JinkoSolar Holding Co., Ltd (NASDAQ:JKS) Q2 2019 Earnings Conference Call - Final Transcript
Aug 30, 2019 • 08:00 am ET
backsheet. The new lightweight bifacial technology has huge potential to go mainstream, because it was not -- not only alleviate installation problems and lowest cost per kilowatt of electricity generated. But also improve the efficiency of the modules and overall power generation, especially for PV power plants.
[Foreign Speech] To conclude, I'm very pleased with the significant progress we have made during the quarter in strengthening our competitive advantages, improving the efficiency of our products and driving costs lower through innovation, especially at a time when the industry is racing towards great parity as one of the largest and the most innovative solar module manufacturers in the world. We are committed to serving our clients with the highest quality products on the market. We will continue to listen to the needs of our clients and grow our market share in the domestic and overseas markets. With our global distribution network and the support teams working closely together, we will continue to drive growth in the area of grid parity.
[Foreign Speech] Before turning the call over to Gener, I will quickly go over our guidance. Based on current estimates, for the third quarter of 2019, the Company estimates total solar module shipments to be in the range of 3.2 gigawatt to 3.5 gigawatt. Total revenue for the third quarter is expected to be in the range of $980 million to $1,070 million. Gross margin for the third quarter is expected to be between 19% to 20%. For the full year of 2019, the Company estimates total solar module shipments to be in the range of 14 gigawatt to 15 gigawatt.
[Foreign Speech] Thank you, Ripple. With that, I would turn it over to Gener.
Thank you, Mr. Chen. Total shipments in the second quarter were 3,386 megawatt, an increase of 21.2% from the same period last year and exceeding our previous guidance. The increase was driven non-China demand, which remained strong during the quarter. In particular, mono PERC products as a percentage of total shipments continue to grow steadily, and I expect it to reach 70% for the full year of 2019.
In terms of geographic mix, overseas shipments accounted for over 90% of our order book this quarter. With China's latest subsidy policy announcement in July, the Chinese market is expected to regain considerable installation demand starting in late third quarter. The Chinese government's July release -- July release of a list of approved solar projects that secured government subsidy for 2019 has helped to kickstart bids for a number of projects that are expected to simultaneously drive domestic demand and grow in our shipments in China, starting in September.
China is expected to install around 40 gigawatts this year. We also expect that the Chinese market to retain its robust performance well into 2022 due as a number of cross-year projects and the competitiveness of photovoltaic power generation price. The US market remains very strong. Prices have risen in the past quarter, which has resulted in our modules