JinkoSolar reports stella results and now worlds biggest in global solar panel shipments

  • JinkoSolar reported their Q4 2023 results yesterday revealing 78.520 GW capacty in global solar panel shipments. 
  • Annual shipments were 83,562 MW (including 78,520 MW for solar modules, and 5,043 MW for cells and wafers), up 80.1% YoY.
  • Solar panel shipments increased by 76.4% year on year.
  • Total revenues were US$16.72 bn, up 42.8% YoY. 
  • Gross margin was 16.0%, compared with 14.8% in 2022. 
  • Income from operations was US$858.1 mn, up 13.2 times YoY.

“At the end of the fourth quarter, we became the first module manufacturer in the world to have delivered a total of 210 GW solar modules, covering over 190 countries and regions,” said Jinko CEO Xiande Li.

“Benefiting from our efforts in cost optimization, our profitability for the full year significantly improved year-over-year, with gross margin at 16.0%, compared to 14.8% in 2022. Module shipment in the fourth quarter was 26.3 GW, exceeding our guidance,” said Li adding that around half of the modules shipped in the fourth quarter went to the Chinese market, where they were sold at lower prices. 

“We expect our annual production capacity for mono wafers, solar cells and solar modules to reach 120 GW, 110 GW and 130 GW, respectively, by the end of 2024, with N-type capacity accounting for over 90% of total capacity,” it stated. “By then, we believe mass-produced N-type cell efficiency will have reached 26.5%,” concluded Li.

Link to Jinko’s full earnings presentation HERE 
Author: Bryan Groenendaal

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