JinkoSolar Announces its Q2 2023 Financial Results

The mass production efficiency of N-type TOPCon cells reached 25.5 percent, and the power output of N-type modules reached about 580wp, 25-30wp higher than that of the same version of P-type modules.

August 17, 2023. By EI News Network

JinkoSolar Holding Co., Ltd. one of the largest and most innovative solar module manufacturers in the world, announced its unaudited financial results for the second quarter ended June 30, 2023.

Quarterly shipments were 18,613 MW (17,763 MW for solar modules, and 850 MW for cells and wafers), up 28.5% sequentially, and up 76.7 percent year-over-year.

Total revenues were USD 4.23 billion, up 31.5 percent sequentially and up 62.9 percent year-over-year.

Gross profit was USD 659.6 million, up 18.4 percent sequentially and up 72.5 percent year-over-year.

Gross margin was 15.6 percent, compared with 17.3 percent in Q1 2023 and 14.7 percent in Q2 2022.

Net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders was (USD180.1 million), compared with net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB788.7 million in Q1 2023 and net loss attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders of RMB623.3 million in Q2 2022.

N-type module shipments in the second quarter were about 10.4 GW, making JinkoSolar the first module company in the industry to deliver 10 GW of N-type modules in a single quarter.

The mass production efficiency of N-type TOPCon cells reached 25.5 percent, and power output of N-type modules reached about 580wp, 25-30wp higher than that of the same version of P-type modules.

Xiande Li, JinkoSolar's Chairman and Chief Executive Officer, stated, "We are pleased to report solid growth as we overcame volatility in supply chain prices and end demand thanks to our excellent marketing network, high quality products, and highly effective supply chain management. Module shipments in the second quarter were approximately 17.8 GW, up 36.2% sequentially. Shipments of the competitive N-type module were approximately 10.4 GW, up 74.1% sequentially, making us the first module manufacturer shipping 10 GW of N-type modules in a single quarter globally. Our efforts in supply chain management, technology advancement and process improvement also improved our profitability. Net income was US$180.1 million in the second quarter, up 65.6% sequentially. Adjusted net income was US$196.7 million, up 70.5% sequentially. Diluted earnings per ordinary share were US$0.77, up 48.5% sequentially.

With more and more players deploying TOPCon production capacity, N-type TOPCon is certain to become the mainstream technology in the industry. However, some new entrants experienced project delays and slower-than expected ramp up in production volume and efficiency due to lack of sufficient technical know-how and differences in technology and production process, keeping competitive N-type production in short supply. As of the end of the second quarter, the mass-produced efficiency of our 182 mm N-type TOPCon cells had reached 25.5%, with N-type module power output of around 580 wp, 25-30 wp more than P-type module of the same version. We expect mass-produced N-type cell efficiency to reach 25.8%, by the end of 2023. The integrated cost of N-type module remained competitive compared to P-type module.

At the end of May, we announced the construction of a major production base of 56 GW integrated wafer-cell-module capacity in Shanxi ("Shanxi Integrated Base"), which will become the largest N-type integrated production facility in the industry. Shanxi Integrated Base is another strategic expansion of the production model championed by JinkoSolar in the PV industry that will fully demonstrate our advantages in highly efficient technology and products, lower investment costs, greater operational efficiency as well as intelligent and smart manufacturing capabilities. Meanwhile, our 1 GW capacity expansion project for N-type modules in the U.S. is expected to start production in September 2023. We have established an industry-leading overseas industrial chain network, with integrated production capabilities from wafer and cell to module, with traceability and excellent product competitiveness. As we continue to invest in N-type capacity expansion overseas in the second half of 2023, we expect to reach an integrated production capacity of over 12 GW overseas by the end of 2023, with the production capacity of N-type accounting for over 75%.

We are optimistic that demand will grow as prices stabilize and raise our module shipment guidance for 2023 to be in the range of 70 to 75 GW, with N-type module accounting for approximately 60% of total module shipments. As demand for N-type products continues to increase in the global market, we will move on to invest in N-type capacity which is competitive both in technology and costs. We expect our annual production capacity for mono wafers, solar cells and solar modules to reach 85.0 GW, 90.0 GW and 110.0 GW, respectively, by the end of 2023, with N-type capacity accounting for over 75% of the total capacity. We expect module shipments to be in the range of 19.0 to 21.0 GW for the third quarter of 2023."

Total revenues in the second quarter of 2023 were RMB30.69 billion (USD 4.23 billion), an increase of 31.5 percent from RMB23.33 billion in the first quarter of 2023 and an increase of 62.9% from RMB18.84 billion in the second quarter of 2022.

Gross profit in the second quarter of 2023 was RMB 4.78 billion (USD 659.6 million), compared with RMB4.04 billion in the first quarter of 2023 and RMB2.77 billion in the second quarter of 2022.

Total shipments were 18,613 MW in the second quarter of 2023, including 17,763 MW for solar module shipments and 850 MW for cell and wafer shipments.

By the end of 2023, we expect mass-produced N-type cell efficiency to reach 25.8%, and the integrated cost of N-type modules to remain competitive with P-type modules. The proportion of N-type modules shipments of our total module shipments is expected to reach about 60% in 2023, as we expect there will be a strong demand for high-efficiency products from a growing number of markets and customers.

JinkoSolar expects its annual production capacity for mono wafer, solar cell and solar module to reach 85.0 GW, 90.0 GW and 110.0 GW, respectively, by the end of 2023.

In July 2023, JinkoSolar officially became a member of the IRENA Coalition for Action, further affirming its dedication to sustainable energy development.

In July 2023, JinkoSolar achieved the highest "AAA" category ranking in PV Tech's Q2 ModuleTech bankability report.

In August 2023, JinkoSolar was recognized as a 2023 Overall Highest Achiever for the fourth consecutive year in Renewable Energy Testing Center PV Module Index Report.

JinkoSolar is one of the largest and most innovative solar module manufacturers in the world. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, Netherlands, Poland, Austria, Switzerland, Greece and other countries and regions.

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