JinkoSolar Expects Strong Growth in Module Shipments for 2024

By Editor


JinkoSolar, a leading solar module manufacturer, has forecasted significant growth in module shipments for the first quarter and full year of 2024, with a focus on N-type modules.

JinkoSolar anticipates module shipments to range between 18 GW to 20 GW for the first quarter and 100 GW to 110 GW for the entire year, with N-type modules comprising nearly 90 percent of total shipments.

Additionally, JinkoSolar aims to ramp up its annual production capacity for mono wafers, solar cells, and solar modules to 120 GW, 110 GW, and 130 GW, respectively, by the end of 2024, with N-type capacity accounting for over 90 percent of the total capacity. The company also projects mass-produced N-type cell efficiency to reach 26.5 percent by the end of the year.

JinkoSolar released its financial results for the fourth quarter and full year ended December 31, 2023, revealing notable operational and financial highlights:

Fourth Quarter 2023 Operational and Financial Highlights:

Quarterly shipments totaled 27,862 MW, with total revenues of RMB32.83 billion (US$4.62 billion), up 3.1 percent sequentially and 9.4 percent year-over-year.

Gross profit stood at RMB4.09 billion (US$576.2 million), with a gross margin of 12.5 percent.

Income from operations was RMB352.5 million (US$49.6 million), and net income was RMB29.3 million (US$4.1 million).

Full Year 2023 Operational and Financial Highlights:

Annual shipments reached 83,562 MW, with total revenues of RMB118.68 billion (US$16.72 billion), up 42.8 percent year-over-year.

Gross profit amounted to RMB19.05 billion (US$2.68 billion), with a gross margin of 16.0 percent.

Income from operations increased significantly to RMB6.09 billion (US$858.1 million), and net income rose to RMB3.45 billion (US$485.6 million).

JinkoSolar attributes its strong performance to efforts in cost optimization, resulting in improved profitability, with a gross margin of 16.0 percent for the full year, compared to 14.8 percent in 2022. The company’s integrated manufacturing strategy and leading position in N-type TOPCon technology have contributed to exceeding 70 GW of N-type capacity by the end of the fourth quarter.

Looking ahead, JinkoSolar anticipates significant profit generation in 2024, driven by its innovative production model and expansion plans in Shanxi, China. The company plans to focus on expanding advanced N-type capacity, aiming for over 28 GW of integrated capacity in its Shanxi plant and approximately 4 GW of N-type cell and module capacity in Vietnam.

Despite potential industry fluctuations, JinkoSolar remains confident in its ability to navigate challenges and expects its market share to further increase in 2024, leveraging the growing demand in the global PV market.

Baburajan Kizhakedath

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