- JinkoSolar’s annual revenues for Q3/2022 increased to $2.74 million with 127.8% improvement
- It shipped 10.9 GW total solar during the quarter including close to 3 GW of n-type products
- Shipments to China increased 5 times YoY and to the global markets these doubled
- JinkoSolar has increased its FY2022 shipment guidance to between 41.5 GW to 43.5 GW
China’s JinkoSolar shipped 10.9 GW solar products in Q3/2022 exceeding the guided range. It has also increased its annual module shipment guidance to now between 41.5 GW to 43.5 GW citing strong demand growth in the global market with annual module production capacity target of 70 GW by 2022-end.
Previously, the guidance for full year 2022 was between 35.0 GW to 40.0 GW. For wafer and module manufacturing capacity, the guidance was to aim for 60.0 GW and 65.0 GW, which has now been increased to 65.0 GW and 70.0 GW respectively. For PERC and n-type cells, it continues to target 55.0 GW cumulative capacity by the end of 2022 (see JinkoSolar’s Q2/22 Shipments Grow 102 Percent).
“We are pleased to announce better-than-expected results for this quarter despite continued rises in raw material prices, power rationing measures imposed on our manufacturing facilities and an earthquake in Sichuan Province, where one of our manufacturing facilities is based,” said Xiande Li, JinkoSolar’s Chairman of the Board of Directors and CEO.
The manufacturer reported 127.8% improvement in annual revenues for the reporting quarter with $2.74 million and a gross margin of 15.7% for which it attributes nearly 160% sequential increase in the shipments of its n-type products to approximately 3 GW. Its net income during the period went up 183.1% YoY to $77.3 million.
Its shipments to China increased 5 times YoY while that to global markets doubled during the same time period.
“There is strong demand for modules in China. Including the demand in the distribution generation market, we expect total installation in the Chinese market to exceed 40 GW in the 4th quarter,” added Li. “Despite the supply has increased recently, the strong demand is keeping polysilicon prices stable at a high level and, currently, module prices remain stable. With substantial polysilicon capacity to be released in 2023, we expect prices of raw materials to fall and stimulate pent-up demand.”
For Q4/2022, JinkoSolar has now guided for its module shipments to range between 13.0 GW to 15.0 GW. To the US however, it expects only 5% shipments in the entire year down from the previous target of 10% due to the impact of Uyghur Forced Labor Prevention Act (UFLPA). “While only a small quantity of shipments has been detained, the company has diverted shipments to other markets until the Customs and Border Protection (CBP) allows JKS shipments into the US. We estimate that this represents ~2 GW that has not shipped to the US market,” added Roth Capital Partners’ financial analyst Philip Shen.
The Chinese company’s mass-produced production line for TOPCon cells reached full capacity of 16 GW, and phase II of 8 GW TOPCon cell capacity in the manufacturing facility in Hefei is ramping up. It also provided an update to the company’s 11 GW TOPCon cell capacity in Jianshan is expected to start production by the end of 2022. All of these efforts are aimed at optimizing the company’s integrated capacity structure and drive down blended costs.
JinkoSolar is one of the presenters of TaiyangNews 3-day virtual conference on High Efficiency Solar Technologies—TOPCon, HJT and Beyond, Today & Tomorrow. It is our annual flagship event and will be held between November 23, 2022 to November 25, 2022. Registrations for the event are open here.