Fourth Quarter and Full Year 2022 Business Highlights
- Significant year-over-year growth in module shipments in the fourth quarter and full year 2022 on back of strong global demand.
- At the end of 2022, we became the first module manufacturer in the world to have delivered a total of 130GW solar modules.
- In December 2022, our high-efficiency N-Type monocrystalline silicon solar cell set a record with maximum conversion efficiency of 26.4%, exceeding the record of 26.1% we set in October 2022.
- At the end of 2022, the mass production efficiency of N-type TOPCon cells reached 25.1%, and the integrated cost of N-type modules was close to that of P-type modules.
- N-type module shipments of approximately 7GW in the fourth quarter helped us achieve the 10GW target we set for the full year 2022.
Fourth Quarter 2022 Operational and Financial Highlights
- Quarterly shipments were 16,802 MW (16,020 MW for solar modules, and 782 MW for cells and wafers), up 54.8% sequentially, and up 73.3% year-over-year.
- Total revenues were RMB30.40 billion (US$4.41 billion), up 55.8% sequentially and up 85.5% year-over-year. The sequential and year-over-year increases were mainly attributable to an increase in the shipment of solar modules.
- Gross profit was RMB4.28 billion (US$620.0 million), up 39.2% sequentially and up 61.7% year-over-year.
- Gross margin was 14.1%, compared with 15.7% in Q3 2022 and 16.1% in Q4 2021. The sequential and year-over-year decreases were mainly due to an increase in the cost of silicon.
- Net income attributable to JinkoSolar Holding Co., Ltd’s ordinary shareholders was RMB709.7 million (US$102.9 million), compared with RMB549.8 million in Q3 2022 and RMB239.5 million in Q4 2021.
Full Year 2022 Operational and Financial Highlights
- Annual shipments were 46,580 MW (including 44,520 MW for solar modules, and 2,060 MW for cells and wafers), up 84.5% year over year.
- Total revenues were RMB83.53 billion (US$12.11 billion), up 104.6% year over year. The year-over-year increases were mainly attributable to an increase in the shipment of solar modules.
- Gross profit was RMB12.35 billion (US$1.79 billion), up 85.4% year over year.
- Gross margin of 14.8%, compared with 16.3% in full year of 2021. The decrease was mainly due to an increase in the cost of silicon.
- Income from operations of RMB461.0 million (US$66.8 million), down 58.2% year over year.
- Net income attributable to JinkoSolar Holding Co., Ltd’s ordinary shareholders was RMB665.2 million (US$96.4 million), down 7.7% year over year.
Fourth Quarter and Full Year 2022 Operational Highlights
Solar Module, Cell, and Wafer Shipments
- Total shipments were 16,802 MW in the fourth quarter of 2022, including 16,020 MW for solar module shipments and 782 MW for cell and wafer shipments.
- Total shipments in the full year 2022 were 46,580 MW, including 44,520 MW for solar module shipments and 2,060 MW for cell and wafer shipments.
Operations and Business Outlook Highlights
35GW N-type TOPCon cells capacity started production in 2022. With this 35GW capacity ramping up and releasing in the coming quarters, we expect our integrated capacity structure to constantly improve and our cost structure to further optimize. N-type Tiger Neo modules continue to demonstrate a competitive premium and cost advantages over P-type modules. The proportion of N-type modules shipments of our total module shipments is expected to reach 60% in 2023, as we see very strong demand for high-efficiency products from a growing number of markets and customers. We will continue to maintain our leading position in N-type modules through technology iteration, improvement in mass production capability, and cost optimization.
First Quarter and Full Year 2023 Guidance
The Company’s business outlook is based on management’s current views and estimates with respect to market conditions, production capacity, the Company’s order book and the global economic environment. This outlook is subject to uncertainty on final customer demand and sale schedules. Management’s views and estimates are subject to change without notice.
For the first quarter of 2023, the Company expects its module shipments to be in the range of 11.0 GW to 13.0 GW.
For full year 2023, the Company estimates its module shipments to be in the range of 60.0 GW to 70.0 GW.
Solar Products Production Capacity
JinkoSolar expects its annual production capacity for mono wafer, solar cell, and solar module to reach 75.0 GW, 75.0 GW and 90.0 GW, respectively, by the end of 2023.
