"In the case of the overall overcapacity of the industry, the price of N-type products has also been affected to a certain extent, but for the head companies with better cost control, it can reduce the irrational low-price competition in the market. Song Qinghui, a well-known economist, told reporters.
N-type module shipments increase sharply JinkoSolar's revenue in 2023 exceeded 100 billion yuan for the first time
Securities Daily reporter Cao Qi
On April 23, JinkoSolar disclosed its 2023 annual report, the company's operating income in 2023 was 118.682 billion yuan, a year-on-year increase of 43.55%, exceeding 100 billion yuan for the first time, and the net profit attributable to the parent company was 7.44 billion yuan, a year-on-year increase of 153.2%. The net cash flow from operating activities was 24.816 billion yuan, a year-on-year increase of 5 times, and the weighted average return on equity was as high as 24.19%, an increase of 12 percentage points year-on-year.
No. 1 in the world in terms of module shipments
The mass production efficiency of N-type cells exceeded 26% in the first quarter
In 2023, the global photovoltaic industry will maintain a rapid development trend, with a significant increase in new photovoltaic installations, while changes in industry supply and demand will bring about a decline in prices, which will stimulate terminal demand to a certain extent. According to Bloomberg New Energy (BNEF) data, the global installed capacity of new PV will increase by 76% in 2023, technological innovation represented by N-type TOPCon is advancing rapidly, N-type products are gradually becoming the mainstream of the market, and JinkoSolar's PV module shipments have increased significantly.
According to the annual report, during the reporting period, JinkoSolar sent a total of 83.56GW of solar PV products to the world, including 78.52GW of PV module shipments, according to InfoLink Consulting data, the company's module shipments ranked first in the industry, of which N-type modules shipped 48.41GW, accounting for about 62%. Thanks to the increase in module shipments and the increase in the proportion of N-type products, JinkoSolar's operating revenue and profit in 2023 increased significantly compared to the same period last year.
According to the annual report, in recent years, JinkoSolar has maintained a leading technology in N-type products, and has continued to make breakthroughs in the research and development of high-efficiency N-type cells, with the highest efficiency of N-type TOPCon cells reaching 26.89%, and the highest efficiency of N-type TOPCon-based perovskite tandem cells reaching 32.33%. At the end of 2023, the average efficiency of JinkoSolar's N-type cells exceeded 25.8%, and in the first quarter of 2024, the average efficiency of mass production exceeded 26%, and the power of N-type modules was about 30W higher than that of P-type products of the same version.
While leading the technology, JinkoSolar's vertical integration advantage is also significant. During the Reporting Period, the Company further expanded its globally integrated supply chain, including factories in Southeast Asia, and had the industry's largest overseas integrated production capacity of more than 12GW of wafers, cells and modules by the end of 2023, with JinkoSolar's vertically integrated production capacity matching rate reaching more than 85% at the end of the Reporting Period.
"Building a vertical integration advantage is crucial to the company's cost control and casting profitability advantage. "In the future, leading enterprises with strong cost control capabilities and a high degree of integration will gain greater competitive advantages and industry differentiation will become more and more obvious." ”
The penetration rate of N-type products continues to increase
Actively expand the application scenarios of "photovoltaic +".
According to PVInfoLink data, N-type high-efficiency products will ship more than 130GW in 2023, accounting for about 25% of the total, and according to SMM's forecast, N-type cell production will account for more than 60% in the first quarter of 2024, N-type TOPCon technology has become the mainstream technology in the market, and the market share of N-type is expected to increase to more than 70% in 2024.
In the face of this development opportunity, JinkoSolar said that in the next three to five years, the competition in the photovoltaic industry will become more and more fierce, and the company will adhere to the R&D idea of "exploration generation, R&D generation, and mass production generation", establish the technological innovation and development direction of "high efficiency, low cost, intelligence, and informatization", and lead the industry to continuously improve efficiency and reduce costs from the integrated R&D and application of silicon wafers, cells, and modules.
At the same time, the company is also actively exploring opportunities for the industrialization of perovskite and tandem cells in the future, the development and application of battery products with an efficiency of more than 30%, and the research and development of high-reliability materials, combining the application of photovoltaic modules, energy storage, BIPV, and green recyclable products to form diversified, multi-scenario, high-quality, and high-yield photovoltaic products.
Looking ahead to 2024, JinkoSolar expects that by the end of 2024, the company's advanced production capacity of wafers, cells and modules will reach 120GW, 110GW and 130GW, respectively, with the implementation of advantageous production capacity such as the Shanxi base and the acceleration of the elimination of outdated production capacity, of which the N-type production capacity will exceed 100GW.
Famous economist Song Qinghui
Bedside economics ¥59.8 to buy
"In the case of the overall overcapacity of the industry, the price of N-type products has also been affected to a certain extent, but for the head companies with better cost control, it can reduce the irrational low-price competition in the market. Song Qinghui, a well-known economist, told reporters.
JinkoSolar expects the average mass production efficiency of the company's N-type cells to increase to 26.5% by the end of 2024, and is expected to achieve the annual shipment target of 100GW-110GW for the whole year, of which N-type shipments account for nearly 90%. At the same time, we will continue to expand the "PV+" application scenarios, innovate and launch system solutions suitable for various scenarios, strengthen the in-depth layout in energy storage, BIPV and other fields, form a number of landmark application projects, and actively promote and lead the high-quality development of the industry. Original title: N-type module shipments increase sharply JinkoSolar's revenue in 2023 exceeded 100 billion yuan for the first time
(Edited by Caishandan)