JinkoSolar’s revenue fell 9.9% to 14.76 billion RMB or $2.33 billion in the first quarter of 2022 from 16.39 billion RMB in the fourth quarter of 2021 and increased 85.9% from 7 .94 billion RMB in the first quarter of 2021.
The sequential decline is due to lower shipments of solar modules. The year-over-year increase was mainly due to an increase in shipment of solar modules due to growing global market demand, JinkoSolar said.
JinkoSolar said gross margin was 15.1% in the first quarter of 2022, compared to 16.1% in the fourth quarter of 2021 and 17.1% in the first quarter of 2021. Sequential and year-over-year declines were mainly attributable to an increase in the material cost of solar modules.
JinkoSolar’s deliveries in the first quarter of 2022 were 8,390 MW, including 8,031 MW for solar module deliveries and 359 MW for cell and wafer deliveries.
The production capacity of monowafers, solar cells and solar modules of JinkoSolar was 40 GW, 40 GW (16.9 GW for N-type cells) and 50 GW, respectively.
JinkoSolar expects its shipments (including solar modules, cells and wafers) to be 8.5-9.5 GW for the second quarter of 2022 and 35-40 GW for the year 2022.
JinkoSolar expects its production capacity of monowafers, solar cells and solar modules to reach 55 GW, 55 GW (including 32.9 GW of N-type cells) and 60 GW respectively by the end of 2022.
“Despite a challenging environment due to macro-economic uncertainties and supply chain disruptions following the resurgence of COVID-19, we improved our internal cost structure and our first quarter gross profit increased by more than 60% year-on-year,” said Xiande Li, Chairman and CEO of JinkoSolar.
Polysilicon prices and shipping costs remained high and volatile. Epidemic prevention and containment policies in China since March have led to logistical congestion and reductions in transport capacity, which has increased cost pressure.