JinkoSolar Shipped 18.8 GW Solar Modules In 2020

• JinkoSolar reported revenues of $5.38 billion in 2021, growing 18.1% YoY and gross profit growing 13.6% to $945.8 million
• Q4/2020 revenues declined 1.1% on annual basis to $1.44 billion, even as 5.77 GW shipped in the quarter was its highest quarterly shipment since Q1/2019
• Capacity expansion is on cards to reach 33 GW of monocrystalline silicon wafer capacity, 27 GW for high efficiency solar cells and 37 GW for high efficiency solar modules 37 GW, by the end of 2021
• In 2021, it plans to ship a total of 25 GW to 30 GW of solar modules, taking 30% annual growth

JinkoSolar Holding Co., Ltd. has finally announced its 2020 financial results claiming it shipped 18.77 GW solar PV modules last year, growing annually by 31.4%. Of this, a total of 5,774 MW were shipped in Q4/2020 alone, highest in any quarter not only in 2020, but also since Q1/2019.

Thanks to the annual increase in its shipments in, its total revenues added up to $5.38 billion reflecting annual growth of 18.1%, partially offset by a decline in the ASP of solar modules. Company's gross profit rose 13.6% from previous year to at $945.8 million, thanks to also increase in its production volume by increasing shift toward integrated mono based high efficiency products. Gross profit dropped down to 17.6% compared to 18.3% in 2019 (see JinkoSolar Exits 2019 With RMB 898.7 Million Net Income).

For Q4/2020, its revenues declined 1.1% YoY to $1.44 billion with gross profit going down 12.9% to $230.9 million.

"Since the fourth quarter of 2020, the mismatch between supply and demand continued to drive volatility upstream and downstream. We predict this scenario will continue into the second quarter of this year," said JinkoSolar's Chairman of the Board of Directors and CEO Xiande Li. "While there are still supply shortages, there is enough polysilicon to support over 180GW of module production and supply is sufficient in most segments of the supply chain. As global installation levels are still likely to increase this year, demand for modules will revive once market prices are stabilized."

Guidance

In Q1/2021, JinkoSolar has guided for solar module shipments in the range of 4.5 GW to 5.0 GW with revenues of $1.18 billion to $1.30 billion, and gross margin of 12% and 15%.

During the year 2021, the company expects to ship 25 GW to 30 GW of solar modules aiming for 30% annual growth over 2020.

Management has also guided for its annual production capacity to grow as well as it aims by the end of 2021 for:

• monocrystalline silicon wafers to reach 33 GW,
• high efficiency solar cells to reach 27 GW
• and modules to reach 37 GW.

The capacities will grow from 22 GW wafers, 11 GW cells (10.2 GW for PERC cells and 800 MW for N-type cells), and 31 GW modules today.

Recently JinkoSolar launched its new Tiger Pro solar modules with 182mm size for distributed generation market (see 182mm Sized Module From JinkoSolar For DG Market).

"We have shipped our energy storage products to the Middle East and Africa, and will launch products specifically designed for the U.S. and Japanese markets in the second half of 2021," added Li. "Meanwhile, our business in the global distribution market is showing a rapid upward trend, and our products for Building Integrated Photovoltaics (BIPV) systems have been installed in a number of commercial real estate projects in China."