Jinko Solar, a Chinese solar module manufacturer, has announced strong financial results for the first quarter of 2023. The company reported a net income attributable to ordinary shareholders of RMB788.7 million (US$114.8 million), representing an 18.6% increase from the previous quarter. However, the year-on-year increase was much more significant, with a 2629% rise in net income compared to Q1 2022.
Jinko Solar's total revenue for the first quarter was RMB23.33 billion, a 22.2% sequential decrease but a 58% year-over-year increase. The company recorded a gross profit of RMB4.04 billion, down 4% sequentially but up 81.5% year-over-year. The gross margin in Q1 2023 was 17.3%, compared with 15.1% in Q1 2022.
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The company shipped 14,490MW in Q1 2023, including 13,038MW for solar modules and 1,452MW for cells and wafers. This represented a 12.8% sequential decrease but a 72.7% year-over-year increase. Jinko Solar noted that its quarterly module shipments increased by over 60% year-over-year, with shipments to the Chinese market up more than 200% year-over-year.
Jinko Solar attributed the increase in profitability to high efficiency and the company's global marketing network. The company's n-type module shipments in Q1 2023 nearly reached 6GW, and the ratio of n-type products shipped approached nearly 50% of its total module shipments. Jinko Solar also highlighted the strong demand for PV in Q1, with new installations of solar PV reaching 33.7 GWac, an increase of 154.8% year-over-year.
Looking ahead, Jinko Solar expects its module shipments to be in the range of 16GW to 18GW in Q2 2023, with module shipments for the year expected to be in the range of 60GW to 70GW. The company plans to continue investing in R&D and advanced n-type capacity to enhance its mass production capabilities, product performance, and costs. Jinko Solar expects its annual production capacity for mono wafers, solar cells, and solar modules to reach 75GW, 75GW, and 90GW, respectively, by the end of 2023.
