JinkoSolar Announces Fourth Quarter and Full Year 2017 Financial Results

Veröffentlicht auf 23.03.2018
Jinko Solar 
JinkoSolar Holding Co., Ltd. announced its unaudited financial results for the fourth quarter and full year ended December 31, 2017.

Fourth Quarter 2017 Highlights

- Total solar module shipments were 2,481MW (including 14MW to be used in the Company's overseas downstream solar projects), an increase of 4.5% from 2,374MW in the third quarter of 2017 and an increase of 43.1% from 1,733MW in the fourth quarter of 2016.

- Total revenues were RMB6.35 billion (US$976.4 million), a decrease of 1.0% from the third quarter of 2017 and an increase of 24.0% from the fourth quarter of 2016.

- Gross margin was 11.6%, compared with 12.0% in the third quarter of 2017 and 14.3% in the fourth quarter of 2016.

- Income from operations was RMB91.3 million (US$14.0 million), compared with RMB91.9 million in the third quarter of 2017 and RMB77.9 million in the fourth quarter of 2016.

- Net income attributable to the Company's ordinary shareholders from continuing operations was RMB22.5 million (US$3.5 million) in the fourth quarter of 2017, compared with RMB11.3 million in the third quarter of 2017 and RMB145.8 million in the fourth quarter of 2016.

- Diluted earnings per American depositary share ("ADS") from continuing operations were RMB0.68 (US$0.12).

- Non-GAAP net income attributable to the Company's ordinary shareholders from continuing operations in the fourth quarter of 2017 was RMB41.5 million (US$6.4 million), compared with RMB25.9 million in the third quarter of 2017 and RMB218.2 million in the fourth quarter of 2016.

- Non-GAAP basic and diluted earnings per ADS from continuing operations were RMB1.28 (US$0.20) and RMB1.24 (US$0.20), respectively, in the fourth quarter of 2017.

Full Year 2017 Highlights

- Total solar module shipments were 9,807MW (including 14MW to be used in the Company's overseas downstream solar projects), an increase of 47.3% from 6,656MW for the full year 2016.

- Total revenues for the full year 2017 were RMB26.47 billion (US$4.07 billion), an increase of 23.7% from RMB21.40 billion for the full year 2016.

- Gross margin was 11.3% for the full year 2017, compared with 18.1% for the full year 2016.

- Income from operations was RMB325.3 million (US$50.0 million), compared with RMB1.35 billion for the full year 2016.

- Net income attribute to the Company's ordinary shareholders from continuing operations was RMB141.7 million (US$21.8 million) for the full year 2017, compared with RMB990.7 million for the full year 2016.

- Diluted earnings per ADS from continuing operations for the full year 2017 were RMB4.32 (US$0.68), compared with RMB30.52 for the full year 2016.

- Total diluted earnings per ADS from continuing and discontinued operations for the full year 2017 were RMB4.32 (US$0.68), compared with RMB56.12 for the full year 2016.

- Non-GAAP net income attributable to the Company's ordinary shareholders from continuing operations for the full year 2017 was RMB209.0 million (US$32.1 million), compared with RMB1.27 billion for the full year 2016.

- Non-GAAP basic and diluted earnings per ADS from continuing operations for the full year 2017 were RMB6.48 (US$1.00) and RMB6.36 (US$0.96), respectively.

Mr. Kangping Chen, JinkoSolar's Chief Executive Officer commented, "we shipped 2,481MW of solar modules during the quarter while generating total revenues of $976.4 million. For the full year 2017, we further strengthened our leading global position in terms of global market share by shipping 9,807MW of solar modules, a 47.3% increase from 2016. Our gross margin was 11.3% for the year, compared to 18.1% in 2016, partially as a result of increased collaboration with OEM partners to meet surging market demand, especially in the first half of 2017, and higher raw material costs. We believe our gross margin and bottom line have ample room for improvement in 2018 as a result of the decrease in raw material costs, our reduced use of OEM, and enhanced cost structure supported by technology and supply chain management initiatives. We are confident in our ability to further expand our global market share in 2018."

"While many of the details from the Section 201 petition have yet to be ironed out, we have finalized plans to invest in the construction of an advanced solar module manufacturing facility in the southeastern United States to address local market demand. We will continue to invest in advanced manufacturing capacity overseas based on our global order book and market development. Emerging markets are gradually becoming our biggest growth driver, with demand from Latin America and Australia generating substantial growth momentum and the Middle East and African markets expected to rise in the coming year. We will continue to allocate more resources towards these high-growth markets in order to further solidify the long-term sustainable development of JinkoSolar."

"During the quarter, we continued to optimize our mono wafer production costs and have made substantial progress in crystalizing, cutting and argon recycling during the mono wafer production process. We broke our own world record during the quarter when solar cell efficiency for our P-type mono-crystalline PERC cell hit 23.45%. We also made solid progress in developing N type Hydride Oxide Thin Film (HOT) technology, with an industry-leading 21.9% in average cell efficiency during mass production. With demand increasing, we also plan to expand our production capacity of bifacial cell plus bifacial duo glass modules."

"We expect global demand to continue growing in 2018. This growth will mostly be driven by the emerging markets. With the cost of solar energy continuing to decrease and support for clean energy globally increasing, solar energy is becoming more and more competitive and are being applied more widely. We are very confident in the industry's long-term sustainability and prospects."

Fourth Quarter 2017 Financial Results

Total Revenues

Total revenues in the fourth quarter of 2017 were RMB6.35 billion (US$976.4 million), a decrease of 1.0% from RMB6.42 billion in the third quarter of 2017 and an increase of 24.0% from RMB5.12 billion in the fourth quarter of 2016. The sequential decrease was mainly attributable to a decrease in the shipment of silicon wafers and solar cells in the fourth quarter of 2017. The year-over-year increase was mainly attributable to an increase in solar module shipments, which was partially offset by a decline in the average selling price of solar modules in 2017.

Gross Profit and Gross Margin

Gross profit in the fourth quarter of 2017 was RMB735.3 million (US$113.0 million), compared with RMB772.4 million in the third quarter of 2017 and RMB730.0 million in the fourth quarter of 2016. The sequential decrease was mainly attributable to a slight decline in the gross margin of solar modules in the fourth quarter of 2017. The year-over-year increase was mainly attributable to an increase in solar module shipments, which was partially offset by a decline in the average selling price of solar modules in 2017.

Gross margin was 11.6% in the fourth quarter of 2017, compared with 12.0% in the third quarter of 2017 and 14.3% in the fourth quarter of 2016. The sequential decrease was mainly attributable to an increase in polysilicon cost and the appreciation of the RMB against the US dollar. The year-over-year decrease was mainly attributable to a decline in the average selling price of solar modules in the fourth quarter of 2017.

Income from Operations and Operating Margin

Income from operations in the fourth quarter of 2017 was RMB91.3 million (US$14.0 million), compared with RMB91.9 million in the third quarter of 2017 and RMB77.9 million in the fourth quarter of 2016. Operating margin in the fourth quarter of 2017 was 1.4%, compared with 1.4% in the third quarter of 2017 and 1.5% in the fourth quarter of 2016.

Total operating expenses in the fourth quarter of 2017 were RMB644.0 million (US$99.0 million), a decrease of 5.4% from RMB680.5 million in the third quarter of 2017 and a decrease of 1.2% from RMB652.1 million in the fourth quarter of 2016. The sequential decease was mainly due to a disposal gain in property, plant and equipment, which was partially offset by an increase in provision for accounts receivable. The year-over-year decrease was primarily due to a disposal gain in property, plant and equipment, which was partially offset by an increase in shipping costs.

Total operating expenses accounted for 10.1% of total revenues in the fourth quarter of 2017, compared to 10.6% in the third quarter of 2017 and 12.7% in the fourth quarter of 2016.

Interest Expense, Net

Net interest expense in the fourth quarter of 2017 was RMB55.6 million (US$8.5 million), an increase of 6.2% from RMB52.3 million in the third quarter of 2017 and a decrease of 25.5% from RMB74.5 million in the fourth quarter of 2016. The year-over-year decrease was due to a decrease in interest expenses associated with the Company's convertible senior notes, US$61.1 million of which were repurchased in the first quarter of 2017.

Exchange Gain / (Loss), Net

The Company recorded a net exchange loss (including change in fair value of forward contracts) of RMB33.9 million (US$5.2 million) in the fourth quarter of 2017, compared to a net exchange loss of RMB49.3 million in the third quarter of 2017 and a net exchange gain of RMB17.7 million in the fourth quarter of 2016. The sequential and year-over-year changes were primarily due to the continued depreciation of the US dollar against the RMB.

Income Tax Expense / (Benefit), Net

The Company recorded an income tax expense of RMB31.1 million (US$4.8 million) in the fourth quarter of 2017, compared with an income tax expense of RMB4.5 million in the third quarter of 2017 and an income tax benefit of RMB49.2 million in the fourth quarter of 2016.

Net Income and Earnings per Share

Net income attributable to the Company's ordinary shareholders from continuing operations in the fourth quarter of 2017 was RMB22.5 million (US$3.5 million), compared with RMB11.3 million in the third quarter of 2017 and RMB145.8 million in the fourth quarter of 2016.

Basic and diluted earnings per ordinary share from continuing operations were both of RMB0.17 (US$0.03), during the fourth quarter of 2017. This translates into basic and diluted earnings per ADS from continuing operations both of RMB0.68 (US$0.12).

Non-GAAP net income in the fourth quarter of 2017 was RMB41.5 million (US$6.4 million), compared with RMB25.9 million in the third quarter of 2017 and RMB218.2 million in the fourth quarter of 2016.

Non-GAAP basic and diluted earnings per ordinary share from continuing operations were RMB0.32 (US$0.05) and RMB0.31 (US$0.05), respectively, during the fourth quarter of 2017. This translates into non-GAAP basic and diluted earnings per ADS from continuing operations of RMB1.28 (US$0.20) and RMB1.24 (US$0.20), respectively.

Financial Position

As of December 31, 2017, the Company had RMB2.76 billion (US$424.4 million) in cash and cash equivalents and restricted cash, compared with RMB2.82 billion as of December 31, 2016.

As of December 31, 2017, the Company's accounts receivables due from third parties were RMB4.50 billion (US$691.3 million), compared with RMB4.75 billion as of December 31, 2016.

As of December 31, 2017, the Company's inventories were RMB4.27 billion (US$656.9 million), compared with RMB4.47 billion as of December 31, 2016.

As of December 31, 2017, the Company's total interest-bearing debts were RMB7.43 billion (US$1.14 billion), compared with RMB6.44 billion as of December 31, 2016.

Full Year 2017 Financial Results

Total Revenues

Total revenues for the full year 2017 were RMB26.47 billion (US$4.07 billion), an increase of 23.7% from RMB21.40 billion for the full year 2016. The increase in total revenues was mainly attributable to the increase in shipments of solar modules, which was partially offset by a decline in the average selling price of solar modules.

Gross Profit and Gross Margin

Gross profit for the full year 2017 was RMB2.99 billion (US$459.8 million), a decrease of 22.7% from RMB3.87 billion for the full year 2016. Gross margin was 11.3% for the full year 2017, compared with 18.1% for the full year 2016. The decrease was due to a decline in the average selling price of solar modules, increased volume produced by OEM partners and higher polysilicon price during the full year 2017.

Income from Operations and Operating Margin

Income from operations for the full year 2017 was RMB325.3 million (US$50.0 million), compared with RMB1.35 billion for the full year 2016. Operating margin for the full year 2017 was 1.2%, compared with 6.3% for the full year 2016.

Total operating expenses for the full year 2017 were RMB2.67 billion (US$409.8 million), an increase of 5.8% from RMB2.52 billion for the full year 2016. Operating expenses represented 10.1% of total revenues for the full year 2017, compared with 11.8% for the full year 2016. The increase in total operating expenses was primarily due to an increase in shipping costs and warranty costs, which were partially offset by a disposal gain in property, plant and equipment and a decrease in bad debt expenses due to the reversal of allowance for doubtful accounts upon subsequent collections.

Interest Expense, Net

Net interest expense for the full year 2017 was RMB245.5 million (US$37.7 million), a decrease of 31.7% from RMB359.3 million in 2016. The decrease was due to the repurchase of US$232.6 million in convertible senior notes and the repayment of US$123.5 million in bond payables.

Exchange Gain / (Loss), Net

The Company recorded an exchange loss of RMB122.6 million (US$18.8 million) for the full year 2017 due primarily to deprecation of US dollars against RMB. The Company had net exchange gain of RMB156.2 million in 2016.

Income Tax Expense, Net

The Company recognized an income tax expense of RMB4.6 million (US$0.7 million) for the full year 2017, compared with an income tax expense of RMB257.5 million in 2016.

Net Income and Earnings per Share

Net income attributable to the Company's ordinary shareholders from continuing operations for the full year 2017 was RMB141.7 million (US$21.8 million), compared with a net income of RMB990.7 million in 2016.

Basic and diluted earnings per share from continuing operations for the full year 2017 were RMB1.10 (US$0.17) and RMB1.08 (US$0.17), respectively. This translates into basic and diluted earnings per ADS from continuing operations of RMB4.40 (US$0.68) and RMB4.32 (US$0.68), respectively.

Non-GAAP net income from continuing operations for the full year 2017 was RMB209.0 million (US$32.1 million), compared with non-GAAP net income of RMB1.27 billion in 2016.

Non-GAAP basic and diluted earnings per share from continuing operations for the full year 2017 were RMB1.62 (US$0.25) and RMB1.59 (US$0.24), respectively, which translates into non-GAAP basic and diluted earnings per ADS from continuing operations of RMB6.48 (US$1.00) and RMB6.36 (US$0.96), respectively.

Fourth Quarter and Full Year 2017 Operational Highlights

Solar Module Shipments

Total solar module shipments in the fourth quarter of 2017 were 2,481MW, including 14MW to be used in the Company's overseas downstream solar projects.

Total solar module shipments in 2017 were 9,807MW (including14MW to be used in the Company's overseas downstream solar projects), compared to 6,656MW in 2016.

Solar Products Production Capacity

As of December 31, 2017, the Company's in-house annual silicon wafer, solar cell and solar module production capacity was 8GW, 5GW and 8GW, respectively.

Recent Business Developments

- In November 2017, JinkoSolar announced that it has been awarded the Cradle-to-Cradle certificate by SGS, the world's leading testing, inspection, verification, and certification organization.

- In December 2017, JinkoSolar supplied polycrystalline photovoltaic panels to the first solar power plant in Armenia.

- In January 2018, JinkoSolar announced that its wholly-owned subsidiary, JinkoSolar (U.S.) Inc., has signed a major master solar module supply agreement with a U.S. counterparty.

- In February 2018, JinkoSolar announced that its world record breaking 1177MW Sweihan project, co-developed by JinkoSolar, Marubeni, and the Abu Dhabi Electricity and Water Authority, was named as the Large Scale Solar Project of the Year by the Middle East Solar Industry Association.

- In February 2018, JinkoSolar announced that it closed the follow-on offering of 4,140,000 ADSs, each representing four ordinary shares of the Company, par value US$0.00002 per share, at US$18.15 per ADS. The net proceeds of the follow-on offering to the Company, after deducting underwriting commissions and fees and estimated offering expenses, was approximately US$71.1 million.

- In March 2018, JinkoSolar announced that it has completed the largest solar power plant in the Aegean region in cooperation with Asunim Turkey, a leading PV project developer and EPC company.

Operations and Business Outlook

First Quarter and Full Year 2018 Guidance

For the first quarter of 2018, the Company estimates total solar module shipments to be in the range of 1.8GW to 2GW.

For the full year 2018, the Company estimates total solar module shipments to be in the range of 11.5GW and 12GW.


ENF Profile von in diesem Artikel genannten Unternehmen

Jinko Solar (Solarwerkstoffe): https://de.enfsolar.com/directory/material/4383
Jinko Solar (Solarmodule): https://de.enfsolar.com/directory/panel/4383
Jinko Solar (Komponenten): https://de.enfsolar.com/directory/component/4383
Veröffentlichtung der PV Industrienachrichten ist kostenlos. Bitte senden Sie Ihre Nachrichten an