JinkoSolar is on observe to finish the 12 months with 70GW of photo voltaic module manufacturing capability after posting better-than-expected outcomes for the third quarter.
The corporate’s complete photo voltaic shipments throughout Q3 2022 greater than doubled year-over-year to 10.9GW – comprising 10,286 MW for photo voltaic modules, and 570 MW for cells and wafers – above its earlier steerage, with shipments to China leaping five-fold.
“We’re happy to announce better-than-expected outcomes for this quarter regardless of continued rises in uncooked materials costs, energy rationing measures imposed on our manufacturing amenities and an earthquake in Sichuan Province, the place one in all our manufacturing amenities relies,” stated Xiande Li, CEO at JinkoSolar.
Shipments for n-type modules had been roughly 3GW in Q3, a rise of almost 160% sequentially that JinkoSolar stated was a results of capability launch and better shopper acceptance.
The corporate’s gross margin jumped from 15.1% in Q3 2021 to fifteen.7% in the newest quarter, a rise that was primarily because of the rise in shipments of n-type modules, which have the next gross margin.
Xiande Li stated that the corporate’s mass-produced manufacturing line for TOPCon cells reached full capability of 16GW, mass-produced effectivity for TOPCon cells reached 25% and that the corporate is narrowing the hole in built-in prices between n-type and p-type.
It was additionally revealed that the second section of 11GW of TOPCon cell capability on the firm’s manufacturing facility in Jianshan, China, which commenced development in Q3, is predicted to start out manufacturing by the tip of the 12 months.
Extra photo voltaic module shipments allowed JinkoSolar to extend Q3 revenues 127.8% year-on-year to RMB19.52 billion (US$2.74 billion), whereas gross revenue was RMB3.07 billion, a 137% rise.
China, Europe and rising markets contributed to “outstanding” progress for JinkoSolar, stated chief advertising officer, Gener Miao, throughout a convention name with traders.
As a response to market demand, JinkoSolar has scaled up its capability growth plans for photo voltaic wafers and modules because it bids to succeed in 65GW and 70GW of producing capability, respectively, by the tip of the 12 months. A goal of reaching 55GW of cell manufacturing stays unchanged.
The corporate expects This fall 2022 photo voltaic module shipments to be 13-15GW, whereas full-year shipments are forecasted to be 41.5-43.5GW, a notable rise on the 22.2GW shipped in 2021.
When it comes to further capability expansions abroad, Gener Miao stated the corporate is awaiting full particulars of the US’s Inflation Discount Act earlier than making any choice on new manufacturing plans within the nation, including: “It’s doable we develop our module capability in america, however at this stage we’re nonetheless within the analysis stage.”
The corporate opened a 400MW module meeting plant in Florida again in 2018.
Convention name transcript from In search of Alpha.
