JinkoSolar reported substantial growth in the third quarter of 2023. The company's shipments witnessed a 21.4% sequential increase and an impressive 108.2% year-on-year growth. More than 60% of these shipments comprised high-efficiency n-type products, specifically tunnel oxide passivated contact (TOPCon) modules, which have maintained a competitive position in the market.
JinkoSolar is approaching 190GW of cumulative module shipments, with TOPCon cell production capacity projected to reach 70GW by year-end. The entire SMSL, including JA Solar, Trina Solar, and Canadian Solar, has shown an increased interest in TOPCon technology. Market dynamics, including falling prices in the photovoltaic (PV) supply chain, have contributed to this growth.
JinkoSolar attributes the rising interest in n-type products to the lower Levelized Cost of Electricity (LCOE) they offer, driven by their higher efficiency. The company recently achieved a significant milestone by recording a 26.89% conversion efficiency rating for its 182 mm high-efficiency n-type monocrystalline silicon TOPCon cell, certified by the National PV industry Measurement and Testing Center. This efficiency breakthrough underscores the importance of ongoing research and development in the industry.
In the financial arena, JinkoSolar reported robust Q3 results with total revenues reaching RMB 31.83 billion (US$4.36 billion), marking a 3.7% sequential increase and an impressive 63.1% year-on-year surge. Net income remained steady compared to the previous quarter but demonstrated substantial growth when compared to Q3 2022, reaching RMB 1.32 billion (US$181.4 million). Preliminary results for Q1-3 2023 indicate a total net income for the year in the range of RMB 6.14 billion (US$839 million) to RMB 6.54 billion (US$893 million).
JinkoSolar anticipates continued growth in n-type demand across various markets. To meet this demand, the company plans to invest in overseas integrated production capacity, targeting 12GW of capacity outside of China by the end of the year, with 75% dedicated to n-type products. In the final quarter of 2023, JinkoSolar expects to ship around 23GW of modules. The company's Chairman and CEO, Xiande Li, expressed confidence in their capacity to lead the industry with advanced technology and high-efficiency products.
