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JinkoSolar Holding Co., Ltd. (NYSE: JKS) is a global powerhouse in the solar industry, recognized as one of the world's largest and most innovative manufacturers of solar modules. The company boasts a vertically integrated solar product value chain, with a substantial annual capacity: 3.5 GW for silicon ingots and wafers, 3 GW for solar cells, and 6.5 GW for solar modules. JinkoSolar's expansive operations span across 14 production facilities worldwide, including locations in China, Portugal, South Africa, and Malaysia.
Headquartered in Shangrao, China, JinkoSolar provides cutting-edge solar products and comprehensive solutions to a diverse international clientele comprising utility-scale, commercial, and residential customers. The company's product portfolio includes silicon wafers, solar cells, and high-efficiency solar modules, particularly the N-type TOPCon modules. JinkoSolar's advanced technology and continuous innovation have positioned it at the forefront of the photovoltaic (PV) industry. Notably, JinkoSolar's N-type Tiger Neo module series has gained acclaim for its superior performance and reliability.
JinkoSolar's commitment to innovation is underscored by its robust R&D efforts, with over 15,000 employees, including 200 dedicated R&D professionals, working to push the boundaries of solar technology. The company holds more than 3,500 global patents and has achieved numerous breakthroughs, including setting world records for cell conversion efficiency and module performance. Recently, JinkoSolar reported a landmark perovskite tandem solar cell efficiency of 33.24%, further cementing its leadership in PV technology.
Financially, JinkoSolar continues to demonstrate robust growth. The company reported total revenue of RMB 118.68 billion for 2023, marking a 43.55% year-over-year increase. Net profit attributable to shareholders surged by 153.2% to RMB 7.44 billion. In Q1 2024, JinkoSolar's module shipments grew by 53.3% year-over-year to 19.99 GW, with N-type shipments accounting for nearly 80%. The company's strategic focus on expanding its global footprint and enhancing its production capabilities is evident in its extensive network of 26 overseas subsidiaries and numerous sales offices worldwide.
JinkoSolar has also been proactive in addressing challenges and ensuring operational continuity. For instance, following a fire incident at its Shanxi manufacturing facility, the company swiftly implemented contingency plans to minimize disruptions. JinkoSolar remains committed to sustainable development and the promotion of clean energy solutions globally.
With ambitious plans for the future, JinkoSolar expects its annual production capacity for mono wafers, solar cells, and solar modules to reach 120 GW, 110 GW, and 130 GW, respectively, by the end of 2024. The company continues to lead the global transition towards renewable energy, driven by its technological excellence and unwavering commitment to innovation and sustainability.
JinkoSolar Holding Co., Ltd. (NYSE: JKS) reported strong financial results for Q4 and full year 2022, driven by robust global demand for solar modules. Q4 shipments reached 16,802 MW, a 73.3% year-over-year increase, with total revenues of RMB30.40 billion (US$4.41 billion), up 85.5%. Annual revenues hit RMB83.53 billion (US$12.11 billion), a 104.6% increase. While gross profit rose to RMB12.35 billion (US$1.79 billion), the gross margin fell to 14.8% due to rising silicon costs. Net income attributable to shareholders for 2022 was RMB665.2 million (US$96.4 million), down 7.7%. JinkoSolar anticipates module shipments of 11.0 GW to 13.0 GW in Q1 2023 and 60.0 GW to 70.0 GW for the full year 2023.
JinkoSolar (NYSE: JKS), a leading global solar module manufacturer, will release its unaudited financial results for Q4 and the full year ended December 31, 2022 on March 10, 2023, prior to U.S. market opening. Management will conduct an earnings conference call at 7:30 a.m. Eastern Time on the same day. Participants must register in advance to receive dial-in numbers. A replay will be available two hours post-conference until March 17, 2023. Live and archived webcasts can be accessed via JinkoSolar's investor relations website.
JinkoSolar Holding Co., Ltd. (NYSE: JKS) announced preliminary unaudited financial results for its subsidiary, Jiangxi Jinko, for the year 2022. The company's preliminary revenues stood at RMB83.08 billion with a net income of RMB2.95 billion. Excluding extraordinary gains and losses, the net income was RMB2.65 billion. Notably, these results are prepared under different accounting standards compared to JinkoSolar’s consolidated financials, so investors should exercise caution. JinkoSolar holds an approximate 58.62% equity interest in Jiangxi Jinko. The unaudited figures are subject to change pending the full audit process.
The photovoltaic market is set to grow from USD 96.5 billion in 2023 to USD 155.5 billion by 2028, with a CAGR of 10.0%.
This growth is driven by increasing solar installations due to government incentives, the adoption of PV systems for residential use, and decreasing costs of PV systems. Ground-mounted systems dominate the market, with the half-cell module segment expected to see significant growth due to their higher power capacity and durability. The residential sector remains strong, aided by declining costs and incentives in countries like India and the US. However, challenges include land acquisition issues and a lack of skilled labor for PV installation.
The photovoltaic market is projected to expand from USD 96.5 billion in 2023 to USD 155.5 billion by 2028, achieving a 10.0% CAGR during this period, according to MarketsandMarkets™.
The growth is primarily fueled by increasing solar installations due to government incentives, rising adoption of PV systems for residential use, and plummeting costs of photovoltaic systems.
The utilities application is expected to dominate the market share, driven by environmentally friendly solar power plants and supportive governmental schemes. Asia Pacific is anticipated to hold the largest market share by 2028, with significant contributions from key players like JinkoSolar, JA Solar, and Trina Solar.
The solar photovoltaic services (PV) market is expected to grow at a remarkable 14.6% YOY from 2022 to 2023, driven primarily by increasing installations and government support, as per Technavio. The market is projected to expand by USD 16,359.62 million at a CAGR of 15.38% from 2022 to 2027, with APAC accounting for 74% of this growth. This surge is propelled by rising environmental concerns and the adoption of renewable energy sources. However, challenges like recycling scrap from solar PV systems pose significant hurdles for growth in this sector.
JinkoSolar (NYSE: JKS) announced preliminary unaudited financial results for its subsidiary, Jiangxi Jinko, for the year ended December 31, 2022. The estimated net income attributable to shareholders of Jiangxi Jinko is projected to range from RMB2.66 billion to RMB2.96 billion, a year-over-year increase of approximately 133.05% to 159.33%. Excluding extraordinary items, net income is expected between RMB2.50 billion and RMB2.80 billion, reflecting a significant increase of 371.17% to 427.71% year-over-year. Investors are cautioned that these results differ from JinkoSolar’s consolidated financials due to varying consolidation scopes and accounting standards.
JinkoSolar has launched its Second Generation Tiger Neo panel family, showcasing cutting-edge solar technology. The new panels deliver power outputs of up to 635Wp and efficiencies of 22.27% to 23.23%. Enhanced features include a bifacial factor of up to 85%, optimized temperature coefficient, and improved low-light performance. With a projected lifespan of 15 years and a warranty of 30 years, these panels offer robust reliability. JinkoSolar aims to enhance solar efficiency and system performance through its innovative N-type technology.
JinkoSolar Holding Co., Ltd. (NYSE: JKS) announced the results of its 2022 annual general meeting (AGM) held on December 27, 2022. Shareholders approved several resolutions, including the re-election of Mr. Haiyun Cao as a director and the appointment of PricewaterhouseCoopers Zhong Tian LLP as auditors for 2022. However, the proposed re-election of Mr. Kangping Chen was rejected by shareholders. Following the AGM, the board now comprises six directors, including three independent directors.
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