JinkoSolar revenue dropped 9.9 percent to RMB14.76 billion or $2.33 billion in the first quarter of 2022 from RMB16.39 billion in the fourth quarter of 2021 and increased 85.9 percent from RMB7.94 billion in the first quarter of 2021.
The sequential decrease was due to drop in the shipment of solar modules. The year-over-year increase was mainly due to an increase in the shipment of solar modules due to the increasing demand of global market, JinkoSolar said.
JinkoSolar said gross margin was 15.1 percent in the first quarter of 2022, compared with 16.1 percent in the fourth quarter of 2021 and 17.1 percent in the first quarter of 2021. The sequential and year-over-year decreases were mainly attributable to an increase in the material cost of solar modules.
JinkoSolar’s shipments in the first quarter of 2022 were 8,390 MW, including 8,031 MW for solar module shipments and 359 MW for cell and wafer shipments.
JinkoSolar’s mono wafer, solar cell and solar module production capacity was 40 GW, 40 GW (16.9 GW for N-type cells) and 50 GW, respectively.
JinkoSolar expects its shipments (including solar modules, cells and wafers) to be 8.5-9.5 GW for the second quarter of 2022 and 35-40 GW for full year 2022.
JinkoSolar expects its mono wafer, solar cell and solar module production capacity to reach 55 GW, 55 GW (including 32.9 GW N-type cells) and 60 GW, respectively, by the end of 2022.
“Despite a challenging environment due to macro-economic uncertainties and supply chain disruptions as a result of the resurgence of COVID-19, we improved our in-house cost structure and our gross profit in the first quarter increased by more than 60 percent year-over-year,” Xiande Li, JinkoSolar’s Chairman and Chief Executive Officer, said.
Polysilicon prices and shipping costs remained high and volatile. Epidemic prevention and containment policies in China since March have resulted in logistics congestion and reductions in transport capacity, which increased cost pressures.