JinkoSolar Holding Co. Ltd. (NYSE: JKS) reported third-quarter 2013 results before markets opened Monday morning. The Chinese solar panel maker reported adjusted diluted earnings per American Depositary Share (ADS) of $1.36 on revenue of $320.67 million. In the same period a year ago, JinkoSolar reported a loss of about $0.65 per ADS on revenue of about $217.24 million. Third-quarter results also compare to the Thomson Reuters consensus estimates for earnings of $0.45 per ADS and $302.22 million in revenue. One ADS is equal to four ordinary shares.

Sequentially, revenues rose 11%, while year-over-year growth came in at 47.6%. The company attributed the gains to increased module shipments and a higher average selling price in the third quarter of 2013, and module shipments were up nearly 45%.

JinkoSolar has followed the lead of U.S. solar makers like First Solar Inc. (NASDAQ: FSLR), SunPower Corp. (NASDAQ: SPWR) and SunEdison Corp. (NYSE: SUNE), all of which have been successful at building large solar projects as well as making modules. The benefits are beginning to pile up for JinkoSolar.

The Chinese government has set a goal of installing 12,000 megawatts of new solar capacity for 2014. JinkoSolar has 700 megawatts in its current utility-scale project pipeline and more than 400 megawatts of distributed capacity. The company also received about $6.5 million in power sales and services, where gross margins exceed 60%. That revenue stream should continue to grow as the country adds more solar capacity.

Third-quarter gross margin rose from 17.7% in the second quarter to 22.3%, and nearly quadrupled from a meager 5.8% in the third quarter of 2012.

For the third quarter, JinkoSolar shipped 489.3 megawatts of solar modules, near the high end of the company’s expected shipment range of 460 to 500 megawatts. The company estimates that it will ship 500 to 530 megawatts in the fourth quarter and has raised its guidance for full-year module shipments from 1,500 to 1,700 megawatts to a new range of 1,700 to 1,800 megawatts. That marks the second time the company has raised its shipment estimates.

JinkoSolar’s results continue the upbeat trend in the solar panel market. Shipments have been increasing, margins are rising and project pipelines are filling up. The squabble over tariffs between China and the European Union was resolved earlier this year, and Chinese solar makers are shipping modules into Japan at rising rates. Good news for one solar provider is typically good news for all, so look for some nice increases in solar stocks Monday.

JinkoSolar shares were up about 11% in premarket trading to $32.80, above the 52-week range of $3.18 to $30.35. Thomson Reuters had a consensus analyst price target of around $25.00 before the results were announced. The stock’s all-time closing high is around $36, and that is certainly in range, if not Monday, then soon.

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