Jinko expects to reach 70 GW of module manufacturing capacity in 2022

A Jinko Solar is on the way to end the year with 70 GW manufacturing capacity for photovoltaic modules. O total shipments during the third quarter of 2022 more than doubled year-on-year to 10,9 GW – comprising 10.286 MW for panels and 570 MW for cells and wafers – with shipments to China increasing fivefold.

“We are pleased to announce better than expected results for this quarter, despite continued increases in raw material prices, energy rationing measures imposed on our manufacturing facilities and the earthquake in Sichuan province, home to one of our facilities,” said Xiande Li, CEO of Jinko Solar.

According to company, N-type module shipments were approximately 3 GW in the third quarter, an increase of nearly 160% sequentially that the company says is a result of capacity release and greater customer acceptance.

Jinko N-Type TOPCon Cell Achieves 26,1% Conversion Efficiency

Regarding gross margin, it jumped from 15,1% in the third quarter of 2021 to 15,7% in the most recent quarter, which is mainly due to the increase in shipments of type N panels, which have a higher gross margin.

Li further commented that the company's mass production line for TOPCon cells has reached a total capacity of 16 GW, mass production efficiency has reached 25%, and that the manufacturer is closing the gap in integrated costs between N and P types.

Other highlights

It was also revealed that the second phase of 11 GW of TOPCon cell capacity at the factory in Jianshan, China, which began construction in the third quarter, is expected to begin production by the end of the year.

More solar module shipments further enabled Jinko Solar to increase third-quarter revenue by 127,8% year-on-year to RMB 19,52 billion, while gross profit was RMB 3,07 billion, up 137 %.

“China, Europe and emerging markets have contributed to the company's 'remarkable' growth,” he said Gener Miao, Jinko's chief marketing officer, during a conference call with investors.

In response to market demand, the manufacturer emphasized that it has expanded its capacity expansion plans for modules, as it aims to reach 65 GW and 70 GW of manufacturing capacity, respectively, by the end of the year. The target of reaching 55 GW of cell production remains unchanged.

The company expects Q2022 13 panel shipments to be 15 to 41,5 GW, while full-year shipments are expected to be 43,5 to 22,2 GW, an increase from 2021 GW. shipped in XNUMX.

In terms of additional overseas capacity expansions, Miao said the company is awaiting full details of the US Inflation Reduction Act before making any decisions on new production plans in the country.

“It is possible to expand our module capacity in the United States, but at this stage we are still in the evaluation phase,” explained the executive, adding that the company has already opened a 400 MW panel assembly plant in Florida in 2018.