Recommendation: Speculative Buy
| Entry Date | Symbol | Recommendation | Entry Price (USD) | Target 1 (USD) | Target 2 (USD) | Holding Duration | Position Status | Return(%)* |
|---|---|---|---|---|---|---|---|---|
| 23 Jul, 25 | JKS | Speculative Buy | USD 24.78 | USD 26.1 | USD 28.0 | 19 days | Closed |
13.24%
|
*Return(%) represent the percentage change between the entry price and exit price of the recommendation.
Data Powered by EOD Historical Data (“EODHD”).
JinkoSolar Holding Co., Ltd., together with its subsidiaries, engages in the design, development, production, and marketing of photovoltaic products. The company offers solar modules, silicon wafers, solar cells, recovered silicon materials, and silicon ingots. It also provides solar system integration services; solar power generation and solar system EPC services; and energy storage system, as well as undertakes solar power projects. The company sells its products to distributors, project developers, system integrators, and manufacturers of solar power products under the JinkoSolar brand. As of December 31, 2023, it had an integrated annual capacity of 85 gigawatts (GW) for mono wafers; 90 GW for solar cells; and 110 GW for solar modules. It operates in China, the United States, Mexico, Australia, Japan, the United Arab Emirates, Turkey, Jordan, Vietnam, Egypt, Spain, Germany, and internationally. JinkoSolar Holding Co., Ltd. was founded in 2006 and is headquartered in Shangrao, the People's Republic of China.
Breakthrough in Cell Efficiency: JinkoSolar achieved a new record cell efficiency of 34.22% in Q1 FY25 for its N-type TOPCon-based perovskite tandem solar cells. This marks a notable advancement from Q1 FY24, where the company’s laboratory efficiency levels were below this benchmark, reflecting continued progress in R&D and innovation
Industry-Leading Module Shipments: In Q1 FY25, JinkoSolar shipped 17.5 GW of solar modules, reflecting a year-over-year increase from approximately 16.3 GW in Q1 FY24
Deterioration in Profitability: JinkoSolar recorded a net loss of RMB1.32 billion (US$181.7 million) in Q1 FY25, a stark reversal from net income of RMB609.4 million in Q1 FY24
Sharp Revenue Decline: Total revenue in Q1 FY25 dropped to RMB13.84 billion (US$1.91 billion), a 39.9% decrease from RMB23.04 billion in Q1 FY24
JinkoSolar faces heightened investment risk due to volatile international trade policies and sustained pricing pressure across the solar value chain, which may continue to impact profitability and shipment dynamics
| Entry Price | Support* | Target 1** | Target 2** |
|---|---|---|---|
| 24.78 | 21.5 | 26.1 | 28.0 |
Data Source: REFINITIV, Analysis: StockNextt
*Support can be considered as an indicative stop-loss, and if prices move below that level on closing basis individuals may evaluate exiting the position depending on their risk appetite, previous holdings, and other factors considered. The support and resistance levels may need to be re-evaluated within 4-6 weeks’ time frame depending on the stock price movements from the date of recommendation on the stock.
**Target prices may vary by ±0.5% depending on market volatility.
Strong Market Presence and Technological Advancements: JinkoSolar Holding Co., Ltd. commenced 2025 with a notable achievement in module shipments, reaching 17.5 GW for Q1, securing the top position globally. The company also achieved a major industry milestone by surpassing 320 GW of cumulative module deliveries across nearly 200 countries and regions. Technological innovation continued to be a strength, as JinkoSolar set a new record in perovskite tandem solar cell efficiency at 34.22%, underscoring its R&D capabilities. Additionally, the company maintained its Bloomberg New Energy Finance (BNEF) Tier 1 energy storage provider status for the fourth consecutive quarter, reinforcing its reputation in the energy storage segment.
Revenue and Profitability Decline Sharply: Despite operational milestones, JinkoSolar experienced a substantial decline in financial performance. Total revenue for Q1 2025 fell to RMB13.84 billion (US$1.91 billion), representing a 33.0% drop sequentially and a 39.9% decline year-over-year. This was mainly attributed to lower module shipments and a steep reduction in average selling prices. Consequently, the company posted a gross loss of RMB352.9 million (US$48.6 million), reversing from a gross profit of RMB789.7 million in the previous quarter and RMB2.74 billion a year earlier.
Widening Net Losses Reflect Market and Policy Pressures: JinkoSolar reported a net loss attributable to ordinary shareholders of RMB1.32 billion (US$181.7 million), significantly wider than the RMB476.7 million loss in Q4 2024 and in stark contrast to net income of RMB609.4 million in Q1 2024. Adjusted net loss was RMB1.07 billion (US$147.4 million), excluding the impact of market-related revaluations and compensation expenses. This financial strain is largely linked to weakened module pricing and diminished profitability due to policy changes and pricing volatility across international markets.
Operational Margin Pressured by Decreasing Revenue and Rising Expenses: The company’s operating loss rose to RMB2.87 billion (US$394.8 million) in Q1 2025, widening from RMB1.94 billion in Q4 2024 and RMB339.6 million in the prior-year quarter. Operating loss margin also worsened significantly to 20.7%, up from 9.4% in the previous quarter and 1.5% in Q1 2024. Although operating expenses declined 8.1% sequentially and 18.3% year-over-year to RMB2.51 billion (US$346.2 million), their share of total revenue increased, reflecting a disproportionate revenue drop that intensified margin pressure.
Domestic Demand and Energy Storage Show Resilience: While overseas markets were affected by policy disruptions such as U.S. tariff actions, domestic demand remained resilient, with China recording 59.7 GW of new installations in Q1 2025, up 31% YoY. JinkoSolar capitalized on this trend with enhanced bidding prices in the domestic market. The energy storage segment also showed promise, with shipments exceeding 300 MWh in Q1. The company targets 6 GWh in energy storage shipments for FY25, supported by confirmed orders covering 50–60% of the target and an additional 20–30% potential deals.
Future Outlook Supported by Capacity Expansion and Strategic Shifts: Looking ahead, JinkoSolar projects its module shipments to reach 20–25 GW in Q2 2025 and 85–100 GW for the full year. Production capacities are also set to rise significantly, with targets of 120 GW for mono wafers, 95 GW for solar cells, and 130 GW for modules, including 40–50 GW of third-generation TOPCon modules. The company plans to maintain agility in response to market changes, with strategies focused on optimizing supply chains, enhancing product competitiveness, and strengthening solar-plus-storage solutions.
Considering recent key business, financial updates, current trading levels, and key business risks, a ‘Speculative Buy’ recommendation has been given on JinkoSolar Holding Company (NYSE: JKS) at the closing market price of USD 24.78, as on July 22, 2025.
Data Powered by EOD Historical Data (“EODHD”).
Sector: Technology Industry: Solar
| Company | Change (USD) | Price (USD) | Trailing PE (x) | Forward PE (x) | Price Sales TTM (x) | Price to Book Value (x) | Enterprise Value to Revenue (x) | Enterprise Value to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| JKS JinkoSolar Holding Company Limited |
0.01 0.05% | 27.18 | 28.32 | 5.01 | 0.01 | 0.38 | 0.34 | 11.15 |
| FSLR First Solar Inc |
-5.81 2.25% | 252.70 | 16.61 | 9.35 | 5.36 | 2.72 | 5.21 | 11.40 |
| ENPH Enphase Energy Inc |
-0.17 0.53% | 31.69 | 136.61 | 18.32 | 6.79 | 9.24 | 6.51 | 53.17 |
| NXT Nextracker Inc. Class A Common Stock |
-2.16 2.45% | 85.84 | 16.44 | 12.44 | 2.71 | 15.50 | 2.46 | 15.56 |
| XISHY Xinyi Solar Holdings Limited |
- -% | 8.00 | 11.55 | 14.93 | 0.22 | 1.24 | 0.24 | 1.12 |
Data Powered by EOD Historical Data (“EODHD”).
Related Risks: This report may be looked at from high-risk perspective and recommendations are provided are for a short duration. Recommendations provided in this report are solely based on technical parameters, and the fundamental performance of the stocks has not been considered in the decision-making process. Other factors which could impact the stock prices include market risks, regulatory risks, interest rates risks, currency risks, social and political instability risks etc.
Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is Jul 22,2025. The reference data in this report has been partly sourced from REFINITIV.
Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.
Target: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Target 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Target 2 may act as the crucial resistance level for the stock.
Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.
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