Chinese solar product manufacturer JinkoSolar Holding Co Ltd (NYSE:JKS) has announced a significant increase in net attributable profit for the fiscal year 2023, attributing the growth to rising shipments, increased revenues, and improved gross margins due to lower material costs.
The company reported a net attributable profit of CNY 3.45 billion (USD 479.2m/EUR 438.9m) for 2023, compared to CNY 620.5 million in the previous year. Adjusted net profit, excluding certain impacts, stood at CNY 4.07 billion.
JinkoSolar’s shipments for the year reached 83,562 MW, including 78,520 MW for solar modules and 5,043 MW of cells and wafers, representing an 80.1% increase over the previous year. This surge in shipments contributed to a 42.8% year-on-year increase in revenues, totaling CNY 118.68 billion.
Chairman and CEO Xiande Li expressed satisfaction with the company’s performance, stating, “We are pleased to have achieved very impressive operational and financial results in a challenging year by leveraging our advantages in N-type TOPCon technology, global operations and integrated capability.”
Looking ahead, Li commented on the global market, noting that the decline in module prices is expected to improve the economics of the solar energy industry in the short-to-mid-term, with continued demand growth anticipated in 2024.
In terms of future plans, JinkoSolar intends to reduce investments in capacity expansion in 2024. However, the company aims to expand its N-type production capacity in China and Vietnam to achieve annual manufacturing capacity for mono wafers, solar PV cells, and modules of 120 GW, 110 GW, and 130 GW, respectively.
For the first quarter of 2024, JinkoSolar has guided for solar module shipments between 18 GW and 20 GW, with full-year shipments expected to range between 100 GW and 110 GW.
