JinkoSolar, a Chinese solar module company, has released its 2023 financial report, which shows significant growth in both sales and net profit. It reported revenue of CNY 118.682 billion ($16.38 billion), increasing 43.55% from the previous year. Its net profit attributable to shareholders of listed enterprises amounted to CNY 7.440 billion ($1.06 billion), up 153.20% year on year.
JinkoSolar attributed its profitability gain to increased sales revenue and a larger gross profit margin obtained through cost management. Despite dropping module prices and increased competition in the downstream installation industry in 2023, it reported a gross profit margin of 14.21%, up 3.74 percentage points from 2022.
JinkoSolar stated it increased its n-type production capacity to more than 70 GW by the end of 2023, shipping 48.41 GW of n-type modules in the same year, a 352% increase over the previous year and accounting for approximately 62% of its total module exports.
By the end of 2023, JinkoSolar would have vertically integrated production capacity of 85 GW, 90 GW, and 110 GW for wafers, cells, and modules, respectively. The company stated that it expects further growth to 120 GW, 110 GW, and 130 GW in these main categories by the end of 2024.
