For 2010 fourth quarter, the company's solar product shipments were higher than initially guided at 162.6 MW, representing a 20.6% sequential growth and 65.9% year-over-year growth.
Total revenue increased 156.9% year-over-year to $267.7 million, exceeding the company's guidance of $210 million to $220 million. Gross margin was 28.5%, compared to 16.2% for fourth quarter of 2009. Net income reported was $55.8 million, up 41.9% sequentially and 340% year-over-year.Reviewing the business performance, Kangping Chen, JinkoSolar's CEO, said in a press statement, "Throughout 2010 we expanded our business both in scale and in reach. Our successful IPO and follow-on offering significantly increased our brand awareness and helped us increase our market share, while strengthening our balance sheet and improving our bankability. Our dedicated sales and marketing teams, with new sales offices in Munich and San Francisco, established a number of long-term partnerships with leading global solar companies in Europe and North America while also capturing opportunities in fast-growing markets." The stock has analysts' buy ratings of 75% and it is expected to deliver 41% return in the next one year. The stock is trading at four times its estimated 2011 earnings.