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JinkoSolar Q4 revenues RMB7.72 billion, increase 15.3%, gross margin 14.7%

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JinkoSolar
JinkoSolar   Total solar module shipments were 3,618 megawatts

JinkoSolar Holding announced its unaudited financial results for the fourth quarter and full year ended December 31, 2018.

Fourth quarter 2018 highlights

Total solar module shipments were 3,618 megawatts ("MW"), an increase of 22.5% from 2,953 MW in the third quarter of 2018 and an increase of 45.8% from 2,481 MW in the fourth quarter of 2017.

JinkoSolar total revenues were RMB7.72 billion (US$1.12 billion), an increase of 15.3% from the third quarter of 2018 and an increase of 21.5% from the fourth quarter of 2017.

JinkoSolar gross margin was 14.7%, compared with 14.9% in the third quarter of 2018, and 11.6% in the fourth quarter of 2017.

JinkoSolar income from operations was RMB237.4 million (US$34.5 million), compared with RMB188.0 million in the third quarter of 2018 and RMB91.3 million in the fourth quarter of 2017.

Net income attributable to JinkoSolar's ordinary shareholders was RMB114.8 million (US$16.7 million) in the fourth quarter of 2018, compared with RMB189.1 million in the third quarter of 2018 and RMB22.5 million in the fourth quarter of 2017.

Diluted earnings per American depositary share ("ADS") were RMB2.92(US$0.44) in the fourth quarter of 2018.

Non-GAAP net income attributable to JinkoSolar's ordinary shareholders in the fourth quarter of 2018 was RMB111.8 million (US$16.3 million), compared with RMB206.3 million in the third quarter of 2018 and RMB41.5 million in the fourth quarter of 2017.

Non-GAAP basic and diluted earnings per ADS were both RMB2.84(US$0.40) in the fourth quarter of 2018, compared with RMB5.28 and RMB5.28 in the third quarter of 2018 and RMB1.28 and RMB1.24 in the fourth quarter of 2017, respectively.

Full year 2018 highlights

Total solar module shipments were 11.4 GW (including 209 MW to be used in JinkoSolar's overseas downstream solar projects), an increase of 16.0% from 9.8 GW for the full year 2017.

Total revenues for the full year 2018 were RMB25.04 billion (US$3.64

illion), a decrease of 5.4% from RMB26.47 billion for the full year 2017. Gross margin was 14.0% for the full year 2018, compared with 11.3% for the full year 2017.

Income from operations was RMB644.9 million (US$93.8 million), compared with RMB325.3 million for the full year 2017.

Net income attribute to JinkoSolar's ordinary shareholders was RMB406.5 million (US$59.1 million) for the full year 2018, compared with RMB141.7 million for the full year 2017.

Diluted earnings per ADS for the full year 2018 were RMB10.52(US$1.52), compared with RMB4.32 for the full year 2017.

Non-GAAP net income attributable to JinkoSolar's ordinary shareholders for the full year 2018 was RMB435.8 million (US$63.4 million), compared with RMB209.0 million for the full year 2017.

Non-GAAP basic and diluted earnings per ADS for the full year 2018 were RMB11.32(US$1.64) and RMB11.28(US$1.64), compared with RMB6.48 and RMB6.36 for the full year 2017, respectively.


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