(Yicai) Jan. 15 -- Jinko Solar was the world’s biggest photovoltaic module supplier in 2023, ousting rival Longi Green Energy Technology for the first time since 2019, according to company documentation seen by Yicai.

Jinko’s sales likely topped 75 gigawatts last year, accounting for between 14.5 percent and 15 percent of the global market, Yicai learned.

Jinko last topped the world rankings in 2019 and since then had been outperformed by Xi'an-based Longi, which dominated global sales from 2020 to 2022.

Jinko ranked second in the country in terms of revenue in the first three quarters after Longi, which raked in CNY94.1 billion (USD13 billion), according to the latest data. Neither Jinko nor Longi have released their full-year results yet.

But Jinko had the fastest growing profit over the period. Net profit almost quadrupled to CNY6.3 billion (USD880.5 million) and revenue jumped 61.2 percent to CNY85 billion (USD11.8 billion), according to the Shanghai-based company’s third-quarter report. Sales surged 86.9 percent to 55.7 GW.

Jinko’s profit and revenue have increased significantly from a year earlier thanks to the company’s increased output and emphasis on the latest N-type tunnel oxide passivated contact panels which have higher photoelectric conversion efficiency, as well as its global layout, integrated production capacity and differentiated market competitiveness, it said.

Jinko expects to have sold around 45 GW of N-type TOPCon modules last year, accounting for 40 percent market share, according to third-party statistics.

The proportion of N-type TOPCon panel sales should continue to rise, Jinko said earlier. In the fourth quarter, PV module orders are expected to reach 23 GW, it added.

Jinko Solar’s share price [SHA: 688223] was trading flat at CNY8.71 (USD1.22) as of 1.30 p.m. today.

Editor: Kim Taylor