Jinko Solar reports higher sales, profit in Q3

solar panels
Image: Jinko Solar

Jinko Solar said on Friday that it sold 10,286 MW of solar modules and 570 MW of solar cells and wafers in the third quarter of 2022, up 117.4% year on year.

Sales increased by 127.8% on the year to $2.74 billion. Its net profit in the third quarter was $77.3 million.

Xiande Li, the CEO of Jinko Solar, said he expects China alone to see more than 40 GW of photovoltaic installations in the fourth quarter. He said this means that polysilicon prices will be high, but module prices will remain stable for now.

Li said that Jinko Solar has reached full production capacity for TOPCon solar cells, at 16 GW. Now, it aims to narrow the cost gap between n-type and p-type products. In the third quarter, it shipped around 3 GW of n-type modules, up 160% from the preceding quarter.

“Based on our business strategy and market demand, we have adjusted the pace of capacity expansion for wafers, cells and modules and expect our annual production capacity for monowafers, solar cells and solar modules to reach 65 GW, 55 GW and 70 GW, respectively, by the end of 2022,” said Li.

The company said it expects to sell between 13 GW and 15 GW of PV modules in the fourth quarter.

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