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JinkoSolar
reported its second quarter earnings. Shares of the company are fairly neutral.
Below are some key highlights:
• Total revenues increased 20.8% sequentially, and 37.8% year-over-year with
total solar product shipment, increasing 13.5% sequentially, and 34.8%
year-over-year.
• Our revenue streams continue to diversify with continued growth of our
downstream business.
• We secured US$225 million in private equity financing
during the quarter for Jinko power, our subsidiary that develops and operates
our downstream solar power project business.
• I believe that Chinese market will remain the largest market this year as we
look to maintain our leading position there.
• We once
again reached our shipments and profitability target for the quarter, helping
to once again reinforce our confidence to meet our full year guidance.
• We expect to see our five year period of rapid growth beginning this year,
with 91% of PV module demand coming from silicon existing modules.
Financials and Results:
• Gross margin was 22.6% in the second quarter of 2014 compared with 24% in the
third quarter of 2014 and 17.7% in the second quarter of last year.
• Total
operating expenses in the second quarter of 2014 were US$48.1 million, an
increase of 6.8% sequentially and an increase of 91.7% year-over-year.
• Net interest expense in the second quarter of 2014 was US$11.5 million, an
increase of 17.3% sequentially and an increase of 22.3% year-over-year.
International:
• Solar prices for China and to the USA have increase more than 9% in the very
short period, while export from China to Europe fell over 62% last year.
• Regarding Europe, while we expect over 7 gigawatt for the whole year 2014, we
are facing anti-dumping and countervailing duties challenges.
• Regarding marketing, we have been attending conferences and
exhibitions around the world, including in the USA, in Europe, particularly
in the UK, Asia-Pacific and emerging markets
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