Jinko Holdings Limited reported third-quarter revenue fell 15.7% year over year to $2.03 billion, as lower solar module shipments weighed on sales despite stronger sequential revenue and margins.
The company’s unaudited results put revenue at RMB13.62 billion. Shipments totaled 15,003 megawatts, down 25% from a year earlier. The sequential revenue gain reflected stronger storage sales and a higher average price for solar modules.
Gross profit rose 41.4% to RMB1.67 billion ($249.3 million), and gross margin expanded to 12.3% from 7.3%. The company linked the wider margin to lower production costs, a product mix with more high-efficiency modules, and a larger contribution from higher-margin storage sales.
The net loss attributable to ordinary shareholders narrowed to RMB170 million ($25.4 million), compared with RMB749.8 million a year earlier. The company reported a diluted loss of $0.48 per American depositary share and an adjusted net loss of RMB7.9 million ($1.2 million).
Jinko described the photovoltaic industry as adjusting to supply and demand, with stricter standards and rising technical and energy-efficiency requirements. The company expects less efficient production capacity to be phased out. Its outlook suggests producers able to meet the higher requirements may benefit as that capacity leaves the market.
For the fourth quarter, Jinko forecast solar module shipments of 16 gigawatts to 18 gigawatts.
