Jinko Solar Q1 Results Report 8.4 GW of Shipments, Up 56% YoY

Module major Jinko Solar has announced its Q1 results, and as expected, the results are a major jump over the corresponding period last year. Total revenues were RMB 14.76 billion ($2.24 billion), a growth of  86% year-on-year (YoY). Gross profit came in at RMB 2.23 billion ($338.6 million), a 64% YoY increase even as it was down 15.8% compared to the previous quarter (Q4, 2021) .

Thus, even as gross margin for the quarter fell to 15.1% due to the disruptions in the Module supply chain, a little below Q1 in 2021, Q1 2022 shipments were close to 8.4GW, including 359MW of shipments of solar cells and wafers. This figure, was down 13.4% on Q4 2021, but up 56% year-on-year.

The company has stuck to its full year guidance of 35GW – 40GW for all of 2022. Along with Longi, Jinko remains one of the bell weather firms for the module sector when it comes to overall health and growth.

With its successful dual-listing on China’s STAR Market, the firm has predicted stable Q2 margin, indicating prices will not drop in Q2 as well, even as supply disruptions seem to be settling down a bit.

In 2021, JinkoSolar had expanded its PV manufacturing capacity expansion plans for 2022, citing higher demand from Europe and elsewhere, despite the margins contraction.

These expansions will be in n-type cell manufacturing.

The company has announced targets for solar wafer, cell and module capacities of 50GW, 40GW and 60GW respectively, which have been revised to 55GW, 55GW and 60GW for 2022 end.

The firm has been buffeted by covid disruptions in China  even as Polysilicon prices have too remained high.

Jinko was among the firms to move early to firm up supplies last year, and that seems to have paid of in terms of more stable output..

In highlighting demand from Europe,  the firm also mentioned the uncertainty in the US market, a key market, due to the issues around anti-dumping duties there.

The firm has predicted  global installations to reach about 250 GW in 2022 with distributed generation to make up a higher proportion of the energy mix in countries traditionally reliant on gas-fired and thermal power, according to its spokesperson.