JinkoSolar reduces 2021 shipments advice by up to 5.7 GW, plots significant n-type expansion

• JinkoSolar has actually lowered its shipments support for the year, lowering its top end assistance by greater than 5GW as it blamed recurring logistics issues and port clogs.

The 'Solar Module Super League' supplier has, however, unveiled a significant n-type cell ability growth prepared for next year, with Jinko planning to complete Q1 2022 with around 16GW of n-type cell capacity.

Reporting its Q3 2021 results today, JinkoSolar recorded overall shipments for the quarter of 4.99 GW, of which 4.67 GW was PV module shipments. This dropped marginally except support for the quarter provided throughout the producer's Q2 2021 results disclosure, created primarily by weak cell and wafer shipments of simply 322MW.

This takes overall shipments of wafers, cells and also modules for the year to day to 15.5 GW. JinkoSolar is now anticipating for Q4 shipments to find in at between 7.3-- 8.8 GW, leading to a complete full-year shipment assistance for 2021 of in between 22.8-- 24.3 GW.

It represents a significant revision of the full year advice of 25-- 30GW concerns at the start of the year as well as reaffirmed by the SMSL member in August.

Shares in the solar manufacturer slipped by 6.77% in pre-market trading to US$ 52.20.

Xiande Li, chairman as well as ceo at JinkoSolar, stated that while a lot more efficient new cell ability had permitted the manufacturer to significantly cut its cell production expenses in the quarter, partially offsetting increasing material prices, increasing logistics costs had weighed heavy on the firm's performance.

"Complete shipments were impacted by the delay in sales income acknowledgment caused by logistical concerns as well as obstructions," he stated.

While shipping costs as well as logistical issues have afflicted the solar PV market this year, JinkoSolar has actually likewise been struck by well-documented issues servicing the United States market. Shipments to the US were confiscated previously this year connecting to recurring investigations by the US Customs as well as Border Protection connecting to its Withhold Release Order against polysilicon products from Hoshine Silicon Industry, a concern the manufacturer reviewed throughout its last outcomes call.

At the time Li stated the company was working to "raise the dependability of our solutions to the US market", and also the manufacturer has actually since verified the advancement of a 7GW solar wafer facility in Vietnam which is supposedly to use polysilicon stemming from Germany's Wacker Chemie.

JinkoSolar today verified that it anticipates the Vietnam center to commence production in Q1 2022, and also talking to experts throughout today's teleconference Li gave additional colour. Li noted that it anticipated the Vietnam center to ramp in early Q1 2022 and also would be operation by January or February, adding towards a complete solar worth chain operational beyond China by the end of the very first quarter.

This would permit the first non-China items to be delivered to the US in late H1 2022, in either May or June, before getting to mass quantity in the 2nd half of the year.

While JinkoSolar expects around 5GW of modules to be generated by the non-China worth chain next year, continuous shipping restraints can yet better stymie United States market supply, Li added.

Overall earnings for the reporting duration came in at RMB8.57 billion (US$ 1.33 billion), in accordance with assumptions yet down 2.3% year-on-year, while gross profit fell 13.3% year-on-year to US$ 201.1 million.

JinkoSolar's gross margin for the period was 15%, towards the leading end of the firm's assistance.

It anticipates total profits for Q4 to fall in the range of US$ 1.8-- 2.2 billion with a margin of between 13-- 16%.