China's JinkoSolar was the world's largest PV module supplier in 2023, with 78.5 GW of global shipments.

In its financial results for 2023, the company said that its panel shipments increased by 76.4% year on year.

“At the end of the fourth quarter, we became the first module manufacturer in the world to have delivered a total of 210 GW solar modules, covering over 190 countries and regions,” it said, in reference to its cumulative shipments.

JinkoSolar recorded a turnover of CNY 118.68 billion ($16.72 billion), up 42.8% from 2022. It also posted a net profit of CNY 3.45 billion.

“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,” said Jinko CEO Xiande Li. “Module shipment in the fourth quarter was 26.3 GW, exceeding our guidance.”

Li said that around half of the modules shipped in the fourth quarter went to the Chinese market, where they were sold at lower prices.

In its outlook for 2024, JinkoSolar said it hopes to ship between 100 GW and 110 GW.

“We expect our annual production capacity for mono wafers, solar cells and solar modules to reach 120 GW, 110 GW and 130 GW, respectively, by the end of 2024, with N-type capacity accounting for over 90% of total capacity,” it stated. “By then, we believe mass-produced N-type cell efficiency will have reached 26.5%.”