JinkoSolar aims to reach 70GW of module production capacity by the end of this year. | So Good News

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Robot installation at a JinkoSolar manufacturing facility. Image: JinkoSolar

JinkoSolar is on track to end the year with 70GW of solar module production capacity after posting better-than-expected results for the third quarter.

The company’s total solar power shipments in Q3 2022 doubled year-over-year to 10.9GW — 10,286 MW for solar modules and 570 MW for cells and wafers — and shipments to China jumped fivefold from previous guidance.

“We are pleased to announce better-than-expected results for this quarter despite the continued rise in raw material prices, the imposition of power quotas at our manufacturing facilities and the earthquake in Sichuan Province, where our manufacturing facilities are based,” Xiande said. Li, CEO of JinkoSolar

Shipments for N-type modules were approximately 3GW in Q3; JinkoSolar reported sequential growth of nearly 160% due to higher capacity rollout and customer acceptance.

The company’s net profit margin jumped to 15.7% from 15.1% in Q3 2021. The increase was mainly due to rising shipments of N-type modules.

Xiande Li said that the company’s mass production line for TOPCon cells has reached a capacity of 16GW, and with a mass production efficiency of 25% for TOPCon cells, the company has narrowed the integrated cost gap between n-type and p-type.

China, which started construction in Q3; It also revealed that the second phase of 11GW of TOPCon cell capacity at the company’s manufacturing facility in Jianshan is expected to start production by the end of this year.

Higher solar module shipments helped JinkoSolar’s Q3 revenue increase 127.8% year-on-year to 19.52 billion yuan (US$2.74 billion), while gross profit was 3.07 billion yuan, up 137%.

China Europe and emerging markets have contributed to outstanding growth for JinkoSolar, Chief Marketing Officer Gener Miao said in a conference call with investors.

In response to market demand, JinkoSolar has expanded its capacity expansion plans for solar wafers and modules as it seeks to reach 65GW and 70GW of production capacity by the end of the year, respectively. The goal of reaching 55GW of cell production remains unchanged.

The company expects Q4 2022 solar module shipments to be 13-15GW, with full-year shipments expected to be 41.5-43.5GW. A sharp rise in shipments to 22.2GW by 2021.

Regarding additional capacity expansion overseas, Gener Miao said the company is waiting for full details of the US anti-inflation law before making a decision on new domestic production plans. But at this stage, we are still in the evaluation phase.”

The company opened a 400MW module assembly plant in Florida in 2018.

Conference call transcript from Seeking Alpha.

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