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JinkoSolar reports 76.4% growth in solar module shipments for 2023

JinkoSolar has announced its unaudited financial results for the fourth quarter and full year ending December 31, 2023. The company recorded a 76.4% year-over-year increase in module shipments for the full year 2023, totaling 78.5GW.

This growth solidified the company's position as an industry leader, owing to its N-type technology, expansive global operations, and integrated capacity structure.

Additionally, by the end of Q4 2023, JinkoSolar became the first manufacturer globally to deliver a cumulative total of 210GW solar modules, reaching over 190 countries and regions. The company also secured 330 TOPCon patents by the end of the quarter, surpassing many competitors on the N-type TOPCon patent list.

Moreover, JinkoSolar's N-type TOPCon cells achieved a mass production efficiency exceeding 26%, with N-type modules demonstrating a power output more than 30wp higher than similar P-type modules. Notably, the company's MSCI ESG rating was upgraded two levels to "BBB," positioning JinkoSolar at the forefront of sustainable PV companies.

In Q4 2023, JinkoSolar reported quarterly shipments of 27,862 MW, marking a sequential increase of 23.3% and a substantial year-over-year rise of 67.7%. Total revenues for the quarter reached RMB32.83 billion (US$4.62 billion), reflecting a sequential growth of 3.1% and a year-over-year increase of 9.4%.

However, the company experienced a decline in gross profit to RMB4.09 billion (US$576.2 million), down 33.3% sequentially and 2.8% year-over-year. The gross margin was 12.5%, compared to 19.3% in Q3 2023 and 14.0% in Q4 2022.

Income from operations amounted to RMB352.5 million (US$49.6 million), down 88.2% sequentially and 42.6% year-over-year. Net income attributable to JinkoSolar Holding Co., Ltd.’s ordinary shareholders stood at RMB29.3 million (US$4.1 million).

Operational and Financial Highlights for Full Year 2023

For the full year 2023, JinkoSolar recorded annual shipments of 83,562 MW, including 78,520 MW for solar modules, and 5,043 MW for cells and wafers, representing an impressive 80.1% increase year over year.

Total revenues for the year amounted to RMB118.68 billion (US$16.72 billion), up 42.8% year over year. Gross profit increased to RMB19.05 billion (US$2.68 billion), with a gross margin of 16.0%.

Income from operations surged to RMB6.09 billion (US$858.1 million), marking a remarkable increase of 13.2 times year over year. Net income attributable to JinkoSolar Holding Co., Ltd’s ordinary shareholders soared to RMB3.45 billion (US$485.6 million). Adjusted net income attributable to JinkoSolar Holding Co., Ltd’s ordinary shareholders, excluding various impacts, was RMB4.07 billion (US$573.6 million).

Xiande Li, JinkoSolar’s Chairman and Chief Executive Officer, commented, “We are pleased to have achieved very impressive operational and financial results in a challenging year by leveraging our advantages in N-type TOPCon technology, global operations and integrated capability [...] We expect module shipments to be in the range of 18 GW to 20 GW for the first quarter of 2024, and 100 GW to 110 GW for the full year 2024, with N-type accounting for nearly 90% of total module shipments. We expect our annual production capacity for mono wafers, solar cells and solar modules to reach 120 GW, 110 GW and 130 GW, respectively, by the end of 2024, with N-type capacity accounting for over 90% of total capacity. By then, we believe mass-produced N-type cell efficiency will have reached 26.5%.”



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