SHANGHAI, March 17, 2020 /PRNewswire/ -- JinkoSolar, the world's largest solar panel maker, reported on Friday record high quarterly sales, revenue and profit for the fourth quarter of last year on the back of strong demand for its products.
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.
JinkoSolar's record high net profit had been widely expected after the solar giant posted its momentum Q3 report suggesting its earnings fundamentally and sustainably strengthened along with its awesome scale.
For 2019, JinkoSolar said, the company benefited from ramping up wafer capacity, improving cost structure, and stable ASP. It hits a record full-year shipment 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%.
Looking ahead, JinkoSolar gave an upbeat outlook for its business in 2020 and expects to see its shipments rise 35 percent from the previous year to 18-20GW, which is in line with its previous guidance before the outbreak of coronavirus. The company also expects to see its gross profit margin climb to 19 - 21 percent. As the output value of the PV market is expected to drop to some extent this year, JinkoSolar is likely to outperform the industry.