Solar PV manufacturer JinkoSolar shipped 17.8GW of solar modules in the second quarter of 2023, of which 10.4GW were n-type products. Total module shipments were up 36.2%, from 13GW in Q1, and n-type shipments rose 74.1%, up from just under 6GW.
Xiande Li, JinkoSolar’s chairman and CEO said that with these results, Jinko is “the first module manufacturer shipping 10GW of n-type modules in a single quarter globally.”
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The company expects n-type products to account for almost 60% of its module shipments in 2023, following the completion of its 56GW wafer-cell-module n-type production facility in Shanxi, China and its 1GW US n-type module facility this year.
It said that its n-type capacity outside of China is set to exceed 8GW by the end of this year.
In terms of annual total capacity, Jinko expects 85GW, 90GW and 110GW of mono wafer, cell and module capacity respectively, of which n-type will fulfill up to 75%. The company said that its orderbook visibility now sits at around 80% for the rest of 2023.
Mass-produced 182mm n-type tunnel oxide passivated contact (TOPCon) cells from Jinko’s facilities have reached 25.5% efficiency as of the end of Q2, the company said, and by the end of the year it forecasts hitting 25.8%.
JinkoSolar also released its unaudited financial results for Q2 2023. Total revenues were RMB30.69 billion (US$4.23 billion), a 62.9% increase year-on-year and a 31.5% rise from RMB23.33 in Q1 driven by the uptick in demand and increased shipments. Driven by the downward trend of polysilicon, PV prices generally fell across Q2.
Gross profits were RMB4.78 billion (US$659.6 million), a smaller increase from RMB4.04 billion in Q1.
Li said: “We are optimistic that demand will grow as prices stabilise and raise our module shipment guidance for 2023 to be in the range of 70-75GW, with n-type modules 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.”