Jinko Solar’s Q4 Net Income Rises 33% on Increased Module Shipments
The module shipments in Q4 stood at 16,802 MW, up 73.3% YoY
March 13, 2023
Chinese cell and module manufacturer Jinko Solar‘s adjusted net income for the fourth quarter (Q4) of the financial year (FY) 2022 rose to RMB312.4 million ($45.3 million), a 33% jump year-over-year (YoY). The company’s net income for the same period last year was RMB234.6 million (~$34.07 million).
The quarterly module shipments globally were 16,802 MW (16,020 MW solar modules and 782 MW cells and wafers), up 73.3% YoY and 54.8% sequentially. Shipments of N-type modules increased to ~7 GW in Q4, and by the end of 2022, the company shipped over 10 GW of N-type products globally.
For the September-December period, the company’s revenue rose to RMB30.4 billion (~$4.41 billion), an 85.5% surge YoY.
The company recorded a gross profit of RMB4.28 billion (~$620 million), up 61.7% YoY and 39.2% from the previous quarter.
Xiande Li, Jinko Solar’s Chairman of the Board of Directors and CEO, said, ” Throughout the year, as raw material costs continued to rise, we continued to optimize our cost structure relentlessly through technical advancement and manufacturing process improvement, which partially relieved the pressure on profitability. Annual shipments of high-efficiency premium N-type products exceeded 10 GW, further optimizing our product mix and gradually improving our profitability.”
Jinko’s net income FY22 rose to RMB1.44 billion ($208.3 million), a 1.7% YoY.
The company’s revenue for FY22 doubled to RMB83.53 billion (~$12.11 billion). The higher revenue was mainly attributable to an increase in the shipment of solar modules.
Annual shipments were 46,580 MW (44,520 MW solar modules and 2,060 MW cells and wafers), up 84.5% YoY.
Gross profit was RMB12.35 billion ($1.79 billion), up 85.4% YoY. The gross margin was 14.8%, compared with 16.3% in FY21. The decrease was mainly due to an increase in the cost of silicon.
The company said that last December, their high-efficiency N-Type monocrystalline silicon solar cell set a new record with a maximum conversion efficiency of 26.4%, exceeding the 26.1% set in October 2022.
By the end of 2022, Jinko had delivered 130 GW of solar modules globally.
The company also stated that the mass production efficiency of N-type TOPCon cells reached 25.1%, and the integrated cost of N-type modules was close to that of P-type modules.
In January, Jinko’s Saudi Arabia-based subsidiary, Al Ghazala Energy Company, achieved financial close and commenced construction of its 300 MW Saad Solar Project in the Kingdom.
Jinko Solar was the leading module supplier to the Indian solar market in the first half of the calendar year 2022, according to Mercom’s recently released India Solar Market Leaderboard 1H 2022.