晶科能源公布2015年第二季度财务业绩

发布于 2015年8月21日
晶科能源控股有限公司 
JinkoSolar Holding Co., Ltd. today announced its unaudited financial results for the second quarter ended June 30, 2015.

Second Quarter 2015 Highlights

- Total solar module shipments were 913.4MW, which includes 90.4MW earmarked for use in the Company's downstream projects. Total solar product shipments to the third parties amounted to 915.0MW, consisting of 823.0MW of solar modules, 59.5MW of silicon wafers and 32.5MW of solar cells. This represents an increase of 15.9% from 789.2MW in the first quarter of 2015 and an increase of 38.7% from 659.5MW in the second quarter of 2014..

- As of June 30, 2015, the Company had connected 725MW worth of solar projects. 

- Total revenues were RMB3.2 billion (US$516.2 million), representing an increase of 16.4% from the first quarter of 2015 and an increase of 31.6% from the second quarter of 2014.

- Solar power projects generated electricity of 203GWh, a 75.8% increase from the first quarter of 2015 and an increase of 201.9% from the second quarter of 2014. Revenues generated from solar power projects were RMB177.9 million (US$28.7 million), representing an increase of 74.2% from the first quarter of 2015 and an increase of 191.6% from the second quarter of 2014. 

- Gross margin was 20.7%, compared with 20.3% in the first quarter of 2015 and 22.6% in the second quarter of 2014.

- Income from operations was RMB237.0 million (US$38.2 million), compared with RMB230.0 million in the first quarter of 2015 and RMB251.6 million in the second quarter of 2014.

- Net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders was RMB76.4 million (US$12.3 million), compared with RMB51.0 million in the first quarter of 2015 and RMB138.2 million in the second quarter of 2014.

- Diluted earnings per American depositary share ("ADS") was RMB2.40 (US$0.40), compared with RMB1.60 in the first quarter of 2015 and RMB4.04 in the second quarter of 2014. 

- Non-GAAP net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders in the second quarter of 2015 was RMB206.8 million (US$33.4 million), compared with RMB171.2 million in the first quarter of 2015 and RMB177.4 million in the second quarter of 2014.

- Non-GAAP basic and diluted earnings per ADS were RMB6.64 (US$1.08) and RMB6.44 (US$1.04), respectively, in the second quarter of 2015.

Mr. Kangping Chen, JinkoSolar's Chief Executive Officer commented, "We had an overall strong quarter as we continue to build a diversified foundation for long-term sustainable growth. We are efficiently executing our strategy across all segments of our business as we benefit from the strong growth momentum gained by expanding our module and downstream businesses. Total revenues during the second quarter reached US$516.2 million, representing an increase of 31.6% over the same period in 2014 and 16.4% sequentially. Module shipments to third parties reached 823MW, exceeding the high-end of our third party shipment guidance for the second quarter in a row." 

"Solar power output during the second quarter also exceeded our expectations by reaching 203GWh, up approximately 75.8% sequentially while generating RMB177.9 million in revenue. With the seasonal effects of Chinese New Year behind us and new projects ramping up to full capacity, we expect this higher-margin business to generate an increasing share of the profits during the second half of 2015." 

"We connected 108MW of solar projects to the grid during the quarter which brings the total capacity of connected projects to 725MW, and are on track to hit our target of 600MW – 800MW of connected capacity in 2015."

"Global solar demand remains robust, allowing us to build upon our leadership position in a number of key and new emerging markets. We are well positioned in China as the market leader to benefit from the expected strong demand during the second half of 2015.We also made substantial progress in the U.S. where shipments increased by 115% sequentially, In the Asia Pacific region, we increased our market share substantially in Thailand. Shipments to Japan and the UK returned to normal levels following the year-end rush last quarter but still remain very active and show promising signs of growth. Turkey and Switzerland in the non-EU region as well as emerging market such as Brazil and Chile all show great potential. We continue to seek new opportunities as we diversify our customer portfolio and geographic presence" 

"Our rapid business growth is supported by diversified financing channels at both the corporate and project levels. At the corporate level, in addition to our existing close relationships with domestic commercial banks, we secured loans from The Export-Import Bank of China for our Malaysian production facility and doubled JinkoSolar US's credit limit with Wells Fargo. On the project level, we secured large project credit lines from Mingsheng Bank and Ping An Bank as we strengthen our financing capabilities with additional financial institutions. Such strong support from financial institutions demonstrates their confidence in our ability to execute our growth strategies across different businesses and geographies."

"In conclusion, I am pleased with the progress we made across the entire business. The support we are receiving at both corporate and project levels from our diversified financing channels will continue to serve as the foundation for our sustainable long-term growth. Combined with the steady expansion of our downstream business, industry-leading technology and diversified geographic presence, we believe that our growth prospects look increasingly promising."

Second Quarter 2015 Financial Results

Total Revenues

Total revenues in the second quarter of 2015 were RMB3.2 billion (US$516.2 million), representing an increase of 16.4% from RMB2.7 billion in the first quarter of 2015 and an increase of 31.6% from RMB2.4 billion in the second quarter of 2014. The sequential and year-over-year increase in total revenues was mainly attributable to the increases in shipments of solar modules and electricity revenues from solar projects. 

During the second quarter of 2015, revenues from downstream solar power projects were RMB177.9 million (US$28.7 million), an increase of 74.2% from the first quarter of 2015 and an increase of 191.6% from the second quarter of 2014, of which electricity revenue accounted for RMB177.0 million (US$28.6 million). The increase in solar power project revenues was primarily due to the increase in number and capacity of the Company's solar projects. Gross profit for solar power project revenues was RMB111.6 million (US$18.0 million) during the second quarter of 2015, representing a gross margin of 62.7%.

The Company has entered into certain sales contracts with retainage terms (the "Retainage Contracts") since the second half of 2012, under which customers were allowed to withhold payment of 5% to 10% of the full contract price as retainage for the specified period which generally ranges from one year to two years (the "Retainage Period"). The Company does not recognize such retainage until the customers pay it after the Retainage Period expires. The total amounts of retainage under the Retainage Contracts that were not recognized as revenue were RMB17.3 million (US$2.8 million) and RMB7.7 million for the second and the first quarter of 2015, respectively. During the second quarter of 2015, the Company received retainage payment of RMB14.4 million (US$2.3 million) and recognized it as revenue. As of June 30, 2015, the cumulative amount of retainage that had not yet been recognized as revenue was RMB204.5 million (US$33.0 million).

Gross Profit and Gross Margin

Gross profit in the second quarter of 2015 was RMB663.6 million (US$107.0 million), compared with RMB558.5 million in the first quarter of 2015 and RMB550.3 million in the second quarter of 2014.

Gross margin was 20.7% in the second quarter of 2015 compared with 20.3% in the first quarter of 2015 and 22.6% in the second quarter of 2014. In-house gross margin, which relates to the Company's in-house silicon wafer, solar cell and solar module production, was 26.3% in the second quarter of 2015, compared with 24.1% in the first quarter of 2015 and 25.4% in the second quarter of 2014. The sequential and year-over-year increases were mainly due to the continued cost reduction of solar modules and the rapid increase of electricity revenues.

Income from Operations and Operating Margin

Income from operations in the second quarter of 2015 was RMB237.0 million (US$38.2 million), compared with RMB230.0 million in the first quarter of 2015 and RMB251.6 million in the second quarter of 2014. Operating margin in the second quarter of 2015 was 7.4%, compared with 8.4% in the first quarter of 2015 and 10.3% in the second quarter of 2014.

Total operating expenses in the second quarter of 2015 were RMB426.6 million (US$68.8 million), an increase of 29.9% from RMB328.5 million in the first quarter of 2015 and an increase of 42.9% from RMB298.6 million in the second quarter of 2014. The sequential increase in operating expenses was mainly due to an increase in shipping and warranty costs associated with increased module shipments. The year-over-year increase in operating expenses was mainly due to increases in shipping and warranty costs and stock-based compensation expenses. 

Total operating expenses excluding non-cash charges, including stock-based compensation and changes in allowance for doubtful accounts were RMB422.8 million (US$68.2 million) in the second quarter of 2015, compared to RMB344.8 million in the first quarter of 2015 and RMB288.9 million in the second quarter of 2014.

Total operating expenses excluding non-cash charges as a percentage of total net revenues was 13.2% in the second quarter of 2015, compared to 12.5% in the first quarter of 2015 and 11.9% in the second quarter of 2014.

Interest Expense, Net

Net interest expense in the second quarter of 2015 was RMB79.5 million (US$12.8 million), an increase of 26.3% from RMB62.9 million in the first quarter of 2015 and an increase of 11.2% from RMB71.5 million in the second quarter of 2014, which was mainly due to the increase of loans for solar power projects. 

Exchange gain/ loss, Net

The Company recorded an exchange gain of RMB15.2 million (US$2.4 million) including change in fair value of forward contracts in the second quarter of 2015. The Company had a net exchange loss of RMB26.9 million in the first quarter of 2015 and RMB4.8 million in the second quarter of 2014. The sequential and year-over-year changes were mainly due to the appreciation of the Euro against the RMB.

Change in Fair Value of Convertible Senior Notes and Capped Call Options

The Company recognized a loss from a change in fair value of convertible senior notes of RMB56.0 million (US$9.0 million) which was offset by a gain from a change in fair value of capped call options of RMB5.3 million (US$0.9 million). Loss from change in fair value of convertible senior notes was primarily due to the increase in price of the Company's stock during the second quarter of 2015.

Equity in income of affiliated companies

The Company recognized equity income from affiliated companies of RMB3.9 million (US$0.6 million) in the second quarter of 2015 as a result of its share of profits for solar projects held by affiliated companies. 

Income Tax Expense/ (Benefit), net

The Company recorded an income tax benefit of RMB1.8 million (US$0.3 million) in the second quarter of 2015, compared with income tax expense of RMB19.9 million in the first quarter of 2015 and income tax expense of RMB20.9 million during the second quarter of 2014. The sequential and year-over-year changes were mainly due to the additional deduction in R&D costs approved by the local tax bureau in the second quarter of 2015.

Net Income and Earnings per Share

Net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders in the second quarter of 2015 was RMB76.4 million (US$12.3 million), compared with RMB51.0 million in the first quarter of 2015 and RMB138.2 million in the second quarter of 2014.

Basic earnings per share was RMB0.61 (US$0.10) and diluted earnings per share was RMB0.60 (US$0.10) in the second quarter of 2015, equivalent to basic and diluted earnings per ADS of RMB2.44 (US$0.40) and RMB2.40 (US$0.40), respectively.

Non-GAAP net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders in the second quarter of 2015 was RMB206.8 million (US$33.4 million), compared with RMB171.2 million in the first quarter of 2015 and RMB177.4 million in the second quarter of 2014.

Non-GAAP basic and diluted earnings per share in the second quarter of 2015 were RMB1.66 (US$0.27) and RMB1.61 (US$0.26), respectively, equivalent to non-GAAP basic and diluted earnings per ADS of RMB6.64 (US$1.08) and RMB6.44 (US$1.04), respectively.

Financial Position

As of June 30, 2015, the Company had RMB2.3 billion (US$367.5 million) in cash and cash equivalents and restricted cash, compared with RMB1.7 billion of cash and cash equivalents and restricted cash as of March 31, 2015. 

As of June 30, 2015, total short-term bank borrowings, including the current portion of long-term bank borrowings, was RMB4.1 billion (US$657.7 million), compared with RMB3.0 billion as of March 31, 2015, and total long-term borrowings was RMB2.1 billion (US$344.0 million), compared with RMB1.1 billion as of March 31, 2015.

As of June 30, 2015, the Company's working capital was negative RMB1.8 billion (US$285.4 million), compared with negative RMB1.2 billion as of March 31, 2015, which was primarily due to the reclassification of RMB790 million (US$127 million) of convertible bond due in May 2016 to current liability in the first half of 2015.

Second Quarter 2015 Operational Highlights

Solar Product Shipments

Total solar product shipments to the third parties in the second quarter of 2015 were 915.0MW, consisting of 823.0MW of solar modules, 59.5MW of silicon wafers and 32.5MW of solar cells. In comparison, total shipments for the first quarter of 2015 were 789.2MW, consisting of 703.5MW of solar modules, 53.3MW of silicon wafers and 32.4MW of solar cells, and total solar product shipments in the second quarter of 2014 were 659.5MW, consisting of 570.8MW of solar modules, 54.1MW of silicon wafers and 34.6MW of solar cells.

Solar Project Capacity

As of June 30, 2015, the Company has connected 725MW of solar projects to the grid.

Solar Products Production Capacity

As of June 30, 2015, the Company's in-house annual silicon wafer, solar cell and solar module production capacity was 3GW, 2.5GW and 4GW, respectively.

Recent Business Developments

- In June 2015, JinkoSolar signed an agreement to supply 80MW photovoltaic modules for distributed rooftop projects to China Southern Power Grid Synthesis Energy Co., Ltd.

- In June 2015, JinkoSolar supplied 33.67MW of PV modules to Rijn Capital for a project in Chile.

- In June 2015, JinkoSolar signed a supply agreement for 20MW of PV solar panels with Else Enerji in Turkey.

- In June 2015, JinkoSolar entered into a supply agreement to be a strategic partner to Vivint Solar.

- In June 2015, JinkoSolar signed amendments to the credit agreement with Wells Fargo Bank, National Association ("Wells Fargo"). Under the new terms of the credit agreement, JinkoSolar US's credit limit will be raised to $40 million from $20 million.

- In July 2015, JinkoPower, a subsidiary of JinkoSolar, signed a $150 million loan agreement with Credit Suisse and a number of financial institutions. Proceeds from the financing will be used to expand JinkoPower's project portfolio in China and provide funds to expand capacity to 1.4GW.

- In July 2015, JinkoPower signed a three-year RMB3 billion line of credit agreement with Ping An Bank which will be used to support the development of JinkoPower's PV projects.

- In August 2015, JinkoSolar signed a US$62 million and RMB50 million loan agreement with The Export-Import Bank of China.

Operations and Business Outlook

Third Quarter and Full Year 2015 Guidance

For the third quarter of 2015, the Company estimates total solar module shipments to be in the range of 1GW to 1.1GW, which includes 900MW to 950MW module shipments to third parties and 100MW to 150MW for its own downstream projects. Revenues will not be recognized for the modules shipped to its own downstream projects as required by U.S. GAAP.

For the full year 2015, the Company raises the guidance of total solar module shipments to 4.0GW to 4.5GW which includes 3.4GW to 3.7GW module shipments to third parties. The Company expects to grid-connect solar power projects with a total capacity of 600MW – 800MW in 2015.


来源: JinkoSolar
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