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JinkoSolar (JKS) Sets New Module Conversion Efficiency Record

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JinkoSolar Holding Co., Ltd.’s (JKS - Free Report) advanced high-efficiency solar module recently set a new record by attaining the highest conversion efficiency at 23.53%. Its large-area N-type monocrystalline silicon solar cells have also set a test record of 25.25%.

With these improved efficiency performances, JinkoSolar will be able to offer its customers high-quality solar modules at reduced levelized cost of energy (LCOE), thanks to technological innovation.

JinkoSolar’s Prospects in Global Solar Market

JinKoSolar’s conversion efficiency of advanced high-efficiency solar module, which reached 23.53%, has broken its own previous record of 23.01% set in January 2021. The usage of TOPCon cell technology fused with a new-type of welding and packaging technology has been the primary catalyst behind the improvement of module efficiency.

According to a report by Research and Markets firm, the global solar energy market is projected to reach $223.3 billion by 2026 at a CAGR of 20.5% during 2019-2026. Considering such solid market growth prospects for global solar energy, the improvement in JinkoSolar’s modules will enable the company to enhance footprint in the space.

Peer Moves

JinkoSolar and other solar players are investing heavily in research and development (R&D) to produce high efficiency modules for expanding their footprint in the growing global solar market. JinkoSolar’s investment of $59.6 million during 2020 in R&D activities has allowed it to successfully enhance conversion efficiency of its high-efficiency solar module.

Similarly, FirstSolar (FSLR - Free Report) invested $93.7 million in 2020 in R&D activities to enhance the performance and reduce the cost of its solar modules. Another solar panel manufacturer, SunPower Corporation (SPWR - Free Report) , invested $22.4 million in R&D activities last year for the development of its high-efficiency solar panels.

Canadian Solar (CSIQ - Free Report) , another prominent solar module manufacturer, invested $45.2 million in R&D activities in 2020 for further development of its high efficiency multi-crystalline and mono-crystalline modules.

Price Performance and Zacks Rank

In the past 12 months, shares of JinkoSolar, a Zacks Rank #5 (Strong Sell) company, have gained 203.5%, outperforming the industry’s 40.5% growth.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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