JinkoSolar Reports Impressive Q3 2023 Performance with Strong Growth

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JinkoSolar Holding, a leading global solar module manufacturer, has reported remarkable third-quarter results for 2023, showcasing substantial growth in shipments, revenues, and profits. The company’s Chairman and Chief Executive Officer, Xiande Li, highlighted the significant achievements and the outlook for the solar industry.

In Q3 2023, JinkoSolar’s total shipments reached an impressive 22,597 MW, consisting of 21,384 MW for solar modules and 1,213 MW for cells and wafers. These figures represent a remarkable 21.4 percent increase sequentially and a substantial 108.2 percent growth year-over-year.

The financial performance was equally robust, with total revenues of RMB31.83 billion (approximately US$4.36 billion), marking a 3.7 percent increase sequentially and a substantial 63.1 percent year-over-year surge.

The company’s gross profit stood at RMB6.13 billion (approximately US$840.6 million), reflecting a substantial 28.2 percent sequential increase and an impressive 99.7 percent year-over-year growth. JinkoSolar also demonstrated a remarkable improvement in gross margin, which rose to 19.3 percent, compared to 15.6 percent in Q2 2023 and 15.7 percent in Q3 2022.

Xiande Li, Chairman and Chief Executive Officer of JinkoSolar, attributed these strong results to the company’s advantages in N-type TOPCon technology, an extensive global operation network, and an advanced integrated capacity structure. Notable highlights from his comments included:

Total module shipments reached approximately 21.4 GW, marking a staggering 107.9 percent year-over-year increase.

The cost of polysilicon decreased sequentially, contributing to enhanced profitability.

Over 60 percent of the total shipments were premium high-efficient N-type products.

Shipments to the U.S. experienced significant sequential growth.

In addition to these achievements, the market experienced heightened demand, with newly-added installations of photovoltaic (PV) in China reaching 128.9 GW for the first nine months of 2023, nearly 50 percent more than the full-year installations in 2022. Nevertheless, the global PV market also faced challenges, including intensified competition, technical innovation, high interest rates in certain regions, and geopolitical tensions. However, JinkoSolar, as an industry leader, remains confident in its ability to thrive in this competitive landscape.

Furthermore, JinkoSolar reached a historic milestone by becoming the first module manufacturer to deliver a total of 190 GW of solar modules, covering over 190 countries and regions.

The company’s N-type TOPCon cells demonstrated remarkable efficiency, with mass production efficiency reaching 25.6 percent. The power output of N-type modules exceeded that of similar P-type modules by 25-30wp, driving increased global demand.

By the end of the third quarter, JinkoSolar already had over 55 GW of N-type cell production capacity, with expectations to reach approximately 70 GW by the end of the year, leading the industry. Additionally, the company’s integrated project in Shanxi, China, has initiated construction, and Phase I and Phase II of a project with a total of 28 GW wafer-cell-module integrated capacity are projected to commence production in the first half of 2024.

In a significant breakthrough, JinkoSolar’s N-Type monocrystalline silicon solar cell set a new record with a maximum conversion efficiency of 26.89 percent. This achievement signifies an important milestone in the company’s product and solution innovation, with higher conversion efficiency and reduced industrialization costs.

Xiande Li expressed confidence that TOPCon technology would remain the mainstream technical path in the next 3-5 years, positioning JinkoSolar ahead of the industry in terms of power output, cost efficiency, and product competitiveness.

JinkoSolar Holding’s remarkable Q3 2023 performance underscores its position as a leader in the global solar industry and highlights the company’s dedication to innovation and excellence.

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