Chinese module manufacturer JinkoSolar has posted 2023 sales of approximately $16.4 billion and net profit of $1.06 billion, with PV module shipments reaching 78.52 GW. Module production capacity reached 110 GW at the end of December.
Chinese solar panel manufacturer JinkoSolar has unveiled its 2023 financial report, showing remarkable growth in both revenue and net profit. It said it posted revenue of CNY118.682 billion ($16.38 billion), up 43.55% from the previous year. Net profit attributable to shareholders of listed companies reached CNY7.440 billion ($1.06 billion), up 153.20% year-on-year.
It attributed the revenue increase to a significant increase in PV module shipments, to 78.52 GW for the full year, up 77.1% from 2022, in addition to sales of 5.04 GW of other solar products . JinkoSolar said it regained the top spot in the module shipments industry rankings in 2023, surpassing Longi and regaining the No. 1 position after a three-year hiatus.
JinkoSolar attributed its profitability growth to higher sales revenue and better gross profit margin thanks to cost management. Despite falling module prices and increased competition in the downstream installation market in 2023, the company managed to achieve a gross profit margin of 14.21%, an increase of 3.74 percentage points compared to 2022.
The company noted that it is committed to controlling costs, including the use of cost-effective silicon granules as raw material and continued innovation in manufacturing processes to achieve additional cost savings.
JinkoSolar claimed it has a laboratory efficiency of 26.89% for tunnel oxide passivated contact cells (TOPCon) and an efficiency of 32.33% for TOPCon/perovskite tandem cells. By the end of 2023, mass-produced n-type cells reached an average efficiency of more than 25.8%, delivering modules with approximately 30 W more power than their equivalent P-type counterparts.
JinkoSolar said it expanded its n-type manufacturing capabilities to more than 70 GW by the end of 2023, and shipped 48.41 GW of n-type modules in the same year – a remarkable 352% increase from the previous year, and accounts for approximately 62% of its total module shipments.
At the end of 2023, JinkoSolar had vertically integrated production capacities of 85 GW, 90 GW and 110 GW for wafers, cells and modules, respectively. The company said it expects further growth to 120 GW, 110 GW and 130 GW in these core segments by the end of 2024.
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