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JinkoSolar (JKS)
NYSE:JKS
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JinkoSolar
(NYSE:JKS)
69Neutral
Positive Factors
Share Performance
JKS' shares have rallied materially since the announcement of the preliminary Antidumping duties.
Negative Factors
Earnings
JinkoSolar's earnings are projected to turn negative, with a significant revenue and earnings miss expected in upcoming quarters.
Financial Stability
JinkoSolar is facing a substantial cash liability due to retroactive tariffs on its Southeast Asian imports, impacting its financial stability.
Industry Oversupply
There is an oversupply in the market from major Chinese cell suppliers, which could push prices lower, negatively impacting JinkoSolar's earnings.
Market Presence
JinkoSolar's U.S. shipment mix is expected to decline significantly, affecting its profitability as the U.S. is considered its only profitable market.
Tariffs
The stock is facing headwinds due to potential universal tariffs on solar panel imports, which could significantly impact JinkoSolar's operations and profitability.
JinkoSolar (JKS) vs. S&P 500 (SPY)
Market Cap
$954.59M
Dividend Yield16.89%
Average Volume (3M)827.53K
Price to Earnings (P/E)120.7
Beta (1Y)1.63
Revenue Growth-11.91%
EPS Growth-87.40%
CountryUS
Employees57,397
SectorTechnology
Sector Strength39
IndustrySolar
Share Statistics
EPS (TTM)0.08
Shares Outstanding53,154,530
10 Day Avg. Volume1,132,305
30 Day Avg. Volume827,533
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)0.08
Price to Cash Flow (P/CF)N/A
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$25.49Price Target Upside45.41% Upside
Rating ConsensusModerate Sell
Number of Analyst Covering6
JinkoSolar Business Overview & Revenue Model
Company DescriptionJinkoSolar Holding Co., Ltd. is a leading global manufacturer and distributor of solar energy products. The company is primarily engaged in the development, production, and sale of solar modules, as well as the provision of solar energy solutions. JinkoSolar operates in the renewable energy sector, serving a wide range of customers including utility companies, commercial and industrial entities, and residential consumers worldwide. With a strong focus on sustainable energy, JinkoSolar is recognized for its high-efficiency solar modules and advanced manufacturing capabilities.
How the Company Makes MoneyJinkoSolar makes money primarily through the sale of its solar modules, which are its main product offering. The company generates revenue by manufacturing and distributing these modules to various customer segments, including utility-scale projects, commercial and industrial customers, and residential users. In addition to module sales, JinkoSolar may also earn revenue from providing solar energy solutions and services, such as engineering, procurement, and construction (EPC) services. Significant partnerships and contracts with large-scale utility projects and government initiatives to promote renewable energy can contribute to its earnings. The company's extensive global distribution network and its investment in research and development to enhance product efficiency and reduce costs are critical factors supporting its revenue generation.
JinkoSolar Financial Statement Overview
Summary
JinkoSolar demonstrates strong growth and profitability potential in the renewable energy sector. While revenue and profit margins are improving, the company faces challenges in managing its debt levels and generating positive free cash flow. Overall, the financial health is solid but requires careful management of leverage and cash flow to ensure sustained growth.Income Statement
JinkoSolar has shown strong revenue growth over the years, with a significant increase from 2022 to 2023. The gross profit margin has also improved, indicating better cost management. The net profit margin has increased, suggesting enhanced profitability. However, the EBIT and EBITDA margins, while positive, indicate room for operational efficiency improvements.85
Very Positive
Balance Sheet
The company's balance sheet reflects a relatively high debt-to-equity ratio, which could pose a risk if not managed carefully. However, the return on equity is strong, indicating efficient use of equity capital. The equity ratio suggests a moderate level of debt financing, which is typical for the industry.75
Positive
Cash Flow
The operating cash flow has turned positive, a significant improvement from previous years, indicating better cash management. However, the free cash flow remains negative, largely due to high capital expenditures, which could be a concern if it persists. The operating cash flow to net income ratio is healthy, indicating good cash conversion from earnings.65
Positive
| Breakdown | |||||
| TTM | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 |
|---|---|---|---|---|---|
| Income Statement | Total Revenue | ||||
| 104.44B | 118.68B | 83.13B | 40.83B | 35.13B | 29.75B | Gross Profit |
| 13.36B | 19.05B | 12.28B | 6.66B | 6.17B | 5.43B | EBIT |
| -1.05B | 6.09B | 802.98M | 1.38B | 1.90B | 1.80B | EBITDA |
| 6.11B | 16.85B | 3.43B | 3.04B | 3.14B | 2.63B | Net Income Common Stockholders |
| 560.59M | 3.45B | 620.51M | 721.02M | 230.38M | 898.66M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | ||||
| 434.00M | 17.08B | 10.35B | 8.47B | 8.05B | 5.65B | Total Assets |
| 9.18B | 135.83B | 108.66B | 72.98B | 53.23B | 47.84B | Total Debt |
| 4.30B | 56.79B | 47.78B | 37.29B | 27.62B | 20.01B | Net Debt |
| 3.87B | 40.73B | 37.54B | 28.96B | 20.14B | 14.36B | Total Liabilities |
| 6.28B | 102.30B | 81.66B | 58.70B | 40.24B | 35.40B | Stockholders Equity |
| 2.90B | 20.16B | 16.34B | 11.05B | 9.99B | 9.30B |
| Cash Flow | Free Cash Flow | ||||
| 0.00 | -2.02B | -18.05B | -8.22B | -3.54B | -2.26B | Operating Cash Flow |
| 0.00 | 13.83B | -5.80B | 430.65M | 591.49M | 1.41B | Investing Cash Flow |
| 0.00 | -15.16B | -12.27B | -11.31B | -4.92B | -6.03B | Financing Cash Flow |
| 0.00 | 8.64B | 20.02B | 12.02B | 6.30B | 7.38B |
JinkoSolar Technical Analysis
Negative
17.53
Price Trends
21.43
Negative
22.82
Negative
21.85
Negative
Market Momentum
-0.83
Positive
31.05
Neutral
9.20
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JKS, the sentiment is Negative. The current price of 17.53 is below the 20-day moving average (MA) of 20.79, below the 50-day MA of 21.43, and below the 200-day MA of 21.85, indicating a bearish trend. The MACD of -0.83 indicates Positive momentum. The RSI at 31.05 is Neutral, neither overbought nor oversold. The STOCH value of 9.20 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JKS.
JinkoSolar Risk Analysis
JinkoSolar disclosed 85 risk factors in its most recent earnings report. JinkoSolar reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
JinkoSolar Peers Comparison
Overall Rating
UnderperformOutperform
Sector (57)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $14.59B | 11.34 | 17.62% | ― | 26.75% | 55.24% | |
69 Neutral | $954.59M | 120.74 | 0.29% | 16.89% | -11.91% | -87.40% | |
68 Neutral | $7.79B | 79.61 | 11.30% | ― | -41.92% | -76.24% | |
57 Neutral | $20.94B | 10.43 | -13.41% | 2.52% | 4.53% | -23.34% | |
53 Neutral | $559.18M | 15.62 | 1.34% | ― | -21.68% | -99.75% | |
51 Neutral | $906.72M | ― | -116.01% | ― | -68.86% | -4917.87% | |
46 Neutral | $1.49B | ― | -73.12% | ― | -9.83% | -71.44% |
* Technology Sector Average
Performance Comparison
JKS
JinkoSolar
17.53
-4.02
-18.65%
CSIQ
Canadian Solar
7.58
-9.57
-55.80%
ENPH
Enphase Energy
58.77
-53.50
-47.65%
FSLR
First Solar
136.23
-38.37
-21.98%
SEDG
SolarEdge Technologies
14.71
-51.98
-77.94%
RUN
Sunrun
6.99
-4.84
-40.91%
JinkoSolar Earnings Call Summary
Earnings Call Date: Mar 26, 2025 | % Change Since: -15.31% | Next Earnings Date: Apr 25, 2025
Earnings Call Sentiment Negative
The earnings call presented a challenging year for JinkoSolar with significant declines in profit and gross margins due to pricing pressures and demand imbalances. However, the company maintained its leadership in module shipments and made notable achievements in sustainability and patent holdings. The outlook remains cautious with expectations for gradual improvements.Highlights
Record Annual Module Shipments
Annual module shipments increased by 18.3% year-over-year to 93 gigawatts, ranking first in the industry.
Sustainability Achievements
JinkoSolar was included in the S&P Global 2025 Sustainability Yearbook and received a BBB rating in the MSCI ESG ratings for the second consecutive year.
Patent Portfolio Strength
JinkoSolar holds 462 granted TOPCon patents, making it a leading holder of TOPCon-related patents globally.
Lowlights
Significant Profit Decline
Net income was $7.9 million, down 98% year-over-year. Gross margin dropped to 10.9% in 2024 from 16% in 2023.
Fourth Quarter Loss
Net loss was $64.9 million in the fourth quarter, with a gross margin of 3.6%, compared to a net income of $3.2 million and a gross margin of 15.7% in the third quarter.
Decline in Revenue
Total revenue was $2.83 billion in the fourth quarter, down 15.7% sequentially and down 37% year-over-year.
Challenges in Pricing and Demand
The ongoing imbalance between supply and demand led to a decline in module prices, impacting profitability across the industry.
Company Guidance
During the fourth quarter 2024 earnings call, JinkoSolar provided guidance for the first quarter and full-year 2025, highlighting expectations of mass-produced N-type cell efficiency reaching approximately 27% by the end of 2025. The company projected module shipments between 16 to 18 gigawatts for Q1 2025 and 85 to 100 gigawatts for the full year. JinkoSolar emphasized a cautious approach to capacity expansion, with no new additions except for TOPCon technology upgrades, aiming for production capacities of 120 gigawatts for mono wafers, 95 gigawatts for solar cells, and 130 gigawatts for solar modules by year-end. In terms of financial metrics, the company reported a gross margin of 3.6% for Q4 2024, significantly down from 15.7% in Q3, with a net loss of $64.9 million compared to a net income of $3.2 million in the previous quarter. For the full year 2024, JinkoSolar's revenue was $12.64 billion, with gross margin at 10.9%, down from 16% in 2023, and net income at $7.9 million, a 98% decrease year-over-year. The company plans to maintain a healthy cash reserve, with cash and cash equivalents of $3.8 billion at the end of Q4 2024, and aims to optimize its asset and liability structure.Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.