153.2% Increase in Profit! JinkoSolar Delivered 70GW+ N-type Cells in 2023

PVTIME – On 22 April 2024, Jinko Solar Co., Ltd. (JinkoSolar, 688223.SH), a world-renowned and highly innovative solar technology company, announced its financial results for the full year of 2023.

For the year ended 31 December 2024, JinkoSolar’s operating results grew significantly, with annual operating revenue of 118.682 billion yuan, up 43.55% year-on-year, exceeding 100 billion yuan for the first time since its listing. Net profit attributable to equity holders of the parent was 7.440 billion yuan, up 153.20% year on year.

Meanwhile, a total of 78.52GW of solar modules was shipped by JinkoSolar in 2023, ranking first in the PV industry according to InfoLink Consulting. By the end of 2023, JinkoSolar has reached a production capacity of more than 70GW of high-efficiency n-type solar cells, with an annual shipment volume of 48.41GW, up 352% year-on-year, accounting for about 62% of its total module shipments.

Its R&D on conversion efficiency of n-type cells achieved breakthroughs in 2023, with the highest efficiency of 26.89%. The conversion efficiency of perovskite cells based on TOPCon reached 32.33%. And in mass production, the average conversion efficiency of n-type cells exceeded 25.8%, reaching 26% in the first quarter of 2024. In addition, the power of n-type modules is about 30W higher than that of p-type products of the same size.

JinkoSolar continued to improve its integrated production. By the end of 2023, its production capacity of wafers, solar cells and modules reached 85GW, 90GW and 110GW respectively, with an integrated production matching ratio of over 85%. Its global integrated supply chain has been expanded, with more than 12GW of wafer, cell and module production capacity overseas by the end of 2023. JinkoSolar has achieved rapid growth in its two major markets of China and Europe, while also seizing opportunities in emerging markets such as the Middle East, Latin America and Southeast Asia, and gradually supplying solar products to the US market.

As stated in the announcement, the company will continue to cautiously expand, prioritising its large base with advantages while eliminating outdated capacity. JinkoSolar expects its production capacity of wafers, cells and modules to reach 120GW, 110GW and 130GW respectively by the end of 2024, of which n-type will exceed 100GW. At the same time, the average conversion efficiency of n-type solar cells will increase to 26.5% in mass production by the end of 2024. The annual shipment target is set at 100GW to 110GW, with n-type accounting for about 90%, to maintain its leading position in the market.

Furthermore, JinkoSolar will continue to innovate and upgrade PV+ solar system solutions in various scenarios, while paying more attention to energy storage and BIPV, etc., to achieve high-quality development in the industry.

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