JinkoSolar (NYSE: JKS) reported Q1 EPS of $0.15, $0.17 better than the analyst estimate of ($0.02). Revenue for the quarter came in at $1.21 billion versus the consensus estimate of $1.19 billion.

Operations and Business Outlook:

We remain optimistic about global installation demand and expect the imbalance of upstream and downstream demand to stabilize in the second half of 2021, which will in turn drive up demand. We are well positioned to navigate through supply chain volatility and continue to manage market risks by fine-tuning our operations and shipment deliveries in 2021.

Second Quarter and Full Year 2021 Guidance

The Company's business outlook is based on management's current views and estimates with respect to market conditions, production capacity, the Company's order book and the global economic environment. This outlook is subject to uncertainty on final customer demand and sale schedules. Management's views and estimates are subject to change without notice.

For the second quarter of 2021, the Company expects total shipments to be in the range of 5.1 GW to 5.3 GW (solar module shipments to be in the range of 4.0 GW to 4.2 GW). Total revenue for the second quarter is expected to be in the range of US$1.2 billion to US$1.25 billion. Gross margin for the second quarter is expected to be between 12% and 15%.

For full year 2021, the Company estimates total shipments (including solar modules, cells and wafers) to be in the range of 25 GW to 30 GW.

(*Consensus sees Q2 revenue of $1.4 billion)

Solar Products Production Capacity

Taking into account this year's supply chain and market conditions, Jinkosolar has adjusted its capacity expansion plan and currently expects its annual mono wafer, solar cell and solar module production capacity to reach 30 GW, 24 GW (including 940 MW N-type cells) and 33 GW, respectively, by the end of 2021, from previous guidance of 33 GW, 27 GW, 37 GW, respectively.

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