Jinko Solar’s quarterly profit up 18%, expects module shipments to reach 70GW in 2023

Looking ahead, the company said it will continue to invest in R&D and advanced N-type capacity. Image: Jinko Solar.

Chinese solar module manufacturer Jinko Solar has posted an improved financial result for the first quarter of 2023, as its net profit attributable to ordinary shareholders increased by 18.6% quarter-on-quarter.

In Q1 2023, Jinko Solar’s profit was RMB788.7 million (US$114.8 million), increasing from RMB665 million in Q4 2022 or by 18.6%.

However, the company recorded a significant year-on-year increase as its net income attributable to ordinary shareholders in Q1 2022 was only RMB28.9 million, which was equivalent to a 2629% increase.

The total revenue for the first quarter of 2023 was RMB23.33 billion, down 22.2% sequentially from RMB30 billion, but up 58% year-over-year from RMB14.76 billion.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Gross profit was RMB4.04 billion, down 4% sequentially and up 81.5% year-over-year. The gross margin in Q1 was 17.3%, compared with 15.1% in Q1 2022.

Quarterly shipments in Q1 2023 were 14,490MW, including 13,038MW for solar modules, and 1,452MW for cells and wafers, down 12.8% sequentially and up 72.7% year-over-year.

The company said its quarterly module shipments increased by more than 60% year-over-year, of which its shipments to the Chinese market increased by more than 200% year-over-year.

In addition, n-type module shipments in Q1 2023 nearly reached 6GW. According to Xiande Li, JinkoSolar’s chairman and CEO, the ratio of n-type products shipped approached nearly 50% of its total module shipments due to high efficiency and the company’s global marketing network, which partially contributed to the improvement in profitability.

The company added that growth in PV demand in Q1 remained strong despite some seasonal factors. The Chinese market benefited from falling prices of PV and delays in PV projects from 2022.

Moreover, the new installations of solar PV reached 33.7 GWac, representing an increase of 154.8% year-over-year. Total overseas shipments of modules and cells reached US$13.1 billion in Q1 2023, representing an increase of 15.3% year-over-year.

Looking ahead, the company expects its module shipments to be in the range of 16GW to 18GW in Q2 2023, while its module shipments are expected to be in the range of 60GW to 70GW for 2023.

Additionally, JinkoSolar expected its annual production capacity for mono wafers, solar cells and solar modules to reach 75GW, 75GW and 90GW, respectively, by the end of 2023.

The company said it will continue to invest in R&D and advanced n-type capacity to enhance its n-type mass production capabilities, product performance, and costs.

27 June 2024
9am BST
FREE WEBINAR -This special webinar will take a deep dive into the latest PV ModuleTech Bankability Ratings pyramid, capturing the relative bankability status of the top 70-80 PV module suppliers globally. In addition to revealing the latest ranking of global PV module suppliers, PV Tech’s Head of Research, Finlay Colville, will show the depth of analysis and commentary included within the report for module suppliers. A key output from the webinar will be to learn which PV module suppliers have moved up the rankings pyramid in recent years and why this growth has been achieved. Conversely, some of the companies that have fallen down the rankings will be discussed, in particular those suffering from market-share losses and financial problems.
8 October 2024
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 8-9 October 2024 is our second PV CellTech conference dedicated to the U.S. manufacturing sector. The event in 2023 was a sell out success and 2024 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.
17 June 2025
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 17-18 June 2025, will be our fourth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2026 and beyond.

Read Next

May 30, 2024
Maxeon Solar Technologies posted net losses of US$14.87 million in its Q1 2024 financial results. It also announced that its future utility-scale solar business will be “focused exclusively on the US”.
May 24, 2024
Quarterly reports from China’s big-five PV module producers highlight the challenges PV manufacturers face in maintaining profitability.
May 15, 2024
Tigo Energy has published its financial results for the first quarter of 2024, which include revenues of US$9.8 million.
May 15, 2024
Nextracker's backlog has posted the financial results for Q4 2024 and FY 2024, with backlog increasing by more than 50%.
May 13, 2024
Global module prices are unlikely to fall much further and could begin to stabilise, the chairmen of two of China’s largest PV manufacturers, Trina Solar and JinkoSolar, have said.
May 13, 2024
FTC Solar has announced its financial results for the first quarter of 2024, which include revenue of US$12.6 million.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
July 2, 2024
Athens, Greece
Solar Media Events
July 9, 2024
Sands Expo and Convention Centre, Singapore
Solar Media Events
September 24, 2024
Warsaw, Poland
Solar Media Events
September 24, 2024
Singapore, Asia