Chinese solar firms go where US tariffs don't reach

Written by Emily J. Thompson, Senior Investment Analyst

JKS+9.03%

Source: Reuters

Updated: Nov 04 2024

0mins

Source: Reuters

Impact of U.S. Tariffs on Chinese Solar Production: Major Chinese-owned solar factories in Vietnam are reducing production and laying off workers due to U.S. trade tariffs, while new Chinese solar plants are emerging in Indonesia and Laos to bypass these tariffs.
Shift in Solar Manufacturing Locations: The transition of Chinese solar manufacturing to Southeast Asia is accelerating, with significant investments in Indonesia and Laos aimed at supplying the U.S. market, as American imports of solar supplies have surged despite tariffs.

JKS

$27.76+Infinity%1D

Analyst Views on JKS

Wall Street analysts forecast JKS stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for JKS is 23.33 USD with a low forecast of 20.00 USD and a high forecast of 25.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.

4 Analyst Rating

0 Buy

2 Hold

2 Sell

Moderate Sell

Current: 25.460

Low

20.00

Averages

23.33

High

25.00

Current: 25.460

Low

20.00

Averages

23.33

High

25.00

Roth Capital

Philip Shen

Neutral

maintain

$17 -> $25

2025-11-20

Reason

Roth Capital

Philip Shen

Price Target

$17 -> $25

AI Analysis

2025-11-20

maintain

Neutral

Reason

Roth Capital analyst Philip Shen raised the firm's price target on JinkoSolar to $25 from $17 but keeps a Neutral rating on the shares. The company delivered a Q2 miss and mixed Q3 , while reiterating its 2025 module shipment guide, though it has also sequentially improved gross margins from (2.5%) in Q1 to 7.3% in Q3 due primarily to lower unit costs, the analyst tells investors in a research note. The firm adds however that it remains on the sidelines given the policy risk from FEOC, Solar 4, and Section 232 potentially weighing on profitability.

Goldman Sachs

Sell

maintain

$18 -> $20

2025-11-19

Reason

Goldman Sachs

Price Target

$18 -> $20

2025-11-19

maintain

Sell

Reason

Goldman Sachs raised the firm's price target on JinkoSolar to $20 from $18 and keeps a Sell rating on the shares. JinkoSolar reported mixed Q2 and Q3 results, and while Q3 gross margins exceeded the firm's expectations, Q4 margins should remain flat quarter over quarter, the analyst tells investors in a research note. Energy storage systems were a bright spot, with full year shipments reiterated at 6GWh and management expects shipments to at least double in 2026, contributing 10%-15% of overall revenue, which is meaningfully above Goldman's prior forecast, the firm says.

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Goldman Sachs

Brian Lee

Strong Sell

Maintains

$20 → $18

2025-03-27

Reason

Goldman Sachs

Brian Lee

Price Target

$20 → $18

2025-03-27

Maintains

Strong Sell

Reason

UBS

Jon Windham

Hold

Maintains

$25 → $22

2025-03-27

Reason

UBS

Jon Windham

Price Target

$25 → $22

2025-03-27

Maintains

Hold

Reason

UBS lowered the firm's price target on JinkoSolar to $22 from $25 and keeps a Neutral rating on the shares. JinkoSolar's Q4 results and 2025 guidance were weaker than expected, mainly driven by the impacts of excess global solar module capacity pressuring average selling prices, the analyst tells investors in a research note. UBS believes profitability has yet to bottom, with JinkoSolar relatively more exposed to global ASP pressure and evolving U.S. trade policy than peers.

About JKS

JinkoSolar Holding Co Ltd is a holding company principally engaged in photovoltaic (PV) industry. The Company builds a vertically integrated solar power product value chain, manufacturing from silicon wafers to solar modules. The Company’s main products comprise silicon wafers, solar cells and solar modules. The Company sells its solar modules under JinkoSolar brand. The Company is also engaged in solar power generation and solar system engineering procurement construction (EPC) services. The Company mainly operates its businesses in the domestic and overseas markets.

About the author

Emily J. Thompson

Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.