JinkoSolar Once Again Tops PV Tech's 2024 Q1 ModuleTech Bankability Report with AAA Rating

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JinkoSolar Holding Co., announced that it has topped the PV Tech 2024 Q1 ModuleTech Bankability Report with a AAA rating, showcasing its manufacturing excellence, reliable quality, market share, financial performance, and technological innovation. The company achieved significant growth in 2023, with a total revenue of RMB 118.68 billion, up by 43.55% year-over-year, and a net profit of RMB 7.44 billion, up by 153.2% year-over-year. JinkoSolar's global module shipments exceeded 210 GW by the end of 2023, with a market share of 15%. The N-type Tiger Neo module was recognized as a top performer, highlighting JinkoSolar's commitment to technological innovation and exploration. The company aims to enhance its technological capabilities, innovate, improve product competitiveness, optimize resource allocation, reduce costs, and promote high-quality development in the global PV industry and clean energy sector.

Insights

Financial Analyst

JinkoSolar Holding Co., Ltd.'s substantial year-over-year revenue growth of 43.55% coupled with a net profit increase of 153.2% signals robust financial health and operational efficiency. The company's leading market share of 15% and milestone of 210 GW in cumulative global module shipments emphasize its dominant position in the solar industry. These figures suggest an expanding footprint and an ability to capitalize on economies of scale, thus potentially enhancing shareholder value.

From an investment perspective, the surge in net profits implies effective cost management and possibly a favorable product mix. Investors should note that JinkoSolar's investment in N-type technology appears to be paying off, evidenced by its high conversion efficiency rates, which could lead to a stronger competitive edge and open up avenues for premium pricing. However, one must consider the capital expenditure associated with such technological advancements and its impact on future cash flows.

Renewable Energy Analyst

The AAA rating from PV Tech's ModuleTech Bankability Report underscores JinkoSolar's commitment to manufacturing excellence and positions the company at the forefront of technological innovation in the renewable energy sector. The record-breaking achievements in cell conversion efficiency highlight the company's R&D prowess and could catalyze industry-wide advancements. With the renewable energy market being highly competitive, these technological milestones could serve as differentiators that drive market share and bargaining power with suppliers and partners.

Furthermore, JinkoSolar's focus on N-type TOPCon technology places it at the cutting edge of solar cell efficiency. The industry-leading average mass production efficiency of 26.1% bolsters its reputation for high-quality products. Adoption of its N-type Tiger Neo module, recognized for exceptional performance, potentially signifies a shift in market preference towards more efficient and durable solar products, impacting long-term industry trends.

SHANGRAO, China, April 26, 2024 /PRNewswire/ -- JinkoSolar Holding Co., Ltd. (the "Company," or "JinkoSolar") (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, today announced that it has once again topped the PV Tech 2024 Q1 ModuleTech Bankability Report, earning a "AAA" rating, which underlines the company's leadership position in manufacturing excellence, reliable quality, market share, sound financial performance, and technological innovation.

JinkoSolar achieved significant growth in operating and financial performance in 2023. According to the 2023 annual report of its subsidiary Jinko Solar Co., Ltd. released on 22^nd April, 2024, total revenue was RMB 118.68 billion, an increase of 43.55% year-over-year. Net profit attributable to shareholders was RMB 7.44 billion, an increase of 153.2% year-over-year. By the end of 2023, the Company's accumulated global module shipments exceeded 210 GW, with a market share of 15% in 2023, ranking first in the world. Meanwhile, JinkoSolar's award-winning N-type Tiger Neo module was recognized as one of the top performers of N-type modules in the market.

JinkoSolar has long been committed to technological innovation and exploration, leading the development of N-type technology in the PV industry. JinkoSolar has been granted 330 TOPCon patents and has broken the record of cell conversion efficiency 25 times. The conversion efficiency of the perovskite tandem solar cell based on N-type TOPCon has reached 32.33% and the average mass production efficiency of N-type TOPCon cell has currently reached 26.1%, leading the industry again.

Going forward, JinkoSolar will continue to enhance its technological capabilities, adhere to innovation, and improve the competitiveness of its products. At the same time, it will fully leverage its industry chain synergies to optimise resource allocation, reduce costs, improve the overall competitiveness of the industry, and promote the high-quality development of the global PV industry as well as clean energy in the future. 

About JinkoSolar Holding Co., Ltd.

JinkoSolar (NYSE: JKS) is one of the largest and most innovative solar module manufacturers in the world. JinkoSolar distributes its solar products and sells its solutions and services to utility-scale, commercial and residential customers in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, Netherlands, Poland, Austria, Switzerland, Greece and other countries and regions.

JinkoSolar had 14 productions facilities globally, 26 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, the United States, Mexico, Brazil, Chile, Australia, Canada, Malaysia, the United Arab Emirates, Denmark, Indonesia, Nigeria and Saudi Arabia, and a global sales network with sales teams in China, the United States, Canada, Brazil, Chile, Mexico, Italy, Germany, Turkey, Spain, Japan, the United Arab Emirates, Netherlands, Vietnam and India, as of December 31, 2023.

To find out more, please see: www.jinkosolar.com

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as will," expects," anticipates," future," intends," plans," believes," estimates" and similar statements. Among other things, the quotations from management in this press release and the Company's operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For investor and media inquiries, please contact:
Ms. Stella Wang
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5180-8777 ext.7806
Email: pr@jinkosolar.com

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SOURCE JinkoSolar Holding Co., Ltd.

FAQ

What rating did JinkoSolar receive in the PV Tech 2024 Q1 ModuleTech Bankability Report?

JinkoSolar received a AAA rating in the PV Tech 2024 Q1 ModuleTech Bankability Report, highlighting its leadership position in manufacturing excellence, reliable quality, market share, financial performance, and technological innovation.

What was the total revenue of JinkoSolar in 2023?

JinkoSolar's total revenue in 2023 was RMB 118.68 billion, representing a 43.55% increase year-over-year.

What was the net profit attributable to shareholders for JinkoSolar in 2023?

The net profit attributable to shareholders for JinkoSolar in 2023 was RMB 7.44 billion, marking a 153.2% increase year-over-year.

What was the market share of JinkoSolar in 2023?

JinkoSolar had a market share of 15% in 2023, ranking first in the world.

What module of JinkoSolar was recognized as one of the top performers?

JinkoSolar's N-type Tiger Neo module was recognized as one of the top performers, showcasing the company's commitment to technological innovation.

What is JinkoSolar's focus for the future?

JinkoSolar aims to enhance its technological capabilities, innovate, improve product competitiveness, optimize resource allocation, reduce costs, and promote high-quality development in the global PV industry and clean energy sector.