributable to decrease in solar module cost, which was partially offset by decline in the average selling price of solar modules. The year-over-year increase was mainly attributable to (i) a decrease in solar module cost, and (ii) the benefit of CVD reversal, which was partially offset by decline in the average selling price of solar modules in 2018.

Income from Operations and Operating Margin

Income from operations in the fourth quarter of 2018 was RMB237.4 million (US$34.5 million), compared with RMB188.0 million in the third quarter of 2018 and RMB91.3 million in the fourth quarter of 2017. Excluding the CVD reversal benefit, income from operations in the fourth quarter of 2018 was RMB168.0 million (US$24.4 million), compared with RMB47.6 million in the third quarter of 2018. Operating margin in the fourth quarter of 2018 was 3.1%, compared with 2.8% in the third quarter of 2018 and 1.4% in the fourth quarter of 2017. Excluding the CVD reversal benefit, operating margin in the fourth quarter of 2018 was 2.2%.

Total operating expenses in the fourth quarter of 2018 were RMB895.1 million (US$130.2 million), an increase of 10.6% from RMB809.6 million in the third quarter of 2018 and an increase of 39.0% from RMB644.0 million in the fourth quarter of 2017. The sequential and year-over-year increases were mainly due to an increase in shipping costs as a result of an increase in solar module shipments.

Total operating expenses accounted for 11.6% of total revenues in the fourth quarter of 2018, compared to 12.1% in the third quarter of 2018 and 10.1% in the fourth quarter of 2017.

Interest Expense, Net

Net interest expense in the fourth quarter of 2018 was RMB74.0 million (US$10.8 million), an increase of 33.2% from RMB55.6 million in the third quarter of 2018 and an increase of 33.3% from RMB55.6 million in the fourth quarter of 2017. The sequential increase was mainly due to (i) an increase in borrowings, and (ii) the termination of interest capitalization on certain completed solar projects, which were partially offset by an increase of interest income. The year-over-year increase was mainly due to an increase in borrowings.

Exchange Gain / (Loss), Net and Change in Fair Value of Forward Contracts

The Company recorded a net exchange loss (including change in fair value of forward contracts) of RMB33.9 million (US$4.9 million) in the fourth quarter of 2018, compared to a net exchange gain of RMB93.5 million in the third quarter of 2018 and a net exchange loss of RMB33.9 million in the fourth quarter of 2017. The sequential change was primarily due to the depreciation of the US dollar against the RMB.

Change in Fair Value of Interest Rate Swap

The Company entered into Interest Rate Swap agreements with several banks for the purpose of reducing interest rate risk exposure associated with the Company's overseas solar power projects. The Company recorded a loss arising from change in fair value of interest rate swap of RMB38.5 million (US$5.6 million) in the fourth quarter of 2018, compared to a gain of RMB12.8 million in the third quarter of 2018. The sequential changes were primarily due to a decrease in the long-term interest rates. The Company did not elect hedge accounting for any of its derivatives.

Change in Fair Value of Foreign Exchange Options

The Company bought foreign exchange options from several banks for the purpose of reducing exchange rate risk exposure. The Company recorded a loss of RMB1.2 million (US$0.2 million) arising from change in fair value of the foreign exchange options, compared to a loss of RMB8.5 million in the third quarter of 2018. The sequential change was primarily due to the decrease in the remaining term of the options.

Equity in Income of Affiliated Companies

The Company indirectly holds a 20% equity interest in Sweihan PV Power Company P.J.S.C, a developer and operator of solar power projects in Dubai, and accounts for its investment using the equity method. The Company also holds a 30% equity interest in Jiangsu Jinko-Tiansheng Co., Ltd, which processes and assembles PV modules as an OEM manufacturer, and accounts for its investments using the equity method. The Company recorded equity in loss of affiliated companies of RMB25.1 million (US$3.6 million) in the fourth quarter of 2018, compared with an income of RMB4.9 million in the third quarter of 2018 and a loss of RMB1.4 million in the fourth quarter of 2017. The sequential change was primarily due to a loss arising from change in fair value of interest rate swap agreements purchased by Sweihan PV Power Company P.J.S.C.

Income Tax Benefit / (Expense), Net

The Company recorded an income tax benefit of RMB43.5 million (US$6.3 million) in the fourth quarter of 2018, as certain subsidiaries of the Company experienced loss in the fourth quarter and recognized corresponding deferred tax assets, compared with an income tax expense of RMB61.2 million in the third quarter of 2018 and an income tax expense of RMB31.1 million in the fourth quarter of 2017. 

Net Income and Earnings per Share

Net income attributable to the Company's ordinary shareholders was RMB114.8 million (US$16.7 million) in the fourth quarter of 2018, compared with RMB189.1 million in the third quarter of 2018 and RMB22.5 million in the fourth quarter of 2017.

Basic and diluted earnings per ordinary share were both RMB0.73 (US$0.11) during the fourth quarter of 2018. This translates into basic and diluted earnings per ADS both of RMB2.92 (US$0.44).

Non-GAAP net income attributable to the Company's ordinary shareholders in the fourth quarter of 2018 was RMB111.8 million (US$16.3 million), compared with RMB206.3 million in the third quarter of 2018 and RMB41.5 million in the fourth quarter of 2017.

Non-GAAP basic and diluted earnings per ordinary share were both of RMB0.71 (US$0.10) during the fourth quarter of 2018. This translates into non-GAAP basic and diluted earnings per ADS both of RMB2.84 (US$0.40).

Financial Position

As of December 31, 2018, the Company had RMB3.48 billion (US$506.4 million) in cash and cash equivalents and restricted cash, compared with RMB2.76 billion as of December 31, 2017.

As of December 31, 2018, the Company's accounts receivables due from third parties were RMB5.44 billion (US$790.7 million), compared with RMB4.50 billion as of December 31, 2017.

As of December 31, 2018, the Company's inventories were RMB5.74 billion (US$835.3 million), compared with RMB4.27 billion as of December 31, 2017.

As of December 31, 2018, the Company's total interest-bearing debts were RMB9.71 billion (US$1.41 billion), compared with RMB7.43 billion as of December 31, 2017.

Full Year 2018 Financial Results

Total Revenues

Total revenues for the full year 2018 were RMB25.04 billion (US$3.64 billion), a decrease of 5.4% from RMB26.47 billion for the full year 2017. The decrease in total revenues was mainly attributable to a decline in the average selling price of solar modules, which was partially offset by an increase in shipment of solar modules.

Gross Profit and Gross Margin

Gross profit for the full year 2018 was RMB3.51 billion (US$511.1 million), an increase of 17.5% from RMB2.99 billion for the full year 2017. Gross margin was 14.0% for the full year 2018, compared with 11.3% for the full year 2017. The year-over-year increase was mainly attributable to (i) an increase in the shipment of solar modules in 2018, which was partially offset by a decline in the average selling price of solar modules and (ii) the benefit of CVD reversal of RMB 209.7 million (US$30.5 million), based on the amended final results of the fourth administrative review of the CVD order published by the U.S. Department of Commerce. Excluding the CVD reversal benefit, gross margin was 13.2% for the full year 2018. The year-over-year increase was attributable to decrease in solar module cost, which was partially offset by decline in the average selling price of solar modules in 2018.

Income from Operations and Operating Margin

Income from operations for the full year 2018 was RMB644.9 million (US$93.8 million), compared with RMB325.3 million for the full year 2017. Operating margin for the full year 2018 was 2.6%, compared with 1.2% for the full year 2017.

Total operating expenses for the full year 2018 were RMB2.87 billion (US$417.3 million), an increase of 7.6% from RMB2.67 billion for the full year 2017. Operating expenses represented 11.5% of total revenues for the full year 2018, compared with 10.1% for the full year 2017. The increase in total operating expenses was primarily due to the decrease in disposal gains of property, plant and equipment, and a decrease in the reversal of allowance for doubtful accounts upon subsequent collections.

Interest Expense, Net

Net interest expense for the full year 2018 was RMB295.7 million (US$43.0 million), an increase of 20.4% from RMB245.5 million in 2017. The year-over-year increase was mainly due to the increase in borrowings.

Exchange Gain / (Loss), Net and Change in Fair Value of Forward Contracts

The Company recorded a net exchange loss (including change in fair value of forward contracts) of RMB10.4 million (US$1.5 million) for the full year 2018 due primarily to appreciation of US dollars against RMB. The Company had net exchange loss of RMB122.6 million in 2017. The year-over-year decrease was mainly due to appreciation of US dollars against RMB.

Change in Fair Value of Interest Rate Swap

The Company entered into Interest Rate Swap agreements with several banks for the purpose of reducing interest rate risk exposure. The Company recorded a gain of RMB9.7 million (US$1.4 million) arising from change in fair value of the Interest Rate Swap agreements, compared to a loss of RMB16.1 million in 2017. The year-over-year changes were primarily due to an increase in the long-term interest rates. The Company did not elect hedge accounting for any of its derivatives.

Change in Fair Value of Foreign Exchange Options

The Company bought foreign exchange options from several banks for the purpose of reducing exchange rate risk exposure. The Company recorded a loss of RMB9.7 million (US$1.4 million) arising from change in fair value of the foreign exchange options. The loss from foreign exchange options was primarily due to the appreciation of the US dollar against the RMB.

Equity in Income of Affiliated Companies

The Company indirectly holds a 20% equity interest of Sweihan PV Power Company P.J.S.C, a developer and operator of solar power projects in Dubai, and accounts for its investments using the equity method. The Company also holds a 30% equity interest in Jiangsu Jinko-Tiansheng Co., Ltd, which processes and assembles PV modules as an OEM manufacturer, and accounts for its investments using the equity method. The Company recorded equity in income of affiliated companies of RMB2.6 million (US$0.4 million) for the full year 2018, compared with a loss of RMB2.1 million in 2017.

Income Tax Expense, Net

The Company recognized an income tax expense of RMB4.4 million (US$0.6 million) for the full year 2018, compared with an income tax expense of RMB4.6 million in 2017.

Net Income and Earnings per Share

Net income attributable to the Company's ordinary shareholders for the full year 2018 was RMB406.5 million (US$59.1 million), compared with a net income of RMB141.7 million in 2017.

Basic and diluted earnings per share for the full year 2018 were RMB2.64 (US$0.38) and RMB2.63 (US$0.38), respectively. This translates into basic and diluted earnings per ADS of RMB10.56 (US$1.52) and RMB10.52 (US$1.52), respectively.

Non-GAAP net income for the full year 2018 was RMB435.8 million (US$63.4 million), compared with non-GAAP net income of RMB209.0 million in 2017.

Non-GAAP basic and diluted earnings per share for the full year 2018 were RMB2.83 (US$0.41) and RMB2.82 (US$0.41), respectively, which translates into non-GAAP basic and diluted earnings per ADS of RMB11.32 (US$1.64) and RMB11.28 (US$1.64), respectively.

Fourth Quarter and Full Year 2018 Operational Highlights

Solar Module Shipments

Total solar module shipments in the fourth quarter of 2018 were 3,618 MW.

Total solar module shipments in 2018 were 11.4 GW (including 209 MW to be used in the Company's overseas downstream solar projects), compared to 9.8 GW in 2017.

Solar Products Production Capacity

As of December 31, 2018, the Company's in-house annual silicon wafer, solar cell and solar module production capacity was 9.7 GW, 7.0 GW and 10.8 GW, respectively.

JinkoSolar expects its annual silicon wafer, solar cell and solar module production capacity to reach 15 GW (including 11 GW of mono wafers), 10 GW (including 9.2 GW of PERC cells) and 15 GW, respectively, by the end of 2019.

Recent Business Developments

  • In October 2018, JinkoSolar announced that it had entered into the Contract for the Supply of PV Modules with Decmil Australia Pty Ltd on September 27, 2018, for supply 255MWp of its high efficient solar panels for the Sunraysia Solar Farm developed by Maoneng Group.
  • In November 2018, JinkoSolar announced that it was awarded the 2018 World Brand Award by the World Brand Forum, a global non-profit organization dedicated to advancing branding standards for the good of the branding community as well as consumers.
  • In December 2018, JinkoSolar announced that it supplied 55.7MW of high-efficiency modules to the Garissa Solar Power Plant, which is expected to be one of the largest solar power plants in central and eastern Africa once completed.
  • In December 2018, JinkoSolar announced that it supplied 132 MWdc of PV modules to Swinerton Renewable Energy for the construction of the Techren Solar 1 Project in Boulder City, Nevada.
  • In December 2018, JinkoSolar announced that it had contributed to the Business 20 (B20) Energy, Resource Efficiency & Sustainability (ERES) Task Force for inclusion of the task force's policy proposal in the G20 Leaders' Declaration, Buenos Aires.
  • In January 2019, JinkoSolar announced that a record high efficiency of 24.2% was achieved by its large-area N-type TOPCon monocrystalline silicon solar cell.
  • In January 2019, JinkoSolar announced that its products underwent LeTID testing by Wind Power Systems Quality Test Center, IEE, and CAS.

Operations and Business Outlook

First Quarter and Full Year 2019 Guidance

For the first quarter of 2019, the Company estimates total solar module shipments to be in the range of 2.8 GW to 3.0 GW. 

For the full year 2019, the Company estimates total solar module shipments to be in the range of 14.0 GW to 15.0 GW.

Conference Call Information

JinkoSolar's management will host an earnings conference call on Friday, March 22, 2019 at 8:30 a.m. U.S. Eastern Time (8:30 p.m. Beijing / Hong Kong the same day).

Dial-in details for the earnings conference call are as follows:

Hong Kong / International:

+852 3027 6500

U.S. Toll Free:

+1 855-824-5644

Passcode:

58454648#

Please dial in 10 minutes before the call is scheduled to begin and provide the passcode to join the call.

A telephone replay of the call will be available 2 hours after the conclusion of the conference call through 23:59 U.S. Eastern Time, March 29, 2019. The dial-in details for the replay are as follows:

International:

+61 2 8325 2405

U.S.:

+1 646 982 0473

Passcode:

319314070#

Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of JinkoSolar's website at www.jinkosolar.com.

About JinkoSolar Holding Co., Ltd.

JinkoSolar (NYSE: JKS) is one of the world's largest and foremost solar module manufacturers. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, and other countries and regions. JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of 9.7 GW for silicon wafers, 7.0 GW for solar cells, and 10.8 GW for solar modules, as of December 31, 2018.

JinkoSolar has over 12,000 employees across its 6 productions facilities globally, 15 oversea subsidiaries in Japan, Korea, Singapore, India, Turkey, Germany, Italy, Switzerland, United States, Canada, Mexico, Brazil, Chile, Australia and United Arab Emirates, and global sales teams in United Kingdom, France, Netherlands, Spain, Bulgaria, Greece, Romania, Ukraine, Jordan, Saudi Arabia, Tunisia, Egypt, Morocco, Nigeria, Kenya, South Africa, Costa Rica, Colombia, Panama and Argentina.

To find out more, please see: www.jinkosolar.com

Use of Non-GAAP Financial Measures

To supplement its consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), JinkoSolar uses certain non-GAAP financial measures including, non-GAAP net income, non-GAAP earnings per Share, and non-GAAP earnings per ADS, which are adjusted from the comparable GAAP results to exclude certain expenses or incremental ordinary shares relating to share-based compensation and, convertible senior notes:

  • Non-GAAP net income is adjusted to exclude the expenses relating to interest expenses of convertible senior notes, exchange gain on the convertible senior notes, and stock-based compensation; given these Non-GAAP net income adjustments above are either related to the Company or its subsidiaries incorporated in Cayman Islands, which are not subject to tax exposures, or related to those subsidiaries with tax loss positions which result in no tax impacts, therefore no tax adjustment is needed in conjunction with these Non-GAAP net income adjustments; and
  • Non-GAAP earnings per Share and non-GAAP earnings per ADS are adjusted to exclude interest expenses of convertible senior notes and exchange gain on the convertible senior notes, and stock-based compensation.

The Company believes that the use of non-GAAP information is useful for analysts and investors to evaluate JinkoSolar's current and future performances based on a more meaningful comparison of net income and diluted net income per ADS when compared with its peers and historical results from prior periods. These measures are not intended to represent or substitute numbers as measured under GAAP. The submission of non-GAAP numbers is voluntary and should be reviewed together with GAAP results.

Currency Convenience Translation

The conversion of Renminbi into U.S. dollars in this release, made solely for the convenience of the readers, is based on the noon buying rate in the city of New York for cable transfers of Renminbi as certified for customs purposes by the Federal Reserve Bank of New York as of December 31, 2018, which was RMB6.8755 to US$1.00. No representation is intended to imply that the Renminbi amounts could have been, or could be, converted, realized, or settled into U.S. dollars at that rate or any other rate. The percentages stated in this press release are calculated based on Renminbi.

Safe-Harbor Statement

This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends, "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and the Company's operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For investor and media inquiries, please contact:

In China:
Sebastian Liu
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3056
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Christian Arnell
Christensen
Tel: +86-10-5900-2940
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

In the U.S.:
Ms. Linda Bergkamp
Christensen
Tel: +1-480-614-3004
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

JINKOSOLAR HOLDING CO., LTD. 

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except ADS and Share data)




2017


2018

 Continuing operations 

RMB


RMB


USD

 Revenues from third parties 

24,791,272


23,586,834


3,430,563







 Revenues from related parties 

1,681,671


1,455,779


211,734







 Total revenues 

26,472,943


25,042,613


3,642,297







 Cost of revenues 

(23,481,375)


(21,528,868)


(3,131,244)







 Gross profit 

2,991,568


3,513,745


511,053







 Operating expenses: 






   Selling and marketing 

(1,901,358)


(1,708,270)


(248,458)

   General and administrative 

(470,845)


(779,423)


(113,362)

   Research and development 

(294,103)


(366,577)


(53,316)

   Impairment of long-lived assets 

-


(14,548)


(2,116)

 Total operating expenses 

(2,666,306)


(2,868,818)


(417,252)







 Income from operations 

325,262


644,927


93,801

 Interest expenses, net 

(245,530)


(295,692)


(43,007)

 Subsidy income 

147,917


52,176


7,589

 Exchange gain/(loss), net 

(114,345)


33,681


4,899

 Change in fair value of interest rate swap 

(16,122)


9,701


1,411

 Change in fair value of foreign exchange options 

-


(9,720)


(1,414)

 Change in fair value of forward contracts 

(8,211)


(44,090)


(6,413)

 Other income, net 

59,647


25,817


3,755

 (Loss)/gain on disposal of subsidiaries 

257


(9,425)


(1,371)

  Income before income taxes 

148,875


407,375


59,250

 Income tax expense 

(4,627)


(4,411)


(641)

 Equity in income/(loss) of affiliated companies 

(2,056)


2,610


379

 Net income 

142,192


405,574


58,988

 Less: Net (loss)/income attributable to non-controlling
          interests 

486


(903)


(132)

 Net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary
shareholders 

141,706


406,477


59,120







 Net income attributable to JinkoSolar Holding Co., Ltd.'s
 ordinary shareholders per share: 






   Basic 

1.10


2.64


0.38

   Diluted 

1.08


2.63


0.38







 Net income attributable to JinkoSolar Holding Co., Ltd.'s
   ordinary shareholders per ADS: 






   Basic 

4.40


10.56


1.52

   Diluted 

4.32


10.52


1.52







 Weighted average ordinary shares outstanding: 






   Basic 

128,944,330


153,806,379


153,806,379

   Diluted 

131,687,230


154,704,166


154,704,166







 Weighted average ADS outstanding: 






   Basic 

32,236,083


38,451,595


38,451,595

   Diluted 

32,921,808


38,676,041


38,676,041







UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME







 Net income 

142,192


405,574


58,988

 Other comprehensive income/(loss): 






   -Foreign currency translation adjustments 

(81,488)


47,005


6,836

 Comprehensive income 

60,704


452,579


65,824

 Less: comprehensive (loss)/income attributable to non-controlling
interests  

486


(903)


(132)

 Comprehensive income attributable to JinkoSolar Holding Co.,
Ltd.'s ordinary shareholders 

60,218


453,482


65,956







 Reconciliation of GAAP and non-GAAP Results 











 1. Non-GAAP earnings per share and non-GAAP earnings per ADS 












 GAAP net income attributable to ordinary shareholders 

141,706


406,477


59,120







 4% of interest expense of convertible senior notes 

1,558


3


0







 Exchange loss on convertible senior notes and capped call options 

840


4


1







 Stock-based compensation expense 

64,868


29,308


4,263







 Non-GAAP net income attributable to ordinary shareholders 

208,972


435,792


63,384













 Non-GAAP earnings per share attributable to ordinary shareholders - 






   Basic 

1.62


2.83


0.41

   Diluted 

1.59


2.82


0.41







 Non-GAAP earnings per ADS attributable to ordinary shareholders - 






   Basic 

6.48


11.32


1.64

   Diluted 

6.36


11.28


1.64







 Non-GAAP weighted average ordinary shares outstanding  






   Basic 

128,944,330


153,806,379


153,806,379

   Diluted 

131,687,230


154,704,166


154,704,166







 Non-GAAP weighted average ADS outstanding  






   Basic 

32,236,083


38,451,595


38,451,595

   Diluted 

32,921,808


38,676,041


38,676,041

JINKOSOLAR HOLDING CO., LTD. 

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except ADS and Share data)


For the quarter ended


December 31, 2017


September 30, 2018


December 31, 2018

 Continuing operations 

RMB


RMB


RMB


USD

 Revenues from third parties 

5,171,540


6,601,414


7,695,214


1,119,223









 Revenues from related parties 

1,181,100


93,401


25,118


3,653









 Total revenues 

6,352,640


6,694,815


7,720,332


1,122,876









 Cost of revenues 

(5,617,326)


(5,697,186)


(6,587,907)


(958,171)









 Gross profit 

735,314


997,629


1,132,425


164,705









 Operating expenses: 








   Selling and marketing 

(446,956)


(476,640)


(551,658)


(80,235)

   General and administrative 

(113,744)


(228,862)


(249,221)


(36,248)

   Research and development 

(83,271)


(104,105)


(94,183)


(13,698)

 Total operating expenses 

(643,971)


(809,607)


(895,062)


(130,181)









 Income from operations 

91,343


188,022


237,363


34,524

 Interest expenses, net 

(55,551)


(55,600)


(74,047)


(10,770)

 Subsidy income 

29,533


4,742


8,234


1,199

 Exchange (loss)/gain 

(31,827)


118,712


(36,006)


(5,237)

 Change in fair value of interest rate swap 

3,333


12,781


(38,467)


(5,595)

 Change in fair value of foreign exchange options 

-


(8,522)


(1,198)


(174)

 Change in fair value of forward contracts 

(2,031)


(25,204)


2,148


311

 Other (expense)/income, net 

20,823


9,983


(2,287)


(333)

 Gain on disposal of subsidiaries 

257


-


-


-

 Income before income taxes

55,880


244,914


95,740


13,925

 Income tax benefit/(expense) 

(31,095)


(61,157)


43,451


6,320

 Equity in (loss)/income of affiliated companies 

(1,424)


4,916


(25,090)


(3,649)

 Net income 

23,361


188,673


114,101


16,596

 Less: Net (loss)/income attributable to non-controlling
          interests 

889


(415)


(712)


(103)

 Net income attributable to JinkoSolar
 Holding Co., Ltd.'s ordinary shareholders 

22,472


189,088


114,813


16,699









 Net income attributable to JinkoSolar Holding Co., Ltd.'s
 ordinary shareholders per share: 








   Basic 

0.17


1.21


0.73


0.11

   Diluted 

0.17


1.21


0.73


0.11









 Net income attributable to JinkoSolar Holding Co., Ltd.'s
   ordinary shareholders per ADS: 








   Basic 

0.68


4.84


2.92


0.44

   Diluted 

0.68


4.84


2.92


0.44









 Weighted average ordinary shares outstanding: 








   Basic 

130,432,074


156,485,510


156,855,085


156,855,085

   Diluted 

134,572,596


156,703,443


156,859,208


156,859,208









 Weighted average ADS outstanding: 








   Basic 

32,608,019


39,121,378


39,213,771


39,213,771

   Diluted 

33,643,149


39,175,861


39,214,802


39,214,802









UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME









 Net income 

23,361


188,673


114,101


16,596

 Other comprehensive income: 








   -Foreign currency translation adjustments 

(16,308)


28,720


3,670


534

 Comprehensive income 

7,053


217,393


117,771


17,130

 Less: Comprehensive (loss)/income attributable to non-
controlling interests 

889


(415)


(712)


(103)

 Comprehensive income attributable to JinkoSolar
Holding Co., Ltd.'s ordinary shareholders 

6,164


217,808


118,483


17,233









 Reconciliation of GAAP and non-GAAP Results 















 1. Non-GAAP earnings per share and non-GAAP
earnings per ADS 
















 GAAP net income attributable to ordinary shareholders 

22,472


189,088


114,813


16,699









 4% of interest expense of convertible senior notes 

1


1


1


-









 Exchange loss/(gain) on convertible senior notes and
capped call options 

(1)


3


-


-









 Stock-based compensation (benefit)/expense 

19,000


17,255


(3,023)


(440)









 Non-GAAP net income attributable to ordinary
shareholders 

41,472


206,347


111,791


16,259









 Non-GAAP earnings per share attributable to ordinary
shareholders - 








   Basic 

0.32


1.32


0.71


0.10

   Diluted 

0.31


1.32


0.71


0.10









 Non-GAAP earnings per ADS attributable to ordinary
shareholders - 








   Basic 

1.28


5.28


2.84


0.40

   Diluted 

1.24


5.28


2.84


0.40









 Non-GAAP weighted average ordinary shares outstanding  








   Basic 

130,432,074


156,485,510


156,855,085


156,855,085

   Diluted 

134,572,596


156,703,443


156,859,208


156,859,208









 Non-GAAP weighted average ADS outstanding  








   Basic 

32,608,019


39,121,378


39,213,771


39,213,771

   Diluted 

33,643,149


39,175,861


39,214,802


39,214,802

JINKOSOLAR HOLDING CO., LTD. 

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)


December 31, 2017


December 31, 2018


RMB


RMB


USD

ASSETS






Current assets:






  Cash and cash equivalents

1,928,303


3,104,917


451,591

  Restricted cash 

833,072


377,111


54,849

  Restricted short-term investments

3,237,773


4,058,419


590,273

  Short-term investments

2,685


-


-

  Accounts receivable, net - related parties

2,113,042


675,768


98,286

  Accounts receivable, net - third parties

4,497,635


5,436,371


790,687

  Notes receivable, net - third parties

571,232


1,010,469


146,967

  Advances to suppliers, net - third parties

397,076


665,221


96,752

  Inventories, net

4,273,730


5,743,328


835,332

  Forward contract receivables

-


1,192


173

  Other receivables - related parties

46,592


67,730


9,851

  Derviatvie assets

-


847


123

  Prepayments and other current assets

1,706,717


1,712,889


249,129

Total current assets

19,607,857


22,854,262


3,324,013







Non-current assets:






  Restricted cash

248,672


921,300


133,998

  Project Assets

473,731


1,770,621


257,526

  Long-term investments

22,322


25,531


3,713

  Property, plant and equipment, net

6,680,187


8,275,900


1,203,680

  Land use rights, net

443,269


574,945


83,622

  Intangible assets, net

25,743


35,361


5,143

  Deferred tax assets 

275,372


338,069


49,170

  Other assets - related parties

146,026


144,984


21,088

  Other assets - third parties

713,226


912,210


132,675

Total non-current assets

9,028,548


12,998,921


1,890,615







Total assets

28,636,405


35,853,183


5,214,628







LIABILITIES






Current liabilities:






  Accounts payable - related parties

5,329


698


102

  Accounts payable - third parties

4,658,202


5,327,094


774,794

  Notes payable - related parties

-


35,000


5,091

  Notes payable - third parties

5,672,497


6,036,577


877,984

  Accrued payroll and welfare expenses

721,380


810,921


117,944

  Advances from related parties

37,400


910


132

  Advances from  third parties

748,959


2,395,229


348,372

  Income tax payable

27,780


70,240


10,216

  Other payables and accruals

1,804,799


2,281,025


331,758

  Other payables due to related parties

12,333


20,819


3,028

  Forward contract payables

4,521


9,464


1,376

  Convertible senior notes - current

-


69


10

  Derivative liability -  current

26,486


12,786


1,860

  Bond payable and accrued interests

10,257


10,318


1,501

  Short-term borrowings from third parties,
     including current portion of long-term bank
     borrowings

6,204,440


7,103,399


1,033,147

  Guarantee liabilities to related parties

28,034


26,639


3,874

Total current liabilities

19,962,417


24,141,188


3,511,189







Non-current liabilities:






  Long-term borrowings

379,789


1,954,831


284,318

  Accrued income tax - non current

6,041


-


-

  Long-term payables

538,410


338,412


49,220

  Bond payables

298,425


299,475


43,557

  Accrued warranty costs - non current

571,718


573,641


83,433

  Convertible senior notes

65


-


-

  Deferred tax liability

70,122


25,893


3,766

  Guarantee liabilities to related parties 
   - non current

120,154


65,765


9,565

Total non-current liabilities

1,984,724


3,258,017


473,859







Total liabilities

21,947,141


27,399,205


3,985,048







SHAREHOLDERS' EQUITY






Ordinary shares (US$0.00002 par value,
500,000,000 shares authorized, 126,733,266
and 156,864,737 shares issued and
outstanding as of  December 31, 2017 and
December 31, 2018, respectively)

19


22


3

Additional paid-in capital

3,313,608


4,010,740


583,338

Statutory reserves

516,886


570,176


82,929

Accumulated other comprehensive income

23,296


70,301


10,225

Treasury stock, at cost; 1,723,200 ordinary
shares as of  December 31, 2017 and
December 31, 2018

(13,876)


(13,876)


(2,018)

Accumulated retained earnings

2,849,341


3,202,528


465,788







Total JinkoSolar Holding Co., Ltd.
shareholders' equity

6,689,274


7,839,891


1,140,265







Non-controlling interests

(10)


614,087


89,315







Total liabilities and shareholders' equity

28,636,405


35,853,183


5,214,628

SOURCE JinkoSolar Holding Co., Ltd.

Related Links

http://www.jinkosolar.com

Read more: JinkoSolar Announces Fourth Quarter and Full...

The 260 MW project was won in an auction conducted by Gujarat Urja Vikas Nigam Ltd (GUVNL), rated AA- by ICRA, a Moody's company, and has been developed outside a solar park. Azure Power will provide power to GUVNL for 25 years at a tariff of INR 2.67 (~US 3.9 cents) per kWh, which is 8.6% higher than the lowest bid in the market.

The 100 MW project was won in an auction conducted by Karnataka Renewable Energy Development Ltd. and has been set up at Pavagada Solar Park, one of the largest solar parks in the world. The solar park is being developed by Karnataka Solar Power Development Corporation Limited (KSPCL). Azure Power will supply power to the electricity supply companies of Karnataka (ESCOMs) for 25 years at a tariff of INR 2.93 (~US 4.6 cents) per kWh, which is 20.1% higher than the lowest bid in the market.

Earlier this fiscal year, Azure Power had commissioned a 40 MW project in Uttar Pradesh and a 50 MW project in Andhra Pradesh and over 60 MWs of solar rooftop projects.

Speaking on this occasion, Mr Inderpreet Wadhwa, Founder, Chairman and Chief Executive Officer, Azure Power, said, "We are pleased to have commissioned over 250 MWs during the current quarter. Our ability to complete projects ahead of schedule and at scale is a testament to our efficiency and reliability as a trusted solar power producer. We continue to demonstrate our strong project development, engineering, and execution capabilities and are delighted to make this contribution towards realization of our Hon'ble Prime Minister's commitment towards clean and green energy, through solar power generation."

About Azure Power

Azure Power (NYSE: AZRE) is a leading independent solar power producer with a pan-Indian portfolio over 3 gigawatts. With its in-house engineering, procurement and construction expertise and advanced inhouse operations and maintenance capability, Azure Power provides low-cost and reliable solar power solutions to customers throughout India. It has developed, constructed and operated solar projects of varying sizes, from utility scale, rooftop to mini & micro grids, since its inception in 2008. Highlights include the construction of India's first private utility scale solar PV power plant in 2009 and the implementation of the first MW scale rooftop project under the smart city initiative in 2013.

For more information, visit: www.azurepower.com.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's future financial and operating guidance, operational and financial results such as estimates of nominal contracted payments remaining and portfolio run rate, and the assumptions related to the calculation of the foregoing metrics. The risks and uncertainties that could cause the Company's results to differ materially from those expressed or implied by such forward-looking statements include: the availability of additional financing on acceptable terms; changes in the commercial and retail prices of traditional utility generated electricity; changes in tariffs at which long term PPAs are entered into; changes in policies and regulations including net metering and interconnection limits or caps; the availability of rebates, tax credits and other incentives; the availability of solar panels and other raw materials; its limited operating history, particularly as a new public company; its ability to attract and retain its relationships with third parties, including its solar partners; its ability to meet the covenants in its debt facilities; meteorological conditions and such other risks identified in the registration statements and reports that the Company has filed with the U.S. Securities and Exchange Commission, or SEC, from time to time. All forward-looking statements in this press release are based on information available to us as of the date hereof, and the Company assumes no obligation to update these forward-looking statements.

Investor Contact

Nathan Judge, CFA
This email address is being protected from spambots. You need JavaScript enabled to view it. 
Investor Relations, Azure Power

Media Contact 
Samitla Subba 
This email address is being protected from spambots. You need JavaScript enabled to view it. 
+91-11- 4940 9854 
Marketing, Azure Power

SOURCE Azure Power

Read more: Azure Power Puts Over 500 MWs of Solar Power...

LONDON, Mar. 22, 2019 /PRNewswire/ -- Forecasts by Type (Cadmium Telluride (CdTe), Copper Indium Gallium Diselenide (CIGS), Amorphous Thin-Film Silicon (ATFS), Others), by Installation (On-Grid, Off-Grid) and by Application (Industrial, Residential, Commercial, Utility, Others) Plus Financial Analysis of Leading Companies and Regional and Leading National Market Analysis

• Do you need definitive Ultra-Thin Solar Cells market data?
• Succinct Ultra-Thin Solar Cells market analysis?
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Read on to discover how this definitive report can transform your research and save you time.

Ultra-Thin Solar Cell market expansion was mainly due to the increased competitiveness of solar photovoltaics combined with the increasing demand for electricity in developing countries and the increased awareness of the potential of solar photovoltaics to reduce pollution, reduce CO2 emissions and provide access to energy and this has led Visiongain to publish this timely report. The USD 3.34 billion Ultra-Thin Solar Cells Market is expected to flourish in the next few years. The pursuit of cost-effective power generation technology has attracted significant companies and investors to the thin film PV industry. The technology continuously improved and the global photovoltaic thin film market grew at an unprecedented rate and is projected to continue to grow. Due to their relatively low cost and efficiency in producing electricity, several types of thin-film solar cells are widely used. If you want to be part of this growing industry, then read on to discover how you can maximise your investment potential.

Report Highlights

• 183 quantitative tables, charts, and graphs

• Analysis of Key Players in Ultra-Thin Solar Cells Technologies
• First Solar, Inc.
• Kaneka Corporation
• Mitsubishi Corporation.
• Shunfeng International Clean Energy Limited
• Solar Frontier K.K.
• Anwell Technologies Limited
• Changzhou EGing Photovoltaic Technology Co. Ltd.
• GCL-Poly Energy Holdings Ltd.
• Sharp Corporation
• Tongwei Solar
• Trony Solar Holdings Company Limited

• Global Ultra-Thin Solar Cells Market Outlook and Analysis from 2019-2029

• Ultra-Thin Solar Cells Market by Type forecasts and Analysis from 2019-2029
• Cadmium Telluride (CdTe) Ultra-Thin Solar Cells Forecast 2019-2029
• Copper Indium Gallium Diselenide (CIGS) Ultra-Thin Solar Cells Forecast 2019-2029
• Amorphous Thin-Film Silicon (ATFS) Ultra-Thin Solar Cells Forecast 2019-2029
• Other Types Ultra-Thin Solar Cells Forecast 2019-2029

• Ultra-Thin Solar Cells Market by Installation Forecasts and Analysis from 2019-2029
• On-Grid Ultra-Thin Solar Cells Forecast 2019-2029
• Off-Grid Ultra-Thin Solar Cells Forecast 2019-2029

• Ultra-Thin Solar Cells Market by Application Forecasts and Analysis from 2019-2029
• Ultra-Thin Solar Cells Used in Industrial Forecast 2019-2029
• Ultra-Thin Solar Cells Used in Commercial Forecast 2019-2029
• Ultra-Thin Solar Cells Used in Residential Forecast 2019-2029
• Ultra-Thin Solar Cells Used in Utility Forecast 2019-2029
• Ultra-Thin Solar Cells Used in Other Applications Forecast 2019-2029

• Regional and Leading National Ultra-Thin Solar Cells Market Forecasts from 2019-2029

• America Ultra-Thin Solar Cells Market Forecast 2019-2029
• US Ultra-Thin Solar Cells Market Forecast 2019-2029
• Canada Ultra-Thin Solar Cells Market Forecast 2019-2029
• Mexico Ultra-Thin Solar Cells Market Forecast 2019-2029
• Brazil Ultra-Thin Solar Cells Market Forecast 2019-2029
• Argentina Ultra-Thin Solar Cells Market Forecast 2019-2029
• Chile Ultra-Thin Solar Cells Market Forecast 2019-2029
• Rest of America Ultra-Thin Solar Cells Market Forecast 2019-2029

• Europe Ultra-Thin Solar Cells Market Forecast 2019-2029
• Germany Ultra-Thin Solar Cells Market Forecast 2019-2029
• Italy Ultra-Thin Solar Cells Market Forecast 2019-2029
• UK Ultra-Thin Solar Cells Market Forecast 2019-2029
• France Ultra-Thin Solar Cells Market Forecast 2019-2029
• Switzerland Ultra-Thin Solar Cells Market Forecast 2019-2029
• Austria Ultra-Thin Solar Cells Market Forecast 2019-2029
• Belgium Ultra-Thin Solar Cells Market Forecast 2019-2029
• Denmark Ultra-Thin Solar Cells Market Forecast 2019-2029
• Greece Ultra-Thin Solar Cells Market Forecast 2019-2029
• Hungary Ultra-Thin Solar Cells Market Forecast 2019-2029
• The Netherlands Ultra-Thin Solar Cells Market Forecast 2019-2029
• Poland Ultra-Thin Solar Cells Market Forecast 2019-2029
• Spain Ultra-Thin Solar Cells Market Forecast 2019-2029
• Rest of Europe Ultra-Thin Solar Cells Market Forecast 2019-2029

• Asia Pacific Ultra-Thin Solar Cells Market Forecast 2019-2029

• China Ultra-Thin Solar Cells Market Forecast 2019-2029
• Japan Ultra-Thin Solar Cells Market Forecast 2019-2029
• Australia Ultra-Thin Solar Cells Market Forecast 2019-2029
• Israel Ultra-Thin Solar Cells Market Forecast 2019-2029
• India Ultra-Thin Solar Cells Market Forecast 2019-2029
• Malaysia Ultra-Thin Solar Cells Market Forecast 2019-2029
• Pakistan Ultra-Thin Solar Cells Market Forecast 2019-2029
• The Philippines Ultra-Thin Solar Cells Market Forecast 2019-2029
• Taiwan Ultra-Thin Solar Cells Market Forecast 2019-2029
• Thailand Ultra-Thin Solar Cells Market Forecast 2019-2029
• Bangladesh Ultra-Thin Solar Cells Market Forecast 2019-2029
• Indonesia Ultra-Thin Solar Cells Market Forecast 2019-2029
• Singapore Ultra-Thin Solar Cells Market Forecast 2019-2029
• United Arab Emirates Ultra-Thin Solar Cells Market Forecast 2019-2029
• South Korea Ultra-Thin Solar Cells Market Forecast 2019-2029
• Rest of Asia-Pacific Ultra-Thin Solar Cells Market Forecast 2019-2029

• Africa Ultra-Thin Solar Cells Market Forecast 2019-2029
• Algeria Ultra-Thin Solar Cells Market Forecast 2019-2029
• Cape Verde Ultra-Thin Solar Cells Market Forecast 2019-2029
• Ethiopia Ultra-Thin Solar Cells Market Forecast 2019-2029
• Mauritania Ultra-Thin Solar Cells Market Forecast 2019-2029
• Senegal Ultra-Thin Solar Cells Market Forecast 2019-2029
• South Africa Ultra-Thin Solar Cells Market Forecast 2019-2029
• Morocco Ultra-Thin Solar Cells Market Forecast 2019-2029
• Egypt Ultra-Thin Solar Cells Market Forecast 2019-2029
• Rest of Africa Ultra-Thin Solar Cells Market Forecast 2019-2029

• Key questions answered
• What does the future hold for the Ultra-Thin Solar Cells industry?
• Where should you target your business strategy?
• Which applications should you focus upon?
• Which disruptive technologies should you invest in?
• Which companies should you form strategic alliances with?
• Which company is likely to succeed and why?
• What business models should you adopt?
• What industry trends should you be aware of?

• Target Audience
• Leading Ultra-Thin Solar Cells companies
• Suppliers
• Contractors
• Technologists
• R&D staff
• Consultants
• Analysts
• CEO's
• CIO's
• COO's
• Business development managers
• Investors
• Governments
• Agencies
• Industry organisations
• Banks

To request a report overview of this report please contact Sara Peerun at This email address is being protected from spambots. You need JavaScript enabled to view it. or refer to our website: https://www.visiongain.com/report/ultra-thin-solar-cells-market-report-2019-2029/

Did you know that we also offer a report add-on service? Email This email address is being protected from spambots. You need JavaScript enabled to view it. to discuss any customized research needs you may have.

1366 Technologies
Agfa
Aleo Solar
alti-solar
Amcor Flexibles
Amelio Solar
Anel Enerji
Anwell Technologies Limited
Ascent Solar Technologies Inc
Astronergy
Atsco Solar
Auria
Avancis
Bangkok Solo
Beijing Xiaocheng Company (BXC)
Best Solar
Beyond PV
Boviet Solar Technology Co
Calyxo
Cambridge Display Technology
Canadian Solar
Capital Dynamics
Center for Advanced Molecular Photovoltaics
Changzhou EGing Photovoltaic Technology Co. Ltd.
Chi Mei Energy Corp
China Sunergy
CN Solar Technology Co
DAI HWA
Danish Solar Energy Ltd
DCH Solar GmbH
Dupont Teijin
Enel Green Power México
Enel Green Power Peru
Energy Conversion Devices
Engie
ENN Solar Energy
EPV Solar
Ersol Solar
Ethiopian Electric Power Corporation (EEP)
E-Ton Solar
First Solar, Inc.
Flexcell (VHF Technologies)
Formosun Solar Corporate
GCL-Poly Energy Holdings Ltd.
General Electric
German Technical Cooperation
Gintech
Global Solar Energy Inc
GT Advanced Technology
HC Starck
Hemlock Semiconductor
HHV Solar Technologies
HROTE
Infrastructure Development Company Limited (IDCOL)
JA Solar
JVG Thoma
Kaneka Corporation
Kenmos Photovoltaics
Konarka
Kyocera
Lite Array Holdings Limited
Masdar PV
Matsushita Electric
MEMC Electronic Materials
Merck
Mitsubishi Corporation.
Molecular Solar
Moser Baer Photo Voltaic Ltd
Moser Baer Solar Limited
Motech
Nanogram
Nanosolar
NexPower Technology Corp
Ningbo Solar Electric
OCI
Odersun AG
Orion Photovoltaics
Polar Photovoltaic Co.
Qatar Solar Technologies (QSTec)
Q-Cells
Renewable Energy Corp ASA (REC)
Sanyo
Schott Solar
Sharp Corporation
Shell
Shunfeng International Clean Energy Limited
Siemens
Sierra Solar
Signet Solar
SKY Energy International
Solairedirect
Solar Energy Materials Initiative
Solar Frontier K.K.
Solarfun
Solarion AG
SolarWorld
Solibro GmbH
Solyndra
Sontor
SpectraWatt Inc
Stion
Sulfurcell Solartechnik
Sunfilm
SunFlake
SunPower
Suntech Power
SuntechPower
Taiyo Oil Company
Terna Group
ThyssenKrupp
Tongwei Solar
Trina Solar
Trony Solar Holdings Company Limited
Twin Creeks Technologies
United Solar
Universal Display Corp.
WackerChemie
Wuerth Solar GmbH
X-ELIO
XsunX
Xunlight Corporation
YingliGreen Energy

List of Other Organisations Mentioned in this Report
Asian Development Bank (ADB)
Beijing Xiaocheng Company (BXC)
Delaware University
Development Bank of Japan
Energy Regulatory Commission, Thailand
Ethiopian Electric Power Corporation (EEP)
Indonesia's Ministry of Energy and Mineral Resources (ESDM)
Infrastructure Development Company Limited (IDCOL)
Institute of Energy Conversion
International Energy Agency (IEA)
Kfw Germany
Metals and Engineering Corporation of Ethiopia (METEC)
National Energy Administration (NEA)
National Public Services Authority (ASEP)
Nigerian Bulk Electricity Trading (NBET)
Princeton University
Senegalese National Renewable Energy Agency (ANER)
The Alternative Energy Development Council (AEDB)
The Danish Parliament
The Department of Rural Development, the Ministry of Agriculture, Livestock and Irrigation (Myanmar)
The Energy Department (DoE)
The German Bundesnetzagentur
The Global Environment Facility
The Government of Ukraine
The Greek Ministry of Environment, Energy and Climate Change (YPEKA)
The International Renewable Energy Agency (IRENA)
The Islamic Development Bank
The Israeli Electricity Authority
The Ministry of Energy of Turkey
The Ministry of Energy, Green Technology and Water
The Ministry of Renewable Energy (MER) of Senegal
The Moroccan Solar Energy Agency (MASEN)
The National Assembly of France
The National Electric Energy Company (Honduras)
The National Energy Policy Commission of Thailand (NEPC)
The Netherlands Statistical Office
The Rural Electrification Authority (REA) of Kenya
The Russian Government
The State Energy and Mining Company of Jujuy (JEMSE)
The State Incentives Database for Renewables and Efficiency (DSIRE)
The Sustainable Energy Association of Singapore (SEAS)
University of California
University of Tokyo
Volta River Authority (VRA)
World Bank

To see a report overview please e-mail Sara Peerun on This email address is being protected from spambots. You need JavaScript enabled to view it.

SOURCE Visiongain

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