JinkoSolar Holding Co., Ltd. (“JinkoSolar” or the “Company”) (NYSE: JKS), a global leader in the solar PV industry, announced its unaudited financial results for the third quarter that ended September 30, 2018.
Total solar module shipments hit record high of 2,953 MW, an increase of 5.7% sequentially and 24.4% year-on-year. Total revenues were RMB6.69 billion (US$974.8 million), an increase of 10.5% from the second quarter of 2018 and an increase of 4.3% from the third quarter of 2017.
The overall market increased QoQ largely due to the stability in emerging markets, and developing markets posting a moderate growth. Parallel to this, the continued strength of the Company’s business contributed to the operating profit. The results can also be attributed to JinkoSolar’s focus on strengthening product competitiveness via continuous expansion of technology upgradation, migration and sales expansion of high value-added products, such as Cheetah.
The solar PV market conditions are likely to remain challenging in 2019 amid stiff pricing competition. However, JinkoSolar has responded through the early introduction of the Cheetah product and competitive mid-level models with new features. Its shipments for next year are expected to rise significantly, while earnings will continue to improve as the Company expands sales of new premium models, even as competition is seen to be intensifying.
In addition, different from its competitors, JinkoSolar has its offices spread across different geographies around the globe. All seven regions including North America, China, Europe, Asia, Latin America, Middle East & Africa, ROW, contributed to its record sales of 11-12 GW in 2018. The outlook for Jinkosolar remains strong across next year in all regions thanks to robust demand and highly visible pipeline of orders for its high quality products as well as new product introduced into the market. JinkoSolar will proactively address demand for differentiated products. Over mid and long-term, JinkoSolar expects new opportunities in its business from ongoing transformation in the industry, led by the fact that grid parity will be achieved in more and more countries.
JinkoSolar gave a bullish outlook on the industry saying that demand and market conditions will remain stable while entering post subsidy era.
According to the company, demand in 2019 will stay strong owing to the ongoing shift to higher density and expansion of solar applications. Despite concerns over a slowdown in domestic growth, the company’s growth in overseas market is expected to continue.