JinkoSolar 2014 net profit soars, Q4 earnings up 50%

first_imgJinkoSolar 2014 net profit soars, Q4 earnings up 50%Falling oil prices won’t affect PV growth, says CEO Kangping Chen, who points out that “mounting concern over the environment has been one of the driving factors behind increased solar demand in many key markets, China in particular.” March 2, 2015 Edgar Meza Finance Legal Manufacturing Markets Markets & Policy Share JinkoSolar’s net profit more than tripled last year to CNY 673 million ($108.5 million) as revenues climbed 41% to CNY 9.98 billion ($1.61 billion). The stratospheric results reflected the Chinese company’s record-high solar module shipments, which reached nearly 3 GW last year, including 520.4 MW used in the group’s own downstream projects. JinkoSolar’s total solar product shipments to third parties also broke previous records with a year-on-year increase of 44.2%, reaching 2,787.1 MW (consisting of 2,423.2 MW of solar modules, 229.6 MW of silicon wafers and 134.3 MW of solar cells). According to JinkoSolar CEO Kangping Chen, revenue streams expanded as costs continued to improve, allowing the company to achieve more than $100 million in net income for the year. “Our rapidly growing downstream business, expanding geographic presence and industry-leading products will continue to support our growth as we work towards our goal of transforming into a one-stop energy solutions provider,” Chen added. Fourth-quarter results Looking at JinkoSolar’s fourth-quarter performance, the company reported a near 50% year-on-year increase in net profit to CNY 244.7 million ($39.4 million) on revenue of CNY 2.97 billion ($478.9 million), which rose 35.8% from the fourth quarter of 2013. “We closed out the year on a very strong note,” Chen said, adding that module shipments reached a record high of 1,078.3 MW which, including 339.1 MW designated for the company’s own downstream business. “Our downstream business continued to gain momentum with electricity revenues from solar power projects reaching CNY 80.4 million in the fourth quarter of 2014, representing an increase of 68.6% sequentially,” Chen added. “270 MW of projects were completed during the quarter of which 150 MW were connected to the grid. This brings the total capacity of connected JinkoSolar power projects to 503 MW.” The chief exec said a the number of megawatts connected to the grid was lower than initially anticipated due to “a cold winter and a slower grid connection process at the end of the year,” but added that the group now expect to make up for it by connecting approximately 360 MW of projects in the first half of 2015. JinkoSolar will continue to diversify its market presence this year in view of an anticipated 15% to 20% growth in global solar demand – and that despite falling oil prices. “The price of oil, we believe, has a limited impact on solar fundamentals as it is primarily used for transportation rather than power generation in most of the key solar markets,” Chen pointed out. “And it is important to remember that mounting concern over the environment has been one of the driving factors behind increased solar demand in many key markets, China in particular.” Outlook JinkoSolar estimates module shipments of between 710 MW and 780 MW in the first three months of the year, including 550 MW to 600 MW of shipments to third parties and 160 MW to 180 MW for its own downstream projects. For the full year, the company expects module shipments of between 3.3 GW and 3.8 GW, including 2.7 GW to 3 GW to third parties. It is also anticipating newly added PV power project development to reach between 600 MW and 800 MW.Popular content Enabling aluminum in batteries Mark Hutchins 27 April 2021 pv-magazine.com Scientists in South Korea and the UK demonstrated a new cathode material for an aluminum-ion battery, which achieved impressive results in both speci… ITRPV: Large formats are here to stay Mark Hutchins 29 April 2021 pv-magazine.com The 2021 edition of the International Technology Roadmap for Photovoltaics (ITRPV) was published today by German engineering association VDMA. The re… Solar park built on rough wooden structures comes online in France Gwénaëlle Deboutte 26 April 2021 pv-magazine.com French company Céléwatt energized its 250 kW ground-mounted array, built with mounting structures made of raw oak wood.April 26, 2021 Gwénaëlle Debo… Spanish developer plans 1 GW solar plant coupled to 80 MW of storage, 100 MW electrolyzer Pilar Sánchez Molina 22 April 2021 pv-magazine.com Soto Solar has submitted the project proposal to the Ecological Transition and the Demographic Challenge (Miteco). The solar plant could start produc… We all trust the PV performance ratio test Dario Brivio, Partner 20 April 2021 pv-magazine.com The performance ratio test is at the core of the handover from EPC to owner. Yet sometimes, even when best practice is applied – and without particul… The Hydrogen Stream: 20 MW green hydrogen plant in Finland, two Australian projects move forward Sergio Matalucci 20 April 2021 pv-magazine.com Storegga, Shell and Harbour Energy want to set up a 20 MW blue hydrogen production facility in the U.K. Australia’s Origin Energy wants to build a hy… iAbout these recommendations Share pv magazine The pv magazine editorial team includes specialists in equipment supply, manufacturing, policy, markets, balance of systems, and EPC.More articles from pv magazine Related content Solar and wind could provide half of 2040 power mix across 22 African nations Max Hall 29 April 2021 pv-magazine.com The International Renewable Energy Agency has combined energy infrastructure commitments across a huge swathe of the con… ITRPV: Large formats are here to stay Mark Hutchins 29 April 2021 pv-magazine.com The 2021 edition of the International Technology Roadmap for Photovoltaics (ITRPV) was published today by German enginee… The weekend read: PV feed in, certified pv magazine 1 May 2021 pv-magazine.com As more renewable energy capacity is built, commissioned, and connected, grid stability concerns are driving rapid regulatory changes. Higher performance with bigger modules a ‘no brainer’ Sandra Enkhardt 26 April 2021 pv-magazine.com Jan Bicker, who replaced Steve O’Neil as the CEO of REC on March 1, says that one of his top priorities is the ongoing d… Irico emphasizes picture of boom time for solar panel glassmakers Max Hall 21 April 2021 pv-magazine.com The state-owned PV glass manufacturer, which claims to be one of the world’s big three, hived off its distracting new ma… Longi crowned king of solar with 24.5 GW of panels shipped in 2020 Vincent Shaw 22 April 2021 pv-magazine.com With production capacity expanded for solar wafers, cells and modules last year, and set to rise again in 2021, the gian… Solar and wind could provide half of 2040 power mix across 22 African nations Max Hall 29 April 2021 pv-magazine.com The International Renewable Energy Agency has combined energy infrastructure commitments across a huge swathe of the con… ITRPV: Large formats are here to stay Mark Hutchins 29 April 2021 pv-magazine.com The 2021 edition of the International Technology Roadmap for Photovoltaics (ITRPV) was published today by German enginee… The weekend read: PV feed in, certified pv magazine 1 May 2021 pv-magazine.com As more renewable energy capacity is built, commissioned, and connected, grid stability concerns are driving rapid regulatory changes. Higher performance with bigger modules a ‘no brainer’ Sandra Enkhardt 26 April 2021 pv-magazine.com Jan Bicker, who replaced Steve O’Neil as the CEO of REC on March 1, says that one of his top priorities is the ongoing d… Irico emphasizes picture of boom time for solar panel glassmakers Max Hall 21 April 2021 pv-magazine.com The state-owned PV glass manufacturer, which claims to be one of the world’s big three, hived off its distracting new ma… Longi crowned king of solar with 24.5 GW of panels shipped in 2020 Vincent Shaw 22 April 2021 pv-magazine.com With production capacity expanded for solar wafers, cells and modules last year, and set to rise again in 2021, the gian… Solar and wind could provide half of 2040 power mix across 22 African nations Max Hall 29 April 2021 pv-magazine.com The International Renewable Energy Agency has combined energy infrastructure commitments across a huge swathe of the con… 123456Elsewhere on pv magazine… MIBEL alcanzó nuevamente los precios más bajos de Europa mientras subieron en el resto de mercados eléctricos pv magazine 23 March 2021 pv-magazine.es En la tercera semana de marzo los precios de la mayoría de mercados eléctricos europeos subieron, mientras que MIBEL mar… Tasmanian Labor installs solar at the top of its campaign promises Blake Matich 8 April 2021 pv-magazine-australia.com Tasmania (TAS) is going to the polls on May 1, and the opposition Labor Party has put forth a $20 million plan to fund l… India closing in on 7 GW of rooftop solar pv magazine 13 April 2021 pv-magazine-australia.com India’s cumulative installed capacity of rooftop solar stood at 6,792 MW as of December 31, 2020, with 1,352 MW having b… Spotlight on Australian solar Bella Peacock 21 April 2021 pv-magazine-australia.com Calculating the average sunlight hours data from the Bureau of Meteorology from January toDecember 2020, Darwin was cro… Q&A: EEW’s $500 million Gladstone solar to hydrogen project is just the start Blake Matich 18 March 2021 pv-magazine-australia.com pv magazine Australia: Australia is the testing ground for a lot of different aspects of the future green hydrogen market. Cracking the case for solid state batteries pv magazine 29 April 2021 pv-magazine-australia.com Scientists in the UK used the latest imaging techniques to visualize and understand the process of dendrite formation an… iAbout these recommendations Leave a Reply Cancel replyPlease be mindful of our community standards.Your email address will not be published. Required fields are marked *CommentName * Email * Website Save my name, email, and website in this browser for the next time I comment. By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.Further information on data privacy can be found in our Data Protection Policy.iAbout these recommendationsKeep up to date pv magazine Global offers daily updates of the latest photovoltaics news. We also offer comprehensive global coverage of the most important solar markets worldwide. Select one or more editions for targeted, up to date information delivered straight to your inbox.Email* Select Edition(s)*Hold Ctrl or Cmd to select multiple editions.Tap to select multiple editions.Global (English, daily)Germany (German, daily)U.S. (English, daily)Australia (English, daily)China (Chinese, weekly)India (English, daily)Latin America (Spanish, daily)Brazil (Portuguese, weekly)Mexico (Spanish, daily)Spain (Spanish, daily)France (French, daily)We send newsletters with the approximate frequency outlined for each edition above, with occasional additional notifications about events and webinars. We measure how often our emails are opened, and which links our readers click. To provide a secure and reliable service, we send our email with MailChimp, which means we store email addresses and analytical data on their servers. You can opt out of our newsletters at any time by clicking the unsubscribe link in the footer of every mail. For more information please see our Data Protection Policy. Subscribe to our global magazine SubscribeOur events and webinars Insight @ Energy Storage North America 2020 11 November 2020 pv-magazine.com Developed and moderated by pv magazine, the panel sessions address a hot topic within the industry, from multiple angles. Reducing solar project risk for extreme weather 20 April 2021 pv-magazine.com Discussion participantsDaniel H.S. Chang, VP of Business Development | RETCGreg Beardsworth, Sr. Director of Product M… Grid code compliance in megawatt projects 27 April 2021 pv-magazine.com Discussion participantsEhsan Nadeem Khan, Grid Code Compliance Engineer, meteocontrolModeratorsMarian Willuhn, Editor… iAbout these recommendations pv magazine print Microcracks and module design pv magazine 8 April 2021 pv-magazine.com New cell and module technologies are boosting power outputs, but they often have implications for quality. A focus purel… The feasibility of India’s auctions Uma Gupta 7 April 2021 pv-magazine.com The offtaker’s creditworthiness, the ease of land acquisition, infrastructure readiness, policy consistency and clarity,… China’s push for decarbonization Andreas Walstad 7 April 2021 pv-magazine.com The carbon market is finally a reality in China. After 10 years of delays, regional pilot schemes and general uncertaint… Australia’s next wave of large-scale solar development pv magazine 7 April 2021 pv-magazine.com Call it “latent energy” – Australia’s renewable resources are expected to help some of the world’s greatest polluters to… Polysilicon from Xinjiang: a balanced view pv magazine 7 April 2021 pv-magazine.com As of March, the United States and Europe were considering sanctions on polysilicon from Xinjiang, China, due to concerns over forced labor. Pushing POE for longer module lifetimes Mark Hutchins 7 April 2021 pv-magazine.com Polyolefin-based films are estimated to represent around 20% of the market for PV module encapsulation materials – a sha… iAbout these recommendationslast_img read more