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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