JinkoSolar 2022 Semi-annual Report: Revenue of $33.4 billion, Net Profit up 60%

On the evening of August 26, 2022, JinkoSolar (688223.SH) disclosed its 2022 semi-annual performance report. The report shows that in the first half of 2022, the company’s performance increased significantly year-on-year, achieving operating revenue of 33.407 billion, up 112.44% year-on-year; achieving net profit attributable to shareholders of listed companies of 905 million, up 60.14% year-on-year; achieving operating cash flow of 2.23 billion, up 481% year-on-year.

It is worth noting that in the first half of 2022, JinkoSolar shipped a total of 18.92GW solar products globally, up 79% year-on-year, including 18.21GW solar modules. In the semi-annual performance reports of leading solar companies, JinkoSolar reportedly ranked top in module shipments globally.

The semi-annual report shows that for JinkoSolar’s global module shipment destinations in the first half of 2022, the European market accounted for the highest percentage, with high percentages of China, Asia Pacific and emerging markets. In the European market, JinkoSolar N-type Tiger Neo series modules achieved a large number of orders and high premium levels. In the Chinese market, JinkoSolar carried out large base projects while focusing on the exploration and development of the distribution market, achieving rapid growth in shipments. In addition, JinkoSolar also achieved fast growth in Latin America, India and other markets through leading layout and seizing market rotation opportunities.

JinkoSolar’s management indicated that for the whole year, JinkoSolar has strong confidence to complete the module shipment target of 35-40GW, while continuing to make steady progress toward the N-type product shipment target of 10GW.

As a leader in the “N-type era” of the solar industry, JinkoSolar has established a competitive advantage in N-type TOPCon technological innovation and capacity scale. According to the semi-annual report, N-type TOPCon cell efficiency has exceeded 24.8%, which remains the leading level in the industry, and it’s still possible to improve its efficiency and reduce cost in the next 2-3 years. At the same time, through the continuous exploration of new technology in IBC, tilling ribbon and perovskite, JinkoSolar showed its confidence to continuously maintain the technology leadership in the industry.

Vertical integration capability is necessary for solar companies to participate in future competitions. In the first half of 2022, JinkoSolar selectively strengthened its advanced capacity on the basis of a larger capacity scale. JinkoSolar 16GW N-type TOPCon cell project at the beginning of the year has been fully accomplished in the second quarter, the subsequent 8GW cell project in Hefei has been put into operation, and the 11GW project in Jianshan is also under construction with the target of higher efficiency and lower cost, in order to maintain the JinkoSolar’s leadership in N-type TOPCon technology.

JinkoSolar’s management said that in the future, JinkoSolar will continue to consolidate the industry-leading level of capacity integration, maximize the advantages of vertical integration, realize the rapid embedding of technological innovation in all segments of the industry chain, and continuously reduce the cost of integrated production. Meanwhile, the proportion of N-type production capacity and the proportion of N-type product shipments will also continue to increase.

 

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