N-Type Modules Help Improve JinkoSolar's Q1 Margins, Clocks 58% Topline Growth

JinkoSolar Holding Co Ltd JKS reported first-quarter FY23 revenue growth of 58% year-on-year to $3.40 billion, beating the consensus of $3.23 billion.
Higher shipment of solar modules drove the feat. Quarterly solar module shipments rose 72.7% Y/Y to 14,490 MW (13,038 MW for solar modules, 1,452 MW for cells and wafers).
The gross margin expanded 220 basis points to 17.3% due to the higher shipments of N-type modules with higher gross margins.
The operating margin expanded by 490 bps to 5.2%.
Adjusted EPS of $0.58 beat the consensus of $0.44.
It held $1.48 billion in cash and equivalents.
Chair and CEO Xiande Li commented, "With polysilicon prices being volatile in the first quarter, we adjusted our supply chain strategy to effectively control costs. Meanwhile, the ratio of N-type products shipment approached nearly 50% of our total module shipments thanks to their high efficiency and our strong global marketing network, which partially contributed to the improvement in our profitability."
Guidance: The company sees Q2 shipments of 16.0 GW - 18.0 GW.
The company reiterated FY23 shipments of 60.0 GW - 70.0 GW.
Price Action: JKS shares traded lower by 3.33% at $46.14 on the last check Friday.

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