21st Century Business Herald reporter Cao Enhui and intern Sun Chenyang report from Shanghai
Jingke Energy (688223. SH) has become the fourth company in the domestic photovoltaic industry with an annual revenue exceeding 100 billion yuan.
On the evening of February 27th, the company released its 2023 annual performance report. According to the financial report, Jingke Energy achieved a revenue of 118.682 billion yuan during the reporting period, a year-on-year increase of 43.55%; The net profit attributable to the owners of the parent company was 7.486 billion yuan, an increase of 154.97% compared to the same period last year.
The company pointed out in its performance report that its total revenue growth was mainly due to a significant increase in the shipment volume of photovoltaic modules.
According to the 2023 global component shipment ranking released by industry firm InfoLink Consulting this month, the top three global component leaders have all changed their positions compared to 2022. Among them, Jinko Energy has returned to its "number one" position after three years, Longji Green Energy (601012. SH) and Trina Solar (688599. SH) are tied for second place, and Jinao Technology (002459. SZ) is ranked fourth. In addition, according to industry statistics, the shipment volume of Jingke Energy components in 2023 exceeded 75GW, with a market share of approximately 14.5% to 15%.
For domestic photovoltaic module manufacturers, "survival" became the keyword in the fourth quarter of last year, due to the sudden "halving" of module prices in the short term. Especially when component transaction prices hover around the cost line of many component manufacturers, many companies experience a decline in their quarterly performance.
In fact, Jingke Energy was also not spared. After calculation, the company's net profit for the fourth quarter was 1.132 billion yuan, a decrease of approximately 54.92% compared to the previous quarter.
Objectively speaking, Jingke Energy is a beneficiary of the TOPCon dividend. In the second half of 2023, a large number of PERC production capacity will face the dilemma of reduced production, shutdown, or even retirement. In such an environment, enterprises that are the first to bet on TOPCon will enter a harvest period. In the first three quarters of 2023 alone, the proportion of Jingke Energy's N-type component shipments exceeded half, reaching as high as 57%.
Yao Feng, Vice President of Jingke Energy, recently stated that currently, the proportion of N-type products in the company has reached 75%. By the end of 2023, the planned component production capacity will exceed 110GW, and the integration rate will be close to 80%. The several business goals released by Jingke Energy in early January 2024 include being the first in the industry in terms of integrated scale, with N-type advanced production capacity exceeding 100 gigawatts; Increased revenue contribution from distributed business; Energy storage contributes considerable revenue; TOPCon's mass production battery efficiency exceeds 26.5%.
It is worth noting that many domestic photovoltaic leading companies, including Jingke Energy, are actively expanding overseas production capacity and expanding overseas markets in 2023.
Last year, photovoltaic companies such as GCL Technology (03800. HK), TCL Central (002129. SZ), and Trina Solar successively launched expansion plans in the Middle East region. Jingke Energy is the photovoltaic enterprise with the largest shipment volume in the Middle East market in 2023. In addition, Jinko Energy has established overseas production bases in Malaysia, the United States, and Vietnam, with over 14 factories overseas and overseas sales subsidiaries in more than ten countries worldwide. As of the end of 2023, the company is expected to achieve a production capacity of 12GW, 8GW, and 8GW of silicon wafers, battery cells, and components in Vietnam.
As of the morning of February 28th, the stock price of Jingke Energy was temporarily reported at 8.74 yuan/share, an increase of 1.63%, with a total market value of 87.4 billion yuan.