Another Solar blow-out

Valuation of these companies is still extremely low..
Last week Trina Solar blast 82% past expectations, now Jinko Solar (JKS). Both companies have P/E multiples way below 10 while growth remains extremely solid. Something has to give here..

JinkoSolar Announces Fourth Quarter and Full Year 2010 Results

  • Fourth Quarter Shipments and Total Revenues Exceeded High-end Guidance by 16.1% and 21.7%, respectively;
  • Full Year 2010 Net Income Increased over 900% with Diluted Earnings per ADS of US$6.62;
  • Full Year 2010 Solar Product Shipments Reached 480 MW;
  • Company Increases Expected 2011 Annual Integrated Capacity to 1.5 GW

SHANGHAI, Feb. 28, 2011 /PRNewswire-Asia-FirstCall/ — JinkoSolar Holding Co., Ltd. (“JinkoSolar” or the “Company”) (NYSE:JKS – News), a fast-growing vertically integrated solar power product manufacturer with low-cost operations based in China, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2010.

Fourth Quarter 2010 Highlights

  • Total solar product shipments were a record 162.6 megawatts (“MW”), exceeding previous guidance of 130 MW to 140 MW, compared to 134.8 MW in the third quarter of 2010 and 98.0 MW in the fourth quarter of 2009, representing an increase of 20.6% sequentially and 65.9% year-over-year.
  • Total revenues were a record RMB1.8 billion (US$267.7 million), an increase of 22.9% sequentially and 156.9% year-over-year, exceeding the Company’s guidance of US$210 million to US$220 million.
  • Gross margin was 28.5%, compared to 33.5% for the third quarter of 2010 and 16.2% for the fourth quarter of 2009.
  • In-house gross margin relating to the Company’s in-house silicon wafer and solar cell production to solar module production was 34.7%.
  • Net income was a record RMB368.3 million (US$55.8 million), an increase of 41.9% sequentially and 340.0% year-over-year.
  • Diluted earnings per share were RMB3.90 (US$0.59), compared to RMB2.93 in the third quarter of 2010 and RMB1.06 in the fourth quarter of 2009.
  • Diluted earnings per American Depositary Share (“ADS”) were RMB15.61 (US$2.36), compared to RMB11.70 in the third quarter of 2010 and RMB4.25 in the fourth quarter of 2009. Each ADS represents four ordinary shares.

Full Year 2010 Highlights

  • Total solar product shipments were a record 480.3 MW, compared to the Company’s previous guidance of 448 MW to 458 MW, an increase of 116.3% from 2009.
  • Total revenues were a record RMB4.7 billion (US$705.3 million), an increase of 196.9% from 2009.
  • Gross margin was 29.2%, compared to 14.7% for the full year 2009.
  • In-house gross margin relating to the Company’s in-house silicon wafer and solar cell production to solar module production was 36.8%.
  • Net income was a record RMB881.9 million (US$133.6 million), an increase of 932.7% from 2009.
  • Diluted earnings per share for the full year 2010 were RMB10.92 (US$1.65), compared to diluted loss per share of RMB0.73 for the full year 2009.
  • Diluted earnings per ADS for the full year 2010 were RMB43.69 (US$6.62), compared to diluted loss per ADS of RMB2.93 for the full year 2009. Each ADS represents four ordinary shares.