JinkoSolar (NYSE:JKS) shares are ticking higher today after the solar module manufacturer’s third-quarter revenue of $4.36 billion registered a 63% year-over-year jump. The figure came in better than expectations by $190 million. In tandem, the company’s adjusted net income soared by 215% year-over-year to $184.6 million.
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Driven by higher demand for JKS’ N-type products, module shipments soared by 107.9% over the prior year to 22,597 MW. Impressively, the company has now become the first module manufacturer in the world to have delivered 190 GW of solar modules.
JKS is benefitting from lower supply chain prices and higher installation in China. New installations in the world’s second-largest economy have increased by nearly 50% to 128.9 GW during the first nine months of 2023.
In addition, JKS plans to increase its N-type cell production capacity to 70 GW from the current 55 GW. The company expects module shipments of nearly 23 GW in the fourth quarter, with full-year module shipments anticipated to exceed prior expectations of 70 to 75 GW.
Is JKS a Good Stock to Buy?
Overall, the Street has a Hold consensus rating on JinkoSolar. The average JKS price target of $51.99 implies a mouth-watering 100.8% potential upside. That’s after a nearly 37.3% slide in the share price so far this year.
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