Jinkosolar has shrugged off the impact of the Covid-19 Coronavirus as it moves production entirely to monocrystalline solar module technology in 2020.
The company is one of the largest solar module manufacturers in the world and will have shifted all its production to monocrystalline wafer production by April this year with a capacity of 18GW.
Total solar module shipments last year were 14.3 GW, up 25 per cent from 11.4 GW for 2018. This brought in RMB29.75bn (US$4.27bn), an increase of 18.8 per cent from RMB25.04bn year-on-year. This came from an increase in the shipment of solar modules, which was partially offset by a decline in the average selling price. The gross margin, a key figure for solar modules, was 18.3 per cent, compared with 14.0 per cent the previous year.
Income from operations was RMB1.73bn (US$248.4m), compared with RMB644.9 million for full year 2018.
“Module shipments during the [fourth] quarter were 4,538 MW, an increase of 36% sequentially and 25% year-over-year,” said Kangping Chen, CEO of JinkoSolar . “Total revenues during the quarter were US$1.37 billion, an increase of 27% sequentially and 23% year-over-year, while gross profit hit US$250 million. 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 full year 2020 where we expect solar module shipments to increase by approximately 35%."
"2019 marked a significant milestone in our corporate history in which we successfully completed our transformation into the most competitive solar manufacturer in the world. A number of emerging markets are flourishing with many of them approaching gigawatts levels, which we believe reflects the direction the market is headed with demand diversifying globally instead of concentrating in a few large markets."
“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 per cent year-over-year," he added.