SHANGRAO, China - JinkoSolar (NYSE:JKS) Holding Co., Ltd. (NYSE: JKS), a leading solar module manufacturer, reported a stronger-than-expected performance for the fourth quarter of 2023, with earnings surpassing analyst estimates.
The company announced Q4 earnings per share (EPS) of RMB18.46, which was RMB0.94 higher than the analyst consensus of RMB17.52. Revenue for the quarter also exceeded expectations, coming in at RMB32.83 billion against a consensus estimate of RMB30.32 billion.
The company's Q4 revenue represented a 9.4% increase year-over-year (YoY), indicating robust growth despite global economic challenges. However, gross profit for the quarter saw a decline of 2.8% YoY, with a gross margin of 12.5% compared to 14.0% in the same period last year. The decrease in gross margin was mainly due to a significant drop in the average selling price of solar modules.
JinkoSolar's Chairman and CEO, Mr. Xiande Li, attributed the strong annual performance to the company's advantages in N-type TOPCon technology and global operations. He noted that despite a decrease in module prices, the company's module shipment in Q4 exceeded their guidance. The company's focus on cost optimization led to a significant improvement in profitability for the full year, with a gross margin of 16.0%, up from 14.8% in 2022.
Looking ahead, JinkoSolar provided an optimistic outlook for 2024. The company expects module shipments to be in the range of 18 GW to 20 GW for the first quarter and 100 GW to 110 GW for the full year. This guidance reflects management's confidence in the increasing demand for solar energy and the company's continued leadership in N-type module technology.
While the stock movement percentage was not provided, the company's positive guidance and strong Q4 performance suggest a favorable market response. The focus on expanding advanced N-type capacity and the expected increase in demand for high-efficiency solar products position JinkoSolar well for sustained growth in the coming year.
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