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Jinko posts $47m, second-quarter profit

The Chinese solar manufacturer shipped 4.46 GW of modules for turnover of $1.2 billion from April to June and expects to move 20 GW of panels this year.

Shanghai-based solar manufacturer JinkoSolar has reported solid financials for the second quarter, despite the Covid-19 crisis.

The company shipped 4,469 MW of panels for revenue of RMB8.45 billion ($1.24 billion) during the period, compared to 3,411 MW and RMB6.91 billion a year earlier.

Gross margin for the quarter was 17.9%, up from 16.5% in April to June last year. “The year-over-year increase was mainly attributable to an increase in self-produced production volume by [an] increasing shift toward integrated, mono-based, high-efficiency-products capacity, and the continued reduction of integrated production costs resulting from the company’s industry-leading integrated cost structure,” said Jinko.

Second-quarter operating profit was RMB435 million for net profit of RMB318 million ($47 million), representing a considerable improvement from RMB260 million and RMB125 million, respectively, in the second quarter of last year.

“As economies have started to rebound in many markets, we believe global demand will eventually accelerate and we are well positioned to benefit from the momentum,” stated the panel maker. “Earlier this year, the shortage of supply in the Chinese market drove up prices along the supply chain but prices have stabilized since then and we expect strong market demand to continue until the end of the year.”

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Jinko said solar module demand dipped during the second quarter, due the economic slowdown caused by the Covid-19 pandemic, but added, big integrated manufacturers with large production capacities and infrastructure – like itself – were able to gain market share whilst being more resilient to panel price fluctuations. “Overall, the combined shipment volumes of the top five solar module manufacturers are expected to account for 65% to 70% of the industry for the year,” the manufacturer added.

The company expects to ship 5-5.3 GW of modules in the current quarter for a full-year total of 18-20 GW.

At the end of June, the company had annual wafer, cell and PV module production capacities of 20 GW, 11 GW and 25 GW, respectively.

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Source: pv magazine