JinkoSolar Holding Co (NYSE:JKS) Stock, Quote.Headers.trade-ideas

JinkoSolar Holding Co

JinkoSolar Holding Co Ltd is engaged in the photovoltaic industry. The firm has built a vertically integrated solar power product value chain, manufacturing from silicon wafers to solar modules. It sells solar modules under the JinkoSolar brand. The company's products include Silicon wafers, Solar cells, and Solar modules. Its geographical segments are China (including Hong Kong and Taiwan), North America, Europe, Asia Pacific (except China, which includes Hong Kong and Taiwan), and the Rest of the world.

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JinkoSolar&#39;s stock fell after reporting Q2 results: revenue down, earnings beat estimates, shipments up, gross margin decreased. Outlook: Q3 shipments 23GW-25GW, annual production capacity to reach 120GW for wafers, 110GW for cells, and 130GW for modules by 2024.

Solar Module Company JinkoSolar&#39;s Q2 Earnings: 22% Revenue Drop, Margins Hit By Lower Average Selling Price

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After Thursday’s mixed close, stocks appear to be headed for a positive start, although Monday’s Labor Day holiday will likely keep volume anemic.

Wall Street Poised For Strong Start As Inflation Data Looms: Strategist Says Brace For Volatile Fall As Soft Landing Not Guaranteed Outcome

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Dow Notches New Record Close But Nasdaq Falls Amid Decline In Nvidia Shares: Fear Index Enters &#39;Greed&#39; Zone

JinkoSolar Holding Company Limited American Depositary Shares (each representing 4 Common Shares)

JinkoSolar Holding Co Ltd

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Roth MKM analyst Philip Shen maintains JinkoSolar Holding Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JKS#NYSE">JKS</a>) with a Neutral and lowers the price target from $25 to $20.

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Roth MKM Maintains Neutral on JinkoSolar Holding Co, Lowers Price Target to $20

Goldman Sachs analyst Brian Lee maintains JinkoSolar Holding Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JKS#NYSE">JKS</a>) with a Sell and lowers the price target from $21 to $18.

Goldman Sachs Maintains Sell on JinkoSolar Holding Co, Lowers Price Target to $18

JinkoSolar Holding Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JKS#NYSE">JKS</a>)&nbsp;stock tanked Friday premarket after the company&nbsp;reported <a target="_blank" href="https://www.benzinga.com/pressreleases/24/08/n40647835/jinkosolar-announces-second-quarter-2024-financial-results" rel="noreferrer noopener">second-quarter results.</a>
The solar module manufacturer&#8217;s revenue decreased 21.6% year-over-year to $3.31 billion, missing the analyst consensus estimate of $3.91 billion. Adjusted earnings per ADS of $0.99 beat the <a href="https://www.benzinga.com/calendars/earnings" target="_blank" rel="noreferrer noopener">analyst consensus estimate of $0.17</a>.
Quarterly shipments increased 36.0% Y/Y to 25,318 MW (23,822 MW for solar modules and 1,496 MW for cells and wafers). The module shipments grew by 34.1% Y/Y.
Gross margin for the quarter stood at 11.1%, compared to 15.6% a year ago, reflecting decreases in the average selling price of solar modules.
Loss from operations was 1.14 billion Chinese Yuan or $156.6 million, compared to 1.54 billion Chinese Yuan income from operations a year ago.&nbsp;
JinkoSolar&#8217;s adjusted net income was 378.5 million Chinese Yuan ($52.1 million), compared to 1.43 billion Chinese Yuan a year ago.
As of June 30, 2024, JinkoSolar held $1.91 billion in cash, equivalents, and inventories were $2.68 billion.
Chair and CEO&nbsp;Xiande Li: &#8220;Prices in several segments of the industry chain declined slightly on a sequential basis, leading us to adjust our production scheduling strategy and utilization rates for different processes.&#8221;
Outlook: JinkoSolar expects its third-quarter module shipments to be <a href="https://www.benzinga.com/calendars/guidance">around 23.0 GW-25.0 GW.</a>
The company reiterated <a target="_blank" href="https://www.benzinga.com/news/earnings/24/04/38490625/jinkosolars-q1-miss-offset-by-strong-outlook-shares-rally-as-shipments-surge" rel="noreferrer noopener">fiscal 2024 module shipments</a> of 100.0 GW-110.0 GW. JinkoSolar expects its annual production capacity for mono wafers, solar cells, and solar modules to reach 120.0 GW, 110.0 GW (prior 95.0&nbsp;GW), and 130.0 GW by the end of 2024.
JinkoSolar Holding stock plunged 46% in the last 12 months.
Price Action: JKS stock traded lower by 5.19% at $17.16 premarket at the last check Friday.

Solar Module Company JinkoSolar's Q2 Earnings: 22% Revenue Drop, Margins Hit By Lower Average Selling Price

After Thursday&#8217;s mixed close, stocks appear to be headed for a positive start, although Monday&#8217;s Labor Day holiday will likely keep volume anemic. The index futures were solidly higher early Friday and <a href="https://www.benzinga.com/news/large-cap/24/08/40639345/traders-scale-back-bets-on-50-basis-point-september-rate-cut-ahead-of-fridays-key-fed-inflation-ga">sustenance of the sentiment hinges largely on an inflation readout </a>due ahead of the market open. The futures market has priced in a 100% probability of a rate cut and the only uncertainty there is the magnitude of the reduction. If Friday&#8217;s inflation does nothing to force a reassessment, the market could launch into a strong rally. A rebound by tech stocks could also provide a thrust to the market. 
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<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>+0.68%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>+0.39%</td>
</tr>
<tr>
<td>Dow</td>
<td>+0.17%</td>
</tr>
<tr>
<td>R2K</td>
<td>+0.34%</td>
</tr>
</tbody>
</table>
</figure>
In premarket trading on Friday,&nbsp;the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rose 0.46% to $560.91, and the&nbsp;Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) jumped 0.72% to $474.03, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.
Cues From Last Session 
Wall Street showed resilience on Thursday as the market weathered the negative reaction to artificial intelligence stalwart Nvidia Corp.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) earnings. <a href="https://www.benzinga.com/trading-ideas/technicals/24/08/40635333/nvidia-stock-dips-despite-q2-earnings-beat-is-the-ai-rally-fading">Nvidia fell 6.38%</a> despite the company reporting a second-quarter beat and issuing above-consensus third-quarter guidance.
An upward revision to second-quarter GDP growth gave the market an early thrust, with a slew of other positive earnings adding further momentum. Commenting on the GDP report, Comerica Chief Economist Bill Adams said, &#8220;The GDP revisions show the U.S. economy was in good shape in mid-2024.&#8221;
&#8220;Solid growth of consumer spending propelled the economy forward in the second quarter, and the increase of consumer confidence in July suggests it will propel growth in the second half of the year as well,&#8221; he added.
The tech-heavy Nasdaq Composite and the S&amp;P 500 Index hovered well above the flat line for much of the session before pulling back sharply in late trading. The former ended modestly lower, and the latter was little changed with a slight negative bias, at the close.
The Dow Jones Industrial Average started higher but dipped below the unchanged line briefly in early trading. After recovering from the low, the index was in the green for the remainder of the session, hitting a new intraday high and also closing at a fresh record. 
Among the sectors, energy, industrials, financials, material, and utility stocks gained ground, while IT stocks were the worst hit.
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<tbody>
<tr>
<td>Index</td>
<td>Performance (+/)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>-0.23%</td>
<td>17,516.43</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>-0.00%</td>
<td>5,591.96</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>+0.59%</td>
<td>41,335.05</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>+0.66%</td>
<td>2,202.98</td>
</tr>
</tbody>
</table>
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Insights From Analysts
As investors prepare for the first rate cut in over four years, a technical analyst said it may not be smooth sailing for the market in the near term. LPL Financial&#8217;s Chief Technical Strategist Adam Turnquist said Friday&#8217;s inflation report and next week's jobs data could dictate the size of the September cut. Another weak employment report would likely push probabilities toward a 0.50% reduction, he said.
&#8220;We believe a soft landing is still viable but not guaranteed, setting stocks up for a potential volatile fall, likely exacerbated by the November election,&#8221; Turnquist said. He noted that stocks have historically traded flat to negative in the first few months after a rate-cutting cycle begins but tend to move higher over the following 12 months, with the drawdowns during these 12 months tending to be more severe. &nbsp;&nbsp;
Upcoming Economic Data
<ul>
<li>The Bureau of Economic Analysis will release the July personal income and spending report at 8:30 a.m. EDT. The personal consumption expenditure reading of the report is expected to show a 2.5% year-over-year increase, unchanged from June. The annual rate of the core personal consumption expenditure &#8211; the Fed&#8217;s key inflation gauge, is expected to edge up from 2.6% to 2.7%. The headline numbers of the report, namely personal income and spending, may have seen month-over-month increases of 0.2% and 0.5%, respectively, compared to the June rates of 0.2% and 0.3%.</li>
<li>The ISM-Chicago will release the results of its regional manufacturing activity survey at 9:45 a.m. EDT, with economists, on average, expecting the Chicago business barometer to come in at 45.6 in August, almost unchanged from July&#8217;s 45.3.</li>
<li>The University of Michigan is due to announce the results its final consumer sentiment index for August at 10 a.m. EDT. Economists, on average, expect the index to upwardly revised from the mid-month reading of 67.8 to 68, marking an increase from July&#8217;s 66.4. Traders may also focus on the survey&#8217;s one- and five-year inflation expectations readings. </li>
</ul>
See Also: <a href="https://www.benzinga.com/money/how-to-trade-futures">How To Trade Futures</a>
Stocks In Focus
<ul>
<li>Dell Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DELL#NYSE">DELL</a>) climbed over 6% <a href="https://www.benzinga.com/premarket">in premarket trading</a> following the computer and peripheral maker&#8217;s earnings release.</li>
<li>Other stocks moving on earnings include Autodesk, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADSK#NASDAQ">ADSK</a>) (up over 3%), Lululemon Athletica Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LULU#NASDAQ">LULU</a>) (up nearly 4.5%), Marvell Technology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRVL#NASDAQ">MRVL</a>) (up nearly 9%), MongoDB, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MDB#NASDAQ">MDB</a>) (up over 15%). Elastic N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESTC#NYSE">ESTC</a>) (down over 27%) and Ulta Beauty, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ULTA#NASDAQ">ULTA</a>) (down nearly 6.50%).</li>
<li>JinkoSolar Holding Co., Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JKS#NASDAQ">JKS</a>) is scheduled to announce its<a href="https://www.benzinga.com/calendars/earnings"> quarterly results before the market opens</a>.</li>
</ul>
Commodities, Bonds And Global Equity Markets
Crude oil and gold futures were modestly lower and Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) traded nearly flat under the $60K level. The yield on the 10-year Treasury note rose 1.1 basis points to 3.856%.
Asian stocks rallied across the board on Friday, encouraged by Wall Street&#8217;s resilience performance, and the European markets held up in early trading. 
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JinkoSolar Holding Q2 Adjusted Earnings Per ADS $0.99 Beats $0.17 Estimate

JinkoSolar Expects Q3 Module Shipments Of 23.0 GW - 25.0 GW; Reiterates Guidance Of 100.0 GW - 110.0 GW For 2024

JinkoSolar Holding Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JKS#NYSE">JKS</a>) reported quarterly sales of $3.31 billion which missed the analyst consensus estimate of $3.91 billion by 15.40 percent. This is a 21.79 percent decrease over sales of $4.23 billion the same period last year.

Earnings Misses

JinkoSolar Holding Q2 Sales $3.31B Miss $3.91B Estimate

Jinkosolar Says It Repurchased A Total Of 5,596,739 ADS In An Aggregate Amount Of Approximately $134.5M In The Open Market Under Its Share Repurchase Program

The CNN Money Fear and Greed index showed an improvement in the overall market sentiment, with the index in the &#8220;Greed&#8221; zone on Thursday.
U.S. stocks settled mixed on Thursday, with the Dow Jones index surging to a record high during the session.
Shares of NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) fell around 6.4% on Thursday, weighing on the S&amp;P 500 and the Nasdaq. Nvidia <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40620595/as-nvidia-tumbles-post-q2-earnings-tech-bull-draws-parallels-to-markets-reaction-to">reported</a> better-than-expected earnings and sales results for its second quarter on Wednesday. The company issued above-consensus third-quarter revenue guidance and announced a $50-billion additional stock repurchase authorization. However, the gross margin contracted from the first quarter.
On the economic data front, U.S. initial jobless claims fell by 2,000 from the prior week to 231,000 in the period ending Aug. 24. U.S. real gross domestic product expanded at an annual rate of 3.0% in the second quarter, up from 1.4% in the first quarter. U.S. wholesale inventories rose by 0.3% month-over-month to $905 billion in July, versus a revised 0.2% gain in the earlier month.
Most sectors on the S&amp;P 500 closed on a positive note, with energy, financials, and industrials stocks recording the biggest gains on Thursday. However, information technology and consumer staples stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 244 points to 41,335.05 on Thursday. The S&amp;P 500 fell 0.01% to 5,591.96, while the Nasdaq Composite dipped 0.23% to close at 17,516.43 during Thursday's session.
Investors are awaiting earnings results from JinkoSolar Holding Co., Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JKS#NYSE">JKS</a>), MINISO Group Holding Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MNSO#NYSE">MNSO</a>), and Frontline plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FRO#NYSE">FRO</a>) today.
What is CNN Business Fear &amp; Greed Index?
At a current reading of 57.7, the index was in the &#8220;Greed&#8221; zone on Thursday, versus a prior reading of 56.2.
The Fear &amp; Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.
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Dow Notches New Record Close But Nasdaq Falls Amid Decline In Nvidia Shares: Fear Index Enters 'Greed' Zone

With U.S. stock futures trading higher this morning on Friday, some of the stocks that may grab investor focus today are as follows:
<ul>
<li>Wall Street expects JinkoSolar Holding Co., Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JKS#NYSE">JKS</a>) to report quarterly earnings at 17 cents per share on revenue of $3.91 billion before the opening bell, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. JinkoSolar shares gained 1.4% to $18.36 in after-hours trading.</li>
<li>Lululemon Athletica Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LULU#NASDAQ">LULU</a>) reported better-than-expected earnings for its second quarter, while <a href="https://www.benzinga.com/news/earnings/24/08/40639307/lululemon-q2-earnings-revenue-miss-eps-beat-comps-up-2-strength-in-international-soft-guidance">sales missed estimates</a>. The company also issued FY24 revenue guidance, which is below estimates. Lululemon shares gained 4.2% to $270.00 in the after-hours trading session.</li>
<li>Analysts are expecting MINISO Group Holding Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MNSO#NYSE">MNSO</a>) to post quarterly earnings at 28 cents per share on revenue of $565.46 million. The company will release earnings before the markets open. MINISO Group shares gained 1.7% to $16.60 in after-hours trading.</li>
</ul>
Check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
<ul>
<li>Ulta Beauty, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ULTA#NASDAQ">ULTA</a>) <a href="https://www.benzinga.com/news/earnings/24/08/40639181/ulta-beauty-stock-drops-after-worse-than-expected-q2-results-lower-fy-guidance">reported</a> weaker-than-expected results for its second quarter and cut its FY24 guidance. Ulta Beauty shares fell 7.1% to $341.50 in the after-hours trading session.</li>
<li>Dell Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DELL#NYSE">DELL</a>) <a href="https://www.benzinga.com/news/earnings/24/08/40638741/dell-q2-earnings-revenue-beat-eps-beat-accelerating-ai-momentum-and-more">reported</a> stronger-than-expected results for its second quarter. The company reported second-quarter revenue of $25.03 billion, beating the consensus estimate of $24.14 billion. Dell shares gained 3.3% to $114.40 in the after-hours trading session.</li>
</ul>
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Photo courtesy: Shutterstock

Dell, Lululemon And 3 Stocks To Watch Heading Into Friday

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Shares of semiconductor stocks are trading higher amid overall market strength following softer-than-expected PPI figures.

Whether it&rsquo;s Kamala Harris or Donald Trump at the helm of U.S. foreign policy in January 2025, one thing is likely: the continuation of a strategic decoupling from mainland China. That means Chinese companies outsourcing to or investing in factories in Southeast Asia and maybe even Mexico to keep their market share in the U.S. &nbsp;It could come at a loss to the Chinese labor force, setting the table for all sorts of potential problems as China and the U.S. go through a nasty divorce.
&quot;The presidential election is viewed as pivotal for China investors,&quot; said <a href="https://www.linkedin.com/in/shainvernier">Shain Vernier</a>, Financial Analyst of HowToTrade.com. &quot;Many are concerned about the prospects of extensive tariffs from another Trump. But think a Harris administration will be more passive regarding trade wars and related policies,&quot; he said.
The No. 2 economy is holding out, but slowing down. The real estate sector, a driver for domestic consumption and employment, is <a href="https://www.benzinga.com/markets/asia/24/07/39961679/has-chinas-real-estate-market-turned-a-corner">in trouble again.</a>
Shenzhen Anju group, a Shenzhen-based state-owned-enterprise, said it will begin buying apartment buildings and convert them into affordable housing. This could help alleviate the supply of 48,974 apartments for sale, totaling 5.16 million square meters, which is equivalent to two years of inventory, according to a <a href="https://chinalastnight.com/2024/08/08/shenzhens-real-estate-policy-ignites-rally/">KraneShares&#39; daily post</a> on China on Thursday, called China Last Night. Guangzhou said on May 30 that the city was adopting a &ldquo;purchase instead of construction model&rdquo; -- so Shenzhen is following in that city&#39;s footsteps. The idea is to soak up inventory, stabilize housing prices, and restore consumer confidence. Real estate stocks rose just over 1% on Thursday morning, though it does not appear Chinese developer credit default swaps tightened on the news. The market still does not like their debt.
June PMI data from China shows that employment indices are all in decline for the fifth straight month. A housing slump has construction jobs falling the lowest level since the start of the pandemic in February 2020. Services are also weak, with the services PMI sub-index hitting 46.3, the lowest level of 2024. Anything under 50 signifies a contraction.
Manufacturing employment has been falling for 16 months despite China exporting whatever it can make to wherever in the world will buy it.
China investors are not being rewarded for buying the dips.
The iShares MSCI China (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/mchi#NASDAQ">MCHI</a>) ETF is down 27% over the last five years. XTrackers China CSI-300, best known as the China A-Shares ETF (ARCA: ASHR) is down around 11%.
Not that the overall emerging markets indexes were making you rich, but the iShares MSCI Emerging Markets (ARCA: EEM) is up over 3.5% in five years, and the reason it is that low is because of China dragging it down.
Even China tech has underperformed.
The KraneShares China Internet (ARCA: KWEB) ETF is down 4.3% year-to-date, down 15.5% over the last 12 months and down 33% over the last five years.&nbsp;
China EV manufacturer Nio (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nio#NYSE">NIO</a>) is down over 75% in the last 12 months, and also down year-to-date. (It&rsquo;s up 19% over five years, though.)
The China automotive sector is being hammered by the White House, with the Biden administration slapping high tariffs on Chinese EVs in <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2024/05/14/fact-sheet-president-biden-takes-action-to-protect-american-workers-and-businesses-from-chinas-unfair-trade-practices/">May</a> and <a href="https://www.msn.com/en-us/autos/news/teslas-mexico-factory-on-hold-over-trump-tariff-fears/ar-BB1qD69P">Trump hinting</a> he would tariff Chinese EVs made in Mexico coming into the U.S. duty-free thanks to the USMCA trade agreement.
<h3>China Risks &ldquo;Skewed Towards Further Escalation&rdquo;</h3>
Figure the geopolitical headwinds for China will not improve under Harris or Trump. At best, investors and businesses will have to cope with the status quo.
Trump and his team, centered on USTR Robert Lighthizer, have focused on China &ldquo;decoupling&rdquo; - reducing the absolute level of trade deficits by using tariffs. Biden and his team &ndash; many of whom will share similar thinking of Harris&#39;s advisors &ndash; are focusing tariffs on so-called climate change policy goods like EV-related goods and solar, two sectors China dominates.
Since the Trump-era tariffs began in 2018, China&#39;s exports to the U.S. have declined but have gone up in Vietnam, Mexico, and other Asian markets to compensate.
Exports remain the bright spot for China&rsquo;s economy, though this has not translated into stock market gains.
In an Aug. 2 report by Barclays Capital, economist Jian Chang said that China&rsquo;s rising exports to the rest of the world minus the U.S. were signs of resilience against the West&rsquo;s &ldquo;trade war&rdquo;. However, Chang skews the risk meter in favor of&nbsp; &quot;further escalation.&quot;
She managed to find some positives there.
From Barclays&rsquo; report:
<ul>
<li>China semiconductor exports are rising, surpassing Taiwan, tied with India and approaching the leader &ndash; Korea</li>
<li>Chinese companies are expanding and investing in overseas markets to gain global market share amid geopolitical tensions and slowing domestic growth</li>
<li>Chinese manufacturers have enhanced their export competitiveness of high-tech products, supported by a decade of industrial upgrading, technological innovation, and customer-centric approaches, as seen from their shipping more high-end/high-tech products.</li>
</ul>
China&rsquo;s closely watched Politburo meeting of the CCP&#39;s A-list ended on July 30 with leadership acknowledging the difficulties and challenges facing the economy, including geopolitical risks, insufficient domestic demand, and the difficulties in going from old growth drivers like real estate to new growth drivers. They called for &ldquo;maintaining strategic determination,&rdquo; Chang wrote from her offices in Hong Kong.
&ldquo;That implies that the authorities will refrain from actions that might rekindle the old growth model fueled by rapid credit growth,&rdquo; she said. &ldquo;The July meeting fell short of offering big stimulus.&rdquo;
At this point, investors are in China because it&rsquo;s the second-largest economy in the world. Sectors from tech to healthcare and consumer have not impressed.
However, U.S. foreign direct investment into Chinese manufacturing broke a record in 2023, hitting a total $59.31 billion, up from the 2022 record of $56.56 billion, <a href="https://apps.bea.gov/international/factsheet/factsheet.html#650" style="color:#467886; text-decoration:underline">according to the Bureau of Economic Analysis.</a>
Based on these numbers alone, it does not look like any real decoupling or derisking is going on at all.&nbsp;&nbsp;
&quot;Despite tensions, traders and investors are still very optimistic about China because they have confidence in China&rsquo;s central bank&#39;s commitment to economic growth,&quot; said Vernier. &quot;Traders have to recognize that China is not a small economy solely reliant on exports. In terms of investment themes, traders particularly value China&#39;s capacity to operate at scale and at a lower cost. It may be beneficial to continue focusing on Chinese manufacturers of EVs and solar, two sectors China currently dominates,&quot; Vernie said.
Geopolitical tensions have not been kind to China solar.
Jinko Solar (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/jks#NYSE">JKS</a>), which also manufactures solar panels in Florida, is down over 45% both year-to-date and over 12 months. It&#39;s down just over 3% in five years.
By comparison, American solar giant First Solar (OTC: <a class="ticker" href="https://www.benzinga.com/stock/fsrl#OTC">FSRL</a>) is up 20% YTD, 5.8% in 12 months, and looks like cryptocurrency over five years, rising 224%.
Worth noting: publicly traded Chinese solar companies <a href="https://www.rubio.senate.gov/rubio-introduces-bill-to-block-subsidies-to-chinese-battery-companies/">run the risk</a> of being banned from receiving tax credits under the 2022 Inflation Reduction Act.
So China has problems &ndash; yet despite restrictions on capital into certain types of investments (like defense company stocks, or certain tech products being restricted for sale by U.S. companies to Chinese companies), FDI is flowing. China investors are rummaging through what looks like the political rubble. Some are finding that the decoupling and derisking narrative has not been so bad for China. These are the sectors to look into.
China&rsquo;s third quarter started weaker following lackluster second-quarter growth. Barclays is keeping with its 4.8% GDP forecast for 2024, which is just under Beijing&rsquo;s 5% target line.
*The writer is an investor in the KraneShares China Healthcare (KURE) ETF.
This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.

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Kamala And Trump Will Continue China De-Risking. Does That Make China A Turn-Off To Wall Street?

<h4>Key Takeaways:</h4>
<ul>
<li>JinkoSolar is forming a $1 billion joint venture with two local partners in Saudia Arabia with annual capacity of 10 GW of solar cells and 10 GW of solar modules</li>
<li>The tie-up comes as Chinese solar companies expand their manufacturing globally, and as Saudi Arabia diversifies its economy beyond energy</li>
</ul>
By Doug Young
Solar panel giant&nbsp;JinkoSolar Holding Co. Ltd.&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/jks#NYSE">JKS</a>) has become the latest to jump on a Chinese export train that&rsquo;s increasingly passing through the Middle East with a stop in Saudi Arabia, the region&rsquo;s richest country that also has big clean energy ambitions.
The leading Chinese solar panel maker&nbsp;<a href="https://www.prnewswire.com/news-releases/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-302197981.html">on Tuesday announced</a>&nbsp;its formation of a $1 billion Saudi joint venture making cutting-edge solar products with two local partners. One of those,&nbsp;Renewable Energy Localization Co., is billed as the country&rsquo;s &ldquo;national champion in the manufacturing of renewable and green energy technologies,&rdquo; and is wholly owned by Public Investment Fund, the country&rsquo;s sovereign wealth fund. The other is&nbsp;Vision Industries Co.,&nbsp;a Saudi investor focused on green energy technologies.
The tie-up ticks a number of boxes for both JinkoSolar and the Saudis and is part of a recent growing love affair between Chinese manufacturing and Saudi Arabian money.
From Jinko&rsquo;s perspective, the new plant will add to its global network of manufacturing facilities whose solar panels would steer clear of growing Western protectionism against Chinese products. For Saudi Arabia, the massive facility will help it achieve its own aims for green energy production, and also vault it into the global leagues for solar manufacturing by leveraging Jinko&rsquo;s cutting-edge N-type solar cell technology.
The announcement comes as China&rsquo;s solar sector, which supplies more than 80% of the world&rsquo;s panels, gets burned by a bloody global price war that&rsquo;s the direct result of overcapacity built up in China over the last decade. Both the U.S. and EU have called on China to scale back or end the strong government support behind the buildup, which they say distorts global markets and puts their own manufacturers at a disadvantage.
The U.S. has gone one step further by raising tariffs on imported Chinese solar cells to 50% from the previous 25% starting next month. The EU has yet to take any similar action, though it recently launched anti-dumping tariffs against Chinese electric vehicles (EVs) for similar reasons.&nbsp;
JinkoSolar&rsquo;s new joint venture announcement breathed some much-needed life into its embattled U.S.-traded stock. The shares rose 7.3% in Tuesday trade, though they remain near a four-year low on concerns about the price war and protective tariffs. Analysts are also quite bearish on the company &ndash; a rarity for firms from this kind of high-growth emerging sector. None of the four polled by Yahoo Finance recommend the stock, with one rating it a &ldquo;hold,&rdquo; while two rate it &ldquo;underperform&rdquo; and one calls it a &ldquo;sell.&rdquo;
That kind of bearishness is reflected in JinkoSolar&rsquo;s price-to-earnings (P/E) ratio that stands at just 3.3 &ndash; the kind of multiple you&rsquo;d expect from an old industry category like textiles or steel with low margins and limited growth potential. That ratio is at the bottom of the solar heap, trailing the 5.8 for&nbsp;Canadian Solar&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/csiq#NASDAQ">CSIQ</a>) and well behind multiples of 23 for both China&rsquo;s&nbsp;Longi Green Energy(601012.SH) and U.S.-based&nbsp;First Solar&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/fslr#NASDAQ">FSLR</a>).
<h3>Major New Capacity</h3>
The new Saudi plant looks quite large, based on its $1 billion investment and planned annual capacity for 10 GW of solar cells and another 10 GW of solar modules. That would substantially boost JinkoSolar&rsquo;s current capacity that stood at about 70 GW at the end of last year for N-type cells, considered the industry&rsquo;s most advanced and the new joint venture&rsquo;s main focus.
&ldquo;This partnership is another major milestone in the execution of our globalization strategy, and will further help us optimize our global manufacturing and marketing infrastructure, as well as enhance our global competitiveness,&rdquo; said JinkoSolar Chairman Li Xiande.
The Saudi plant will complement JinkoSolar&rsquo;s other overseas manufacturing facilities in the U.S., Malaysia and Vietnam, and is part of a broader trend by Chinese solar companies to do more manufacturing offshore. Jinko is the first major company to come to Saudi Arabia, though Longi, which has plants in Vietnam and Malaysia, has said it could consider building facilities in the Middle Eastern nation as well as the U.S. Rival&nbsp;Trina Solar&nbsp;(688599.SH) has plants in Thailand and Vietnam, while&nbsp;JA Solar&nbsp;(002459.SZ) manufactures in Malaysia.
While Southeast Asia has become popular among Chinese manufacturers in general, Saudi Arabia&rsquo;s nascent rise is much more recent. That owes in no small part to the country&rsquo;s use of its huge cash reserves to diversify its economy beyond oil and gas into emerging industries like new energy and gaming. Chinese PC giant&nbsp;Lenovo&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/lnvgy#OTC">LNVGY</a>) announced&nbsp;<a href="https://thebambooworks.com/lenovo-makes-critical-calculation-with-middle-east-pivot/">a similar tie-up</a>&nbsp;in May to build a major manufacturing facility in Saudi Arabia in partnership with Alat, another entity managed under Public Investment Fund.
While the latest news brought some much-needed relief to JinkoSolar&rsquo;s shares, it&rsquo;s hard to see investors getting too excited about the company anytime soon, at least based on its financials. Its revenue rose 43% last year to 119 billion yuan ($16.4 billion) on booming global demand and a near doubling in its annual shipments. That growth is expected to grind to a halt this year due to the overcapacity and price wars we&rsquo;ve previously mentioned, with analysts expecting revenue to actually fall slightly from last year&rsquo;s levels.
The company&rsquo;s margin and profit trends don&rsquo;t look too encouraging either, again, due to the price wars. JinkoSolar reported a gross margin of 11.9% in this year&rsquo;s first quarter, down more than 5 percentage points from 17.3% in the year-ago period. The company&rsquo;s first-quarter profit also sank to 609 million yuan from 789 million yuan a year earlier, and analysts expect its annual profit this year to fall by more than half from 2023.
At the end of the day, this new joint venture is a small bright spot for JinkoSolar, though it won&rsquo;t make any meaningful contribution to its business for at least a year until new production begins. The company&rsquo;s ultra-low valuation could also provide some incentive for investors who think its shares are oversold. But from a business perspective, we&rsquo;ll probably need to wait at least another year or more before the company has a more positive story to tell.
This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.

LNVGY

JinkoSolar Finds Rare Bright Spot In New Saudi Tie-Up

&nbsp;Pursuant to the Agreement,&nbsp;Jinko Middle East, RELC and VI agree to form a joint venture in&nbsp;Saudi Arabia&nbsp;with&nbsp;Jinko Middle East, RELC and VI holding&nbsp;40%,&nbsp;40%&nbsp;and&nbsp;20%&nbsp;equity interest, respectively. The formation of the joint venture is subject to customary preconditions, including obtaining the requisite regulatory approvals.
The joint venture will build and operate a high-efficiency solar cell and solar module manufacturing facility in&nbsp;Saudi Arabia. The manufacturing facility is expected to have a total investment amount of approximately&nbsp;US$1 billion, and will be funded through a combination of its internal funds and external financing.&nbsp;

JinkoSolar Forms Joint Venture With RELC And VI To Build $1B Solar Cell And Module Facility In Saudi Arabia

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JinkoSolar Has Repurchased 4.5M ADSs In An Aggregate Amount Of Approximately $110.7M In The Open Market Under Its Share Repurchase Program Announced In July 2022 And The Extended Share Repurchase Program Announced In December 2023

JinkoSolar Inks Agreement To Supply Large Scale Battery Storage, SunTera To Athens International Airport

JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JKS#NYSE">JKS</a>), one of the largest and most innovative solar module manufacturers in the world, today announced a significant breakthrough in the development of its N-type TOPCon&nbsp;solar module. Tested by TÜV SÜD, the conversion efficiency for 2 m2 above large-size solar modules has reached 25.42%, setting a new record again. This further reinforces our confidence that N-type TOPCon technology is the most competitive technology choice for sustainability and, as a result, has substantial growth potential.

JinkoSolar's 182 mm TOPCon Module Reaches Conversion Efficiency Of 25.42%, Setting A New Record Again

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JinkoSolar Says Perovskite Tandem Solar Cell Based On N-type TOPCon Sets Record With Conversion Efficiency of 33.24% Higher Than Previous Record Of 32.33% For Same Type Of Tandem Cells

Earnings Snapshot: JinkoSolar Q2 solar module shipments grows 34% Y/Y; reaffirms FY outlook

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JinkoSolar Holding Co., Ltd. 2024 Q2 - Results - Earnings Call Presentation

JinkoSolar Holding Co., Ltd. (JKS) Q2 2024 Earnings Call Transcript

JinkoSolar (JKS) has released an update. JinkoSolar, a leading solar module manufacturer, has actively repurchased approximately $134.5 million wor...

JinkoSolar Advances Stock Buyback Initiative

JinkoSolar shares rise as Q2 module shipments jump by a third since 2023

Goldman Sachs analyst Brian K. Lee maintained a Sell rating on JinkoSolar (JKS – Research Report) today. The company's shares closed last Friday at...

Goldman Sachs Remains a Sell on JinkoSolar (JKS)

Roth MKM analyst Philip Shen maintained a Hold rating on JinkoSolar (JKS – Research Report) today and set a price target of $20.00. The company's s...

Roth MKM Sticks to Their Hold Rating for JinkoSolar (JKS)

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JinkoSolar Repurchased 4,503,178 ADSs under Its Share Repurchase Program

JinkoSolar Once Again Tops PV Tech's ModuleTech Bankability Report with AAA Rating

Contracts

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

JinkoSolar Announces Cash Dividend

JinkoSolar to Report Second Quarter 2024 Results on August 30, 2024

JinkoSolar Announces Changes to Its Board of Directors

JinkoSolar Repurchased 5,596,739 ADSs under Its Share Repurchase Program

JinkoSolar Announces Second Quarter 2024 Financial Results

JinkoSolar Completes Delivery of PV Modules Donated to Aid Maui Fire Victims

JinkoSolar Earns RETC's "Overall Highest Achiever" Award for the Fifth Consecutive Year

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