JinkoSolar unveiled up to 1,600MW of PV module shipments in the first quarter of 2016 in its financial report, making the company the world’s biggest PV module supplier. For the full year 2016, JinkoSolar aims to deliver 6~6.5GW of PV modules to the world.

Financial highlights

During 1Q16, JinkoSolar’s PV module shipments were 1,600MW, including 166 MW for the company’s downstream projects. The module shipments significantly increased by 102.7% from 789MW in 1Q15, and slightly decreased by 6.4% from 1,710MW in 4Q15.

Total revenues were RMB5.47 billion, representing 98.8% YoY growth and 10.0% QoQ decrease.

Gross profit was RMB 1.17 billion, down from RMB 1.18 billion in 4Q15 and up from RMB 558.5 million in 1Q15. Gross margin in 1Q16 was 21.3%, higher than 19.5% in 4Q15 and 20.3% in 1Q15. The sequential and y-o-y increases were primarily due to the continued decrease in costs and the higher gross margins associated with electricity revenues due to newly-completed solar power projects ramping up to full capacity.

Net income was RMB 313.3 million, compared with RMB349.4 million in 4Q15 and RMB51.0 million in 1Q15

“Next month marks our 10-year anniversary and I couldn't imagine a better way to celebrate this milestone,” commented Kangping Chen, JinkoSolar's Chief Executive Officer. “We began our journey from humble beginnings and sustainably built our way into a globally recognized brand having shipped a total of 13 GW to more than 1,700 customers in over 70 countries and regions since then.”

PV project business

Growth in JinkoSolar’s downstream PV project sector is another highlight in the financial results. During the first three months of 2016, PV projects owned by JinkoSolar cumulatively generated 210GWh of electricity, representing a 36.4% QoQ growth and a 81.7% YoY growth. Revenues generated from solar PV projects were RMB185.5 million, representing a 36.1% QoQ increase and a 81.7% YoY increase.

Chen said, “The increase [of electricity output] was mainly attributable to newly-completed solar power projects ramping up to full capacity in the first quarter of 2016, which was adversely affected by continued curtailment of projects in western China.”

As the world’s solar demand continues to grow and costs go down, JinkoSolar believes that the market will further expand in China, USA, and other countries. JinkoSolar has awarded three PV projects totaling 188MWac in Mexico during the quarter, representing the company’s ambitious expansion into overseas markets.

JinkoSolar expects a 1.6~1.7GW PV module shipments in the second quarter of 2016, and a 6~6.5GW PV module shipment for the full year 2016, including 5.4~5.7GW of shipments to clients. In addition, JinkoSolar expects to add 600~800MW of PV projects in 2016.