Reports Q4 revenue $4.62B, consensus $4.28B. Quarterly shipments were 27,862 MW. Xiande Li, JinkoSolar’s chairman and CEO commented, “We are pleased to have achieved very impressive operational and financial results in a challenging year by leveraging our advantages in N-type TOPCon technology, global operations and integrated capability. Module shipments for the full year increased 76.4% year-over-year to 78.5 GW, back to the top position in the industry. Benefiting from our efforts in cost optimization, our profitability for the full year significantly improved year-over-year, with gross margin at 16.0%, compared to 14.8% in 2022. Net income was US$485.6 million, up 4.56 times year-over-year. Adjusted net income was US$573.6 million, up 1.93 times year-over-year. Module shipment in the fourth quarter was 26.3GW, exceeding our guidance. As module prices fell more than expected in the fourth quarter and nearly 50% of our modules were sold to the Chinese market at lower prices, gross margin for the fourth quarter decreased significantly to 12.5% from 19.3% in the third quarter.”
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