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Earnings Highlights and Review: JinkoSolar's Q1 Top-line Beat Estimates on Higher Shipments

Research Desk Line-up: Yingli Green Energy Post Earnings Coverage

LONDON, UK / ACCESSWIRE / June 26, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on JinkoSolar Holding Co., Ltd (NYSE: JKS), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=JKS, following the Company's announcement of its financial results for the first quarter fiscal 2017 (Q1 FY17) on June 05, 2017. The Shanghai, China-based Company's total revenues grew 9.4% y-o-y, outperforming market consensus estimates. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:


Get more of our free earnings reports coverage from other constituents of the Semiconductor - Specialized industry. Pro-TD has currently selected Yingli Green Energy Holding Company Limited (NYSE: YGE) for due-diligence and potential coverage as the Company announced on June 15, 2017, its unaudited consolidated financial results for Q1 2017 which ended on March 31, 2017. Register for a free membership today, and be among the early birds that get access to our report on Yingli Green Energy when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on JKS; also brushing on YGE. With the links below you can directly download the report of your stock of interest free of charge at:



Earnings Reviewed

In Q1 FY17, JinkoSolar reported total revenues of RMB5.78 billion ($839.26 million) compared to RMB5.28 billion recorded at the end of Q1 FY16. Total revenues numbers for the reported quarter topped market expectations of $780 million. Moreover, the annual growth in total revenues is primarily attributable to an increase in solar module shipments in Q1 FY17.

The solar power Company reported net income attributable to its ordinary shareholders from continuing operations of RMB60.57 million ($8.80 million) in Q1 FY17 compared to RMB313.33 million in Q1 FY16. Non-GAAP net income for Q1 FY17 came in at RMB80.00 million ($11.62 million) versus RMB437.77 million in Q1 FY16. Furthermore, total earnings per ADS attributable to ordinary shareholders from continuing operations stood at RMB1.88 ($0.28) in Q1 FY17. Wall Street's had expected the Company to report earnings per diluted ADS of $0.48.

Operating Metrics

JinkoSolar's gross profit fell during Q1 FY17 to RMB649.03 million ($94.29 million) from RMB1.08 billion in the past year's comparable quarter. The Company attributed the year-over-year fall in gross profit to a decline in ASP of solar modules in Q1 FY17. Meanwhile, gross margin for Q1 FY17 was 11.2% compared to 20.5% in the year ago same quarter.

The Company's net total operating expenses during Q1 FY17 was RMB592.25 million ($86.04 million), up 6.6% from RMB555.75 million in the prior year's comparable quarter. The Company reported income from operations of RMB56.78 million ($8.25 million) during Q1 FY17 versus RMB529.13 million in the last year's same quarter. Furthermore, operating margin declined to 1.0% in Q1 FY17 from 10.0% FY16.

During Q1 FY17, total solar module shipments were 2,068 MW, rising 29.3% from 1,600 MW in Q1 FY16. Additionally, the Company's in-house annual silicon wafer, solar cell, and solar module production capacity in the reported quarter was 5.0 GW, 4.0 GW, and 6.5 GW, respectively.

Balance Sheet

The Company had cash and cash equivalent balance of RMB1.47 billion ($213.36 million) as of March 31, 2017, compared to RMB 2.50 billion at the close of books on December 31, 2016. Furthermore, the Company's long-term borrowing as on March 31, 2017, stood at RMB 445.73 million ($64.76 million) versus RMB488.52 million as on December 31, 2016. Furthermore, inventories balance as on March 31, 2017, was RMB5.37 billion ($780.16 million) compared to RMB4.47 billion as of December 31, 2016.


In its guidance for full year FY17, JinkoSolar expects total solar module shipments to be in the range of 8.5 GW and 9.0 GW. For Q2 FY17, the Company anticipates total solar module shipments to be in the range of approximately 2.5 GW to 2.6 GW.

Stock Performance

At the closing bell, on Friday, June 23, 2017, JinkoSolar's stock climbed 2.52%, ending the trading session at $20.77. A total volume of 929.46 thousand shares have exchanged hands, which was higher than the 3-month average volume of 715.48 thousand shares. The Company's stock price soared 28.29% in the last three months and 33.91% in the past six months. Moreover, the stock skyrocketed 36.38% since the start of the year. The stock is trading at a PE ratio of 5.86 and currently has a market cap of $655.11 million.

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SOURCE: Pro-Trader Daily