JinkoSolar exited Q3/2023 with total solar module shipments of 21.38 GW while reporting 3.7% QoQ and 63.1% YoY growth in revenues of $4.36 billion. For full-year 2023, the Chinese solar PV manufacturer expects to exceed its annual module shipment guidance of 70 GW to 75 GW.
Total module shipments in Q3 improved 21% QoQ and 107.9% YoY with n-type accounting for over 60% of the total share. While China became the dominant market for the manufacturer, taking in around 40% of its module shipments during the period, sales to the US market improved as well, among other markets globally.
The distributed generation (DG) segment accounted for 35% to 40% of its business, which is something it is likely to maintain for full-year 2023. It also shipped 1.213 GW of solar cells and wafers during the period.
Gross profit margin of $840.6 million came with 19.3% gross margin. The increase in gross margin from 15.6% in Q2/2022 and 15.7% in Q3/2023 was attributed to the decrease in the cost of raw materials. Net income improved 140.7% YoY to $181.4 million.
"Since the third quarter, price declines in the supply chain have stimulated end demand," said JinkoSolar Chairman and CEO Xiande Li. "Meanwhile, intensified competition brought by changes in supply and demand, accelerated technical iteration, high interest rates in some regions, and geopolitical tensions caused some volatility in the global PV market, and posed challenges on all industry players. We believe that we, as the industry leader, will become even stronger as the competition intensifies."
During 9M/2023, its total solar module shipments rose to 52 GW, compared to 20 GW a year ago (see Jiangxi Jinko's Solar Module Shipments Growing).
JinkoSolar said it aims to roll out mass-produced n-type cells with an efficiency of 25.8% by the end of 2023, while keeping the integrated cost of n-type modules to remain competitive with p-type modules. The company separately announced achieving 26.89% cell conversion efficiency for its 182 mm high efficiency n-type monocrystalline silicon solar cell (see JinkoSolar Reports 'New Record' N-Type Cell Efficiency).
Guidance
For Q4/2023, the company guides for its module shipments to be around 23 GW, which is not higher than the 23 GW shipped in the reporting quarter.
The management is confident of exceeding the guidance of 70 GW to 75 GW module shipments for 2023, with n-type accounting for close to 60% share, attributing the same to strong anticipated demand for high-efficiency products from a growing number of markets and customers.
Manufacturing capacity
JinkoSolar continues to target its annual solar mono wafer, cell and module production capacity to grow to 85 GW, 90 GW and 110 GW, respectively by 2023-end. The Chinese manufacturer said it expected to reach an integrated capacity of over 12 GW overseas by the end of this year, made up of over 75% share of n-type referring to its overseas wafer-cell-module manufacturing capacity in Vietnam, Malaysia and the US.
Sharing an update on its 56 GW wafer-cell-module integrated capacity complex in China's Shanxi, the manufacturer said it expects to start production under phase I and II in H1/2024, as planned. Both the phases will bring online 14 GW each (see Massive PV Manufacturing Complex In China).