Jinko Solar’s 2023 Q4 Financial Milestones Revealed
Jinko Solar, the world’s leading manufacturer and supplier of solar panels and storage, recently announced its fourth-quarter financial results for 2023, revealing a variety of milestones that continue to set the company apart from its competitors.
“We are pleased to have achieved very impressive operational and financial results in a challenging year by leveraging our advantages in N-type TOPCon technology, global operations, and integrated capability,” said Xiande Li, Jinko Solar’s chairman and CEO, in the company’s year-end financial report.
The firm continues to be a guiding light for the solar industry, powered by exceptional products, high production capacity, and dedication to sustainability and efficiency.
Exponential Year-Over-Year Shipment Growth Powered by N-Type Modules
Jinko Solar proceeds to experience year-over-year shipment growth, with its full-year shipments increasing by 76.4% to 78.5 gigawatts of panels. By the end of 2024, the company anticipates shipments to exceed 100 gigawatts.
With a market share of 15% in 2023, Jinko Solar became the first module manufacturer to deliver 210 gigawatts of solar panels around the globe.
“We have always been committed to providing safe and reliable energy storage solutions and are highly valued by customers for timely delivery and effective deployment capabilities,” said Jinko Solar’s Vice President Dany Qian in a press release.
These achievements not only rank the enterprise first in the world, but also reflect the success of its flagship N-type TOPCon panels, which accounted for 60% of total shipments in 2023, leading the photovoltaic industry thanks to its consistent innovations in efficiency.
These panels, known for high energy yield, have an efficiency exceeding 26%, backed by extensive research and development and 330 patents. To date, they’ve broken the record for cell conversion efficiency 25 times, ranking them among the highest-performing N-type modules on the market.
“The pressing need to reduce carbon emissions calls for faster technological development and greater accessibility to new technologies in the Solar PV industry. At JinkoSolar, we want to help other market players and our clients to identify opportunities for developing new technologies and products that can help them to navigate the complex landscape technology mapping,” said Hao Jin, Jinko Solar’s chief technology officer, on the company’s commitment to N-type innovation.
With the sweeping success of Jinko’s N-type modules, the company will continue to invest in its innovation and capacity. While N-type capacity currently exceeds 70 gigawatts, the company plans to further expand advanced N-type capacity in 2024. By year’s end, it expects these modules to reach an efficiency of 26.5% and account for 90% of its total module shipments and 90% of its total capacity.
In addition to driving its year-over-year shipment growth, Jinko Solar’s commitment to N-type innovation has also garnered industry-wide recognition. Recently, it was recognized as a Tier 1 Energy Storage Provider by Bloomberg New Energy Finance. This ranking reflects the company’s exceptional bankability, largely because of its product’s high levels of efficiency and safety.
Increasing Revenue Powered by Integrated Capacity and Sustainable Innovation
Despite rapid policy changes disrupting the U.S. solar market in 2023, Jinko Solar saw its revenue increase by 42.8% year over year, owing largely to its advanced global integrated capacity and emphasis on sustainable innovation.
Supported by its 14 manufacturing facilities throughout the United States, China, Malaysia, and Vietnam, Jinko Solar has the world’s largest integrated N-type capacity, with 75% of its over 12 gigawatts capacity dedicated to N-type modules. It expects to have an integrated overseas capacity of 14 gigawatts by the end of 2024, powered by the company’s new 56 gigawatt integrated facility in China.
This facility is anticipated to be the largest N-type integrated production facility in the industry and will mostly be powered by renewable energy and produce monocrystalline rods, silicon wafers, solar cells, and PV modules.
With such an extensive and expanding integrated capacity, Jinko Solar not only ensures product traceability and a swift and efficient manufacturing process, but also establishes a cost-effectiveness that warrants the development of sustainable products and initiatives.
As the first in the industry to have a facility certified as a Zero Carbon Factory by TÜV Rheinland, Jinko Solar has made history with its newly unveiled N-type TOPCon Tiger Neo Green panels produced with renewable energy.
For its consistent commitment to sustainable practices and innovation, the firm was recently awarded a silver medal by the sustainable assessment platform EcoVadis. With its ranking, the company ranks No. 1 out of the solar companies assessed and in the top 10% of all assessed companies.
“We’re proud to see that our sustainability performance has been evaluated so positively,” David Li, chairman of Jinko Solar, said in a press release. “We not only supply our customers with leading and sustainable solar and storage solutions, but have also dedicated ourselves to the goal of making our company responsible to all.”
Jinko Solar’s 2024 Goals to Guide the Industry
As Jinko Solar continues to lead the industry in shipments, revenue, and sales, the company has set some goals to achieve its business expectations for the new year. To remain in its industry-leading position, it plans to focus on its strengths of extensive R&D and product leadership, effective management, and robust global reach and network.
With the company’s 2024 first-quarter outlooks looking bright, it’s safe to assume that we can anticipate another year of milestones for the solar giant despite ongoing industry uncertainty.
“With the strength of our global operations and long accumulated experience in risk management, we are confident in our ability to quickly adapt to changes in international trade and continue to deliver premium products and services to our global clients,” said Li in a recent press release.
“We strongly believe that solar plus storage will become the major model for future growth in electricity generation and are confident we will continue to lead the industry with advanced technologies and premium high-efficiency products.”