JinkoSolar (JKS) Arm Ships More Than 52GW in 1st 3 Quarters
JinkoSolar Holding Co., Ltd. JKS recently announced that its principal subsidiary, Jinko Solar Co., Ltd. ("Jiangxi Jinko"), has shipped more than 52 gigawatt (GW) modules in the first nine months of 2023. Of this shipment, JinkoSolar’s N-type modules accounted for 57%, which amounts to approximately 29.6 GW, thereby significantly exceeding the company’s 2022 shipment of 10.7 GW.
JinkoSolar’s Prospects in the Solar PV Market
Thanks to the rapid adoption of renewable energy across industries worldwide, the increase in electricity prices, the availability of financing support and policies implemented by governments and corporates in favor of installing solar photovoltaic (PV) projects, the overall demand for PV has increased year over year.
To this end, it is imperative to mention that JinkoSolar has been witnessing wider acceptance for its highly efficient N-type modules by different customers in different markets, which boast the capacity to deliver better power performance and have a lower levelized cost of electricity. This must have enabled the company to expand its shipment of these types of modules.
According to a report from Fortune Business Insights, the global solar PV market is expected to grow from $199.26 billion in 2021 to $1,000.92 billion in 2028 at a rate of 25.9%.
In September 2023, JinkoSolar secured a 3.2 GW n-type module supply deal with CHN Energy Investment Group. This indicates the solid demand that JKS enjoys for its N-type modules.
Considering such abounding growth prospects offered by the global solar PV market and the increasing demand for its modules, we expect JKS to ship more modules in the coming days, bolstering its revenue prospects.
Peer Moves
Other prominent players like Emeren Group Ltd. SOL, First Solar FSLR and Canadian Solar CSIQ are also expanding their footprint in the solar PV market.
In July 2023, Emeren announced the successful sale of its 11.5 MWp PV project to the Swiss-based energy company MET Group. This is the first project developed to the ready-to-build stage by Emeren Germany GmbH, the Berlin-based subsidiary of Emeren Group, since its entry into the market in early 2021. In May, SOL sold its 58MW Polish PV plant. Such PV project sales are expected to boost SOL’s revenue growth.
The Zacks Consensus Estimate for SOL’s 2023 earnings per share (EPS) suggests an increase of 462.5% from 2022’s reported figure. The Zacks Consensus Estimate for 2023 sales implies a rise of 91% over 2022’s reported figure.
First Solar’s Series 6 module is experiencing solid demand worldwide. It produced 2.4 gigawatts of direct current (GWdc) of solar modules in the second quarter 2023. In August 2023, the company announced it would invest up to $1.1 billion for its fifth fully vertically integrated manufacturing facility in Louisiana. This facility will increase First Solar’s manufacturing capacity by 3.5 GW.
The Zacks Consensus Estimate for FSLR’s 2023 sales implies a rise of 35.2% over 2022’s reported figure. The Zacks Consensus Estimate for EPS has moved up 1% in the past 60 days.
Canadian Solar shipped 8.2 GW of modules to more than 70 countries during second-quarter 2023. In August 2023, EDF Renewables placed a multi-year order, under which CSIQ will deliver up to 7 GW of high-efficiency N-type TOPCon solar modules to the former. In July 2023, Canadian Solar announced that it would invest more than $250 million in a state-of-the-art solar PV module factory in Mesquite, TX.
The Zacks Consensus Estimate for CSIQ’s 2023 EPS suggests an increase of 80.5% from 2022’s reported figure. The Zacks Consensus Estimate for 2023 sales implies a rise of 15.6% over 2022’s reported figure.
Price Performance
Over the past six months, shares of JKS have lost 37.6% compared with the industry’s 41.2% decline.
Image Source: Zacks Investment Research
Zacks Rank
JinkoSolar currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Emeren Group Ltd. Sponsored ADR (SOL) : Free Stock Analysis Report
JinkoSolar Holding Company Limited (JKS) : Free Stock Analysis Report
First Solar, Inc. (FSLR) : Free Stock Analysis Report
Canadian Solar Inc. (CSIQ) : Free Stock Analysis Report
