JinkoSolar targets significant increase in module shipments

JinkoSolar Tiger Neo modules

JinkoSolar has revealed its targets – in terms of module shipments and revenue – for 2023.

JinkoSolar estimates its module shipments will be in the range of 60 GW to 70 GW for 2023.

JinkoSolar said shipments in 2022 were 46,580 MW, including 44,520 MW for solar module shipments and 2,060 MW for cell and wafer shipments.

JinkoSolar expects its module shipments will be in the range of 11 GW to 13 GW in the first quarter of 2023.

JinkoSolar said shipments were 16,802 MW in the fourth quarter of 2022, including 16,020 MW for solar module shipments and 782 MW for cell and wafer shipments.

JinkoSolar expects its annual production capacity for mono wafer, solar cell and solar module to reach 75.0 GW, 75.0 GW and 90.0 GW, respectively, by the end of 2023.

JinkoSolar said 35GW N-type TOPCon cells capacity started production in 2022. The proportion of N-type modules shipments of total module shipments is expected to reach 60 percent in 2023.

Revenues for 2022 were RMB83.53 billion ($12.11 billion), an increase of 104.6 percent from RMB40.83 billion for 2021. The increase in total revenues was mainly attributable to an increase in the shipment of solar modules due to increasing demand in the global market.

JinkoSolar reported gross profit of RMB12.35 billion ($1.79 billion) in 2022, an increase of 85.4 percent from RMB6.66 billion in 2021. The increase was mainly attributable to an increase in the shipment of solar modules in 2022.

JinkoSolar’s gross margin was 14.8 percent for 2022, compared with 16.3 percent for 2021. The drop was mainly attributable to an increase in the material cost of solar modules.

Income from operations for 2022 was RMB461.0 million ($66.8 million), compared with RMB1.10 billion for 2021. Operating margin for 2022 was 0.6 percent, compared with 2.7 percent for 2021.

JinkoSolar’s operating expenses for 2022 were RMB11.89 billion ($1.72 billion), an increase of 113.9 percent from RMB5.56 billion for 2021. The increase in total operating expenses was primarily due to (i) an increase in shipping cost, (ii) an increase in impairment loss and FA disposal of property, plant and equipment and (iii) an increase in share-based compensation expenses.