Jinko Solar’s profit was RMB788.7 million (US$114.8 million) in the first quarter of 2023. This was up from RMB665 million in the fourth quarter of 2022, or by 18.6%.
But the company’s net income due to regular shareholders in Q1 2022 was only RMB28.9 million, which was a 2629% rise from the same time last year.
Total sales for the first quarter of 2023 were RMB23.33 billion, which was down 22.2% from the previous quarter’s RMB30 billion but up 58% from the same time last year’s RMB14.76 billion.
Gross profit was RMB4.04 billion, which was down 4% from the previous quarter and up 81.5% from the year before. In Q1, the profit margin was 17.3%. In Q1 2022, it was 15.1%.
In the first quarter of 2023, total sales were 14,490MW, of which 13,038MW were solar modules and 1,452MW were solar cells and wafers. This was 12.8% less than the previous quarter and 72.7% more than the previous year.
The company said that its quarterly module shipments went up by more than 60% from the same time last year, and that its sales to the Chinese market went up by more than 200%.
Also, the amount of n-type modules shipped in the first quarter of 2023 was almost 6GW. JinkoSolar’s chairman and CEO, Xiande Li, said that the number of n-type products shipped was getting close to 50% of the company’s total module sales. This was partly due to the high efficiency and global marketing network of the company, which helped the company become more profitable.Jinko Solar’s quarterly profit up 18%, expects module shipments to reach 70GW in 2023
The company also said that even though there were some seasonal factors, PV market growth was still strong in Q1. PV prices went down, and PV projects starting in 2022 were pushed back, which was good for the Chinese market.
Also, the number of new solar PV systems hit 33.7 GWac, which is 154.8% more than the same time last year. In Q1 2023, the total amount of modules and cells sent overseas was $13.1 billion, which was 15.3% more than in Q1 2022.
In Q2 of 2023, the company expects to ship between 16GW and 18GW of modules. For all of 2023, the company expects to ship between 60GW and 70GW of modules.
Also, JinkoSolar thought that it would be able to make 75GW, 75GW, and 90GW of mono wafers, solar cells, and solar modules each year by the end of 2023.
The company said it will keep putting money into research and development and improved n-type capacity to improve its n-type mass production, product performance, and costs.
