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.
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.