Chinese cell and module manufacturer Jinko Solar’s revenue for the third quarter (Q3) of 2022 rose to RMB19.52 billion (~$2.74 billion), increasing by 127.8% year-over-year. The company recorded a revenue of RMB18.84 billion (~$2.81 billion) in Q2 2022.

The quarterly module shipments globally doubled, and shipments to China increased five times YoY. The N-type module shipments were approximately 3 GW, up 160% sequentially.

The company recorded a gross profit of RMB3.07 billion (~$432 million), up 137% YoY and 10.8% from the previous quarter.

The gross margin was 15.7% in Q3 2022, compared with 14.7% in Q2 2022, mainly due to an increase in the shipments of N-type modules with a higher gross margin.

Source: Jinko Solar

The company posted a net income of RMB549.8 million (~$77.3 million) in Q3 2022, an increase of 183% year-over-year (YoY) and 188% quarter-over-quarter (QoQ) on the back of an increase in shipments.

Commenting on the results, Xiande Li, Jinko Solar’s Chairman of the Board of Directors and CEO, said, “There is strong demand for modules in China. Including the demand in the distribution generation market, we expect total installation in the Chinese market to exceed 40 GW in the fourth quarter. With substantial polysilicon capacity to be released in 2023, we expect prices of raw materials to fall and stimulate pent-up demand. We will fully seize the growth opportunities in the market, execute our globalized footprint strategy and devote more resources in key markets. In addition, we will control inventory turnover at a reasonable level with our efficient supply chain management.”

The company’s shipments stood at 10,856 MW, including 10,286 MW of modules and 570 MW of cell and wafer shipments. For Q4 0222, Jinko expects its module shipments to be about 13-15 GW.

Jinko expects its annual production capacity for mono wafers, solar cells, and solar modules to reach 65 GW, 55 GW, and 70 GW, respectively, by the end of 2022.

The company said that the N-type monocrystalline silicon solar cells achieved a new record with a maximum conversion efficiency of 26.1%, compared with the record of 25.7% the company had set in April.

In January this year, Jinko Solar completed its initial public offering process and started trading on the Shanghai Stock Exchange’s Sci-Tech innovation board.