SHANGHAI, March 17, 2020 /PRNewswire/ -- JinkoSolar reported sharp rise in profit margin JinkoSolar scored revenue and profit momentum JinkoSolar reported a better-than-expected profit for the fourth quarter.
The company said it shipped 4,538 MW of modules in the fourth quarter, up 36.4% QoQ and up 25.4% YoY. Quarterly revenue hit record high of US$1.37bn, up 27.4% QoQ and up 23.4% YoY.
For 2019, JinkoSolar said, the company benefited from ramping up wafer capacity, improving cost structure, and stable ASP. It hits a record full-year shipments of 14.3GW, up 25.6% YoY, with revenues of US$4.27bn for 2019, up 18.8% YoY. The gross margin climbs from 14.0% to 18.3%.
Its outperformed business of 2019 benefited from strong demand for high efficient mono products, initial Leshan wafer expansion deployment, high performance and energy density Tiger 475 Wp series using JinkoSolar's industry-leading tilt ribbon technology.
Meanwhile, the Company forecasts an up to 35% spike in 2020 shipments and raised its earnings plan for the year, betting robust demand and strengthened cost structure would dial up profits at the world's top solar module producer.
The promising outlook from Jinkosolar - a proxy for global demand given it has 50% backlog - comes as a strong uptake of grid parity is fuelling an overall demand in the global solar PV market. Moving into first quarter 2020, despite impact of coronavirus outbreak, it is anticipated that it's to be supported by the high visibility of orders and continued ramp up of capacity. Jinkosolar reiterated its 2020 shipment guidance of 18-20GW unchanged, implying there's no big disruption caused by the epidemic. It is already outstripping a 15% industry growth for this year.
Investor sentiment should get a further boost from a profit momentum achieved by Jinkosolar which is sustainable and lasting. JinkoSolar's position in advanced PV technology manufacturing is believed to remain solid given its massive scale, greater capacity, yield rate control, execution and diversified customer base.
Despite the notable impact of coronavirus, which has weigh on short term demand, analysts sees global shipments topping 130-140GW in 2020, up 15% on year.