JinkoSolar Reports 31.4 % Boost in Deliveries in FY20, Earnings up 18%.

Apr 12, 2021 05:37 PM ET
  • JinkoSolar has revealed that despite 'extreme difficulties' it took care of to bump up its annual shipments to 18.77 GW in FY 2020. The firm also encountered losses for the 4th quarter.

JinkoSolar, one of the largest solar module producers on the planet, has just recently revealed its monetary results for the fiscal year 2020 (FY20) finished December 31, 2020. In its annual outcomes, the company has exposed that despite 'extreme obstacles' it handled to bump up its yearly deliveries to 18.77 GW, a boost of 31.4 percent year over year (YoY), and also with it raised its overall profits to USD 5.38 billion, up 18.1 percent YoY.

" 2020 was an extremely difficult year for the solar industry as global markets were shrouded in unpredictability because of the COVID-19 pandemic. Despite challenging market conditions, we boosted our global market share and recorded development opportunities thanks to our resistant network and also strategic collaborations along the sector value chain. Gross margin for the 4th quarter was within our expectations and both earnings as well as deliveries for the full year tape-recorded substantial growth compared with 2019," claimed Xiande Li, JinkoSolar's Chairman of the Board of Supervisors as well as Chief Executive Officer.

" We expect complete deliveries in 2021 to expand over 30 percent, to be in the variety of 25 GW to 30 GW. By the end of 2021, we anticipate our internal annual production capacity of monocrystalline silicon wafers, high-efficiency solar cells and modules to get to 33 GW, 27 GW and also 37 GW, respectively," he included.

According to the company, the rise in total earnings was generally attributable to a boost in the shipment of solar modules, which was partly balanced out by a decline in the ordinary market price of solar modules.

Further, the report outlined that the companies' gross profit for full year 2020 was RMB 6.17 billion (USD 945.8 million), an increase of 13.6 percent from RMB 5.43 billion for complete year 2019. The gross margin was 17.6 percent for full year 2020, compared with 18.3 percent for full year 2019.

Based on the firm, the year-over-year increase (besides rise in deliveries and reduced expenses) was mainly attributable to:.

( i) a boost in self-produced production quantity by raising shift towards integrated mono-based high-efficiency products ability, and also.

( ii) the ongoing reduction of integrated production expenses resulting from the Firm's industry-leading integrated price framework.

Nonetheless, leaving out aspects like CVD and also ADD reversal benefits, gross margin was 17.1 percent for full year 2020, compared with 17.5 percent for full year 2019. The year-over-year decline based on the firm resulted from.

( i) a decline in the ordinary asking price of solar modules because of the increased global market competitors of solar modules as well as.

( ii) a boost in the cost of resources.

" Because the 4th quarter of 2020, the inequality in between supply as well as need continued to drive volatility upstream as well as downstream. We forecast this scenario will certainly proceed right into the second quarter of this year. While there are still provide lacks, there is enough polysilicon to sustain over 180 GW of module production and supply suffices in many sections of the supply chain. As international installation levels are still likely to boost this year, need for modules will revitalize once market prices are secured," stated Li.