Jinko Solar post impressive results for Q2
Chinese solar manufacturer Jinko Solar has achieved revenues of RMB5.96 billion ($896.1 million) in the second quarter of 2016, representing an increase of 86.1% from RMB3.2 billion in the second quarter of 2015. The increase was mainly attributable to the increase in solar module shipments as well as the increase in electricity revenue.
Net income attributable to the company's ordinary shareholders was RMB280.1 million ($42.1 million), compared to RMB76.4 million in the second quarter of 2015.
Total solar module shipments were 1,716 MW, which includes 204 MW used in the company's downstream projects. Shipments increased by 7.3% from 1,600 MW in the first quarter of 2016 and 87.9% from 913 MW in the second quarter of 2015.
Solar power projects generated 327 GWh of electricity, representing an increase of 55.8% from the first quarter of 2016 and 60.9% from the second quarter of 2015. Total revenues generated from solar power projects were RMB288.5 million ($43.4 million), representing an increase of 55.5% from the first quarter of 2016 and 62.1% from the second quarter of 2015. The sequential and year-over-year increases were primarily due to the increase in number and capacity of the company's solar projects and reduced curtailment of electricity in China's western regions. In the first half of the year Jinko had connected 1,130 MW worth of solar power projects.
As of June 30, 2016, the company's in-house annual silicon wafer, solar cell and solar module production capacity was 3.5 GW, 3.5 GW and 6.5 GW, respectively. According to Jinko's CEO Kangping Chen, the company updated the guidance for year-end manufacturing capacity to 4.5GW, 3.7GW, and 6.5GW for wafers, cells and modules, respectively.
For the third quarter of 2016, the company estimates total solar module shipments to be in the range of 1.5 GW to 1.7GW. For the full year 2016, Jinko expects module shipments to be in the range of 6 GW and 6.5 GW. Full year newly-added solar power project development scale is expected to be in the range of 600 MW to 800 MW.