Global renewable energy consumption is expected to more than double by 2050, with solar energy contributing a sizable chunk of this growth. Solar companies involved in making panels and other components should benefit from the growth in solar energy use. Among module manufacturers, Chinese company JinkoSolar (NYSE: JKS) looks particularly promising. Here's why.
In the first quarter of 2022, JinkoSolar's module shipments grew 76%, while total shipments grew 56.7% year over year. Its revenue rose nearly 86% year over year, though it fell 10% sequentially due to the impact of COVID-19 related restrictions in China during the quarter.
JinkoSolar sells solar wafers, cells, and complete modules. Solar wafers are thin slices of crystalline silicon used to make solar cells. A module contains several solar cells connected in series.
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