On Wednesday, Jefferies, a global investment banking firm, adjusted its price target for JinkoSolar (NYSE:JKS) Holding Co., Ltd. (NYSE:JKS), a leading solar panel manufacturer. The new target is set at $48.29, slightly down from the previous $48.42. Despite this minor adjustment, the firm continues to endorse a Buy rating for the company's shares.
JinkoSolar's fourth quarter results for 2023 revealed an adjusted net profit of $65.2 million, which, although not meeting the anticipations set for A-shares, was considered a resilient performance in comparison to many of its peers who likely faced losses during the same period. The company's module shipments reached 26.3 gigawatts, marking a 66% year-over-year increase and surpassing their own forecast of 23 gigawatts.
The company's gross profit margin (GPM) experienced a quarter-over-quarter decline of 6.8% and a year-over-year decrease of 1.6%, settling at 12.5%. Approximately 70% of JinkoSolar's shipments were directed to markets in China and the Asia-Pacific region.
Looking ahead, JinkoSolar has set an optimistic volume guidance for both the first quarter and the full year of 2024, projecting shipments to be between 18 to 20 gigawatts in the first quarter and 100 to 110 gigawatts for the year. However, the company has acknowledged that the gross profit margin might continue to face challenges during the first and second quarters of 2024. Nonetheless, JinkoSolar is anticipating a rebound in the second half of the year.
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