Monday, April 03, 2017 3:43:53 PM
Below is CS analyst report on JKS
Strong 1H17 in China Drives Guidance
¦
Bottom line –guidance hinges on strong China demand in Q2:. Jinko Solar
reported Q4 non-GAAP earnings beat ($1.04 vs CS/cons $0.37/$0.65) due to
higher than expected volumes, lower interest expense and a tax benefit. The
company guided 2017 module shipments to grow 31% y/y, driven by
management's expectations of a strong demand in China (30 GW vs our
forecast of 20 GW). We believe shipment growth hinges on strong China
demand in Q2 as demand is 1H weighted ahead of FiT cuts (declines 13-
18% after June 30th), while Q1 is seasonally weak due to Chinese new year.
Nevertheless, shipment growth implies that the company will capture module
market share (from 9.4% in 2016 to 13.5% in 2017) in a shrinking market (CS
forecasts an 11% decline in solar demand y/y in 2017), due to industry
leading module costs and a higher share of high efficiency products. We
increase our 2017/18 earnings estimates to $2.34/$2.42 due to higher than
expected shipments. Our TP of $20 reflects a 8.5x P/E on our 2017 EPS
estimate (in line with historic highs in 2014/15). Key risks are industry
oversupply, demand weakness due to policy uncertainty, and cost trajectory
Recent JKS News
- JinkoSolar Earns RETC's "Overall Highest Achiever" Award for the Fifth Consecutive Year • PR Newswire (US) • 09/09/2024 01:17:00 PM
- JinkoSolar Completes Delivery of PV Modules Donated to Aid Maui Fire Victims • PR Newswire (US) • 09/03/2024 10:11:00 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 08/30/2024 04:02:53 PM
- JinkoSolar Announces Second Quarter 2024 Financial Results • PR Newswire (US) • 08/30/2024 10:28:00 AM
- U.S. Stock Futures Rise Ahead of Key Inflation Report; Oil Prices Rise Amid Supply Concerns • IH Market News • 08/30/2024 10:03:04 AM
- JinkoSolar Repurchased 5,596,739 ADSs under Its Share Repurchase Program • PR Newswire (US) • 08/30/2024 09:52:00 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 08/20/2024 12:16:46 PM
- JinkoSolar Announces Changes to Its Board of Directors • PR Newswire (US) • 08/20/2024 10:00:00 AM
- JinkoSolar to Report Second Quarter 2024 Results on August 30, 2024 • PR Newswire (US) • 08/19/2024 10:00:00 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 08/05/2024 04:30:27 PM
- JinkoSolar Announces Cash Dividend • PR Newswire (US) • 08/05/2024 10:00:00 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 07/16/2024 03:54:58 PM
- JinkoSolar to Form a Joint Venture with RELC and VI in Saudi Arabia for Production of 10 GW of High-efficiency Solar Cells and Solar Modules • PR Newswire (US) • 07/16/2024 11:03:00 AM
- JinkoSolar Once Again Tops PV Tech's ModuleTech Bankability Report with AAA Rating • PR Newswire (US) • 07/15/2024 10:41:00 AM
- JinkoSolar Repurchased 4,503,178 ADSs under Its Share Repurchase Program • PR Newswire (US) • 06/27/2024 10:01:00 AM
- /C O R R E C T I O N -- JinkoSolar Holding Co., Ltd./ • PR Newswire (US) • 06/21/2024 12:55:00 PM
- JinkoSolar to Supply Utility Scale Storage to Athens Airport • PR Newswire (US) • 06/21/2024 10:00:00 AM
- JinkoSolar Supplied Residential Storage Solutions to SolarToday • PR Newswire (US) • 06/20/2024 01:00:00 PM
- JinkoSolar's 182 mm TOPCon Module Reaches Highest Conversion Efficiency of 25.42% • PR Newswire (US) • 06/11/2024 01:24:00 PM
- JinkoSolar Recognized as Top Performer in PVEL's PV Module Reliability Scorecard for the Tenth Consecutive Time • PR Newswire (US) • 06/10/2024 11:32:00 AM
- JinkoSolar's Perovskite Tandem Solar Cell Based on N-type TOPCon Sets New Record with Conversion Efficiency of 33.24% • PR Newswire (US) • 05/31/2024 10:00:00 AM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 05/30/2024 08:04:25 PM
- Form SD - Specialized disclosure report • Edgar (US Regulatory) • 05/30/2024 10:36:38 AM
- JinkoSolar's 2000-Volt Module First to Achieve UL Certification • PR Newswire (US) • 05/20/2024 11:32:00 AM
- JinkoSolar Delivers More than 1.1 Million Tiger Neo Modules to One of The Largest PV Projects in Germany and Europe • PR Newswire (US) • 05/13/2024 12:17:00 PM
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