JinkoSolar sees half of revenues coming from China in 2013
JinkoSolar intends to derive at least half of its revenue from China next year, as it ramps up both module sales and its own project-development division in its home market.
Jinko’s expectations for China, revealed during a conference call to discuss its third-quarter results, underscore the enormous changes roiling the global PV market.
It would have been almost unthinkable for a PV company to put so much stock in the Chinese market until very recently – and even now Jinko is unusual.
Jinko, which has grown rapidly to become the world’s sixth largest supplier of crystalline silicon PV modules, says that more than half of the product it shipped in the most recent quarter stayed in China. The company believes it will sell about 200MW of modules in China in 2012, with most of that coming in the second half of the year.
Next year module sales in China will likely come in around 400MW, according to chief marketing officer Arturo Herrero. But once the company’s downstream Chinese projects are accounted for, Jinko’s home market will make up at least half of its 2013 revenue.
Jinko has bagged a number of big orders in China in recent months, including a 40MW sale to a division of China Power International and a 30MW sale to China Guangdong Nuclear.
For all its successes in China, however, Herrero insists the company will keep up the pressure in other emerging markets, adding that Jinko has its name attached to a number of “big tenders” underway in the Middle East.
Meanwhile, from February 2013 Jinko will begin supplying roughly 9MW per month to what will become an 81MW array in South Africa, part of that country’s first renewables tender.
Jinko continues to improve its financial performance, with chief executive Kangping Chen claiming the company has “turned a corner, operationally and financially”.
Jinko narrowed its net loss in the third quarter to 54.8m yuan ($8.8m) – compared to 310.5m yuan in the second quarter, and 68.1m yuan during the same period last year.
Compared to some of its Chinese competitors, Jinko remains relatively unencumbered by long-term supply deals at unfavourable prices, and the company believes it will return to profitability by late 2013.
Jinko delivered 280MW of modules during the third quarter – up from 223MW in the second quarter and 157MW in the first. The company has held its overall production capacity steady at 1.2GW this year, boosting its utilisation rate.