JinkoSolar Shipped 13 GW+ Solar Modules In Q1/2023

• Lower module shipments pulled down JinkoSolar's Q1/2023 revenues by 22.2%
• It shipped 14.5 GW of modules, cells and wafers in the quarter, reflecting 12.8% sequential drop
• N-type products comprised nearly 50% of its total module shipments during the year with close to 6 GW capacity
• Targets to increase the mass production n-type cell efficiency to increase from 25.3% to 25.8% by the end of 2023

Leading Chinese vertically integrated solar PV manufacturer JinkoSolar Holding has reported 12.8% sequential drop in its Q1/2023 shipments of 14.49 GW, comprising 13.04 GW modules, 1.45 GW cells and wafers, pulling down its revenues by 22.2% to $3.40 billion.

Yet on an annual basis, it registered a growth of 72.7% in shipments and 58% in revenues. Gross profit of $588.4 million dropped 4% QoQ and increased 81.5% YoY. Gross margin was 17.3% compared with 14% in Q4/2022 and 15.1% in Q1/2022 (see JinkoSolar's Q1/2022 Financial Results).

Management said its profitability in Q1 remained under pressure from demurrage costs in the US, paid for use of containers inside the terminal beyond the agreed upon limit. Nonetheless, customs clearance was received, and the management says its shipments to the US are expected to gradually improve.

"With polysilicon prices being volatile in the first quarter, we adjusted our supply chain strategy to effectively control costs," said Jinko's Chairman and CEO Xiande Li. "With more production volumes being gradually released during the year, we believe polysilicon supply shortages will ease and polysilicon price declines will release large market demand."

N-type products comprised nearly 50% of its total module shipments during the first quarter with close to 6 GW capacity. At the end of Q1, Jinko's n-type module shipments on aggregate basis exceeded 16 GW. By the end of 2023, it targets to increase the mass production n-type cell efficiency to increase from 25.3% to 25.8%.

By year end, n-type is expected to account for over 70% of its solar cell capacity and n-type modules to account for about 60% of its total module shipments.

Jinko expects its shipments to range between 16 GW and 18 GW during Q2/2023. For full year 2023, the management has guided for its module shipments to fall within the range of 60 GW to 70 GW.

At the end of 2023, the manufacturer targets to increase its annual production capacity for mono wafer and cell to 75 GW each and 90 GW for solar modules, up from 65 GW, 55 GW and 70 GW, respectively at the end of 2022.