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2023 JinkoSolar annual results forecast

published: 2024-03-05 15:21

JinkoSolar, the world's N-type leader, recently released its 2023 annual results forecast. It is expected to realize net profit of 7.25-7.95 billion yuan in 2023, a year-on-year increase of 147%-171%, and net profit of 6.55-7.25 billion yuan from non-deductible net profit, a year-on-year increase of 148%-174%. In terms of module shipments, expected to reach 70-75GW in 2023, and by the end of December 2023, the cumulative global module shipments will exceed 210GW, further consolidating its leading position.

TOPCon products have become the mainstream technology for production expansion in recent years due to its cost and efficiency advantages. JinkoSolar leads the industry in the development of N-type battery cell technology, and is the earliest company in the industry to lay out N-type TOPCon cell and module products, started to build N-type TOPCon cell production lines in 2019, and has already established multiple TOPCon cell factories of 8GW scale in 2022. By the end of 2023, the production capacity of TOPCon cells has already reached 68GW, and the announced planning for cell production capacity exceeds 93GW. With the expansion of several GW-level high-efficiency cell and high-efficiency module production lines in 2023, it is expected that the company's integrated production capacity of wafers, cells and modules will reach 85GW, 90GW and 10GW by the end of 2023, of which the N-type production capacity will account for more than 75%,  being the leading one in the industry.

Chart:The company's production and construction capacity of TOPCon solar cell modules (as of December 2023)

Source: Company Announcement, Zhongtai Research

JinkoSolar has a perfect overseas layout, the Company actively promotes the globalization of production and sales, and has set up overseas production bases in Malaysia, the United States and Vietnam, with more than 14 factories and overseas sales subsidiaries in more than ten countries around the world to achieve globalization of operations. By the end of 2023, the Company expects to realize a silicon wafer/cell/module production capacity of 12GW/8GW/8GW respectively in Vietnam; the Company build a 0.4GW cell & module production capacity in Florida, in 2019, and is planning to dismantle the original production line and expand it to a 1GW module production capacity.

Source:Zhongtai Research

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