First Quarter 2022 Business Highlights
Significant year-over-year growth in revenues and module shipments.
At the end of the first quarter of 2022, we became the first in the industry to reach the delivery milestone of a total 100GW of solar modules.
High-efficiency N-Type monocrystalline silicon solar cell sets new world record with maximum conversion efficiency of 25.7%.
16GW N-type cells capacity in Hefei and Jianshan production facilities ramped up smoothly, with cells mass production efficiency exceeding 24.6%.
The overall impact of the COVID-19 outbreak on production and operations should be short-term and controllable.
We reiterate our full year 2022 shipment guidance.
First Quarter 2022 Operational and Financial Highlights
Quarterly shipments were 8,390 MW (8,031 MW for solar modules, 359 MW for cells and wafers), total shipments down 13.4% sequentially, and up 56.7% year over year.
Total revenues were RMB14.76 billion (US$2.33 billion), down 9.9% sequentially and up 85.9% year over year. The sequential decrease was mainly attributable to a decrease in the shipment of solar modules. The year over year increase was mainly attributable to an increase in the shipment of solar modules.
Gross profit was RMB2.23 billion (US$351.2 million), down 15.8% sequentially and up 63.9% year over year.
Gross margin was 15.1%, compared with 16.1% in Q4 2021 and 17.1% in Q1 2021. The sequential and year-over-year decreases were mainly attributable to an increase in the material cost of solar modules.
Net income attributable to JinkoSolar Holding Co., Ltd’s ordinary shareholders was RMB28.9 million (US$4.6 million), compared with RMB239.5 million sequentially and RMB221.1 million year over year.
Basic and diluted earnings per ordinary share were RMB0.15 (US$0.02) and RMB0.15 (US$0.02), respectively. This translates into basic and diluted earnings per ADS of RMB0.60 (US$0.10) and RMB0.60 (US$0.10), respectively.
First Quarter 2022 Operational Highlights
Solar Module, Cell and Wafer Shipments
Total shipments in the first quarter of 2022 were 8,390 MW, including 8,031 MW for solar module shipments and 359 MW for cell and wafer shipments.
Solar Products Production Capacity
As of March 31, 2022, the Company’s annual mono wafer, solar cell and solar module production capacity was 40.0 GW, 40.0 GW (16.9 GW for N-type cells) and 50.0 GW, respectively.
Operations and Business Outlook Highlights
The overall impact of the COVID-19 outbreak on production and operations should be short-term and controllable. We heightened cooperation and coordination between our production supply chain and sales teams to ensure production and delivery. We reiterate our full year 2022 shipment guidance.
Considering growing demand for higher efficiency N-type products , and the smooth ramping up of our first phase of 16GW N-type cells production capacity, we plan to invest in the second phase of N-type cells with a total production capacity of approximately 16GW. Our in-house integrated capacity structure will be further improved. Leveraging on in-depth global marketing structure and localized service network, we are committed to bringing high-quality and efficient products to serve global customers.
Second Quarter and Full Year 2022 Guidance
The Company’s business outlook is based on management’s current views and estimates with respect to market conditions, production capacity, the Company’s order book and the global economic environment. This outlook is subject to uncertainty on final customer demand and sale schedules. Management’s views and estimates are subject to change without notice.
For the second quarter of 2022, the Company expects its total shipments to be in the range of 8.5 GW to 9.5 GW.
For full year 2022, the Company estimates its total shipments (including solar modules, cells and wafers) to be in the range of 35.0 GW to 40.0 GW.
Solar Products Production Capacity
JinkoSolar expects its annual mono wafer, solar cell and solar module production capacity to reach 55.0 GW, 55.0 GW (including 32.9 GW N-type cells) and 60.0 GW, respectively, by the end of 2022.
Recent Business Developments
In March 2022 JinkoSolar announced that it has delivered 100GW of solar modules globally. JinkoSolar is the first company in history to achieve this milestone.
In April 2022，JinkoSolar Delivers over 500,000 Ultra-efficiency Modules to one of the biggest Bifacial Projects in Europe.
In April 2022，JinkoSolar’s Subsidiary Jinko Solar Co., Ltd. Proposes 2021 Cash Dividend Plan to Its Annual Shareholders’ Meeting For Approval.
In April 2022，JinkoSolar’s Subsidiary Jinko Solar Co., Ltd. Announces Certain Preliminary Unaudited Financial Results for First Quarter 2022.
In April 2022，JinkoSolar’s High-efficiency N-Type Monocrystalline Silicon Solar Cell Sets New World Record with Maximum Conversion Efficiency of 25.7%