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JinkoSolar: Q2 Breaks the Margin Recovery Case

Writer: Brigette Mwaura
Brigette Mwaura
3 hours ago
8 min read

Summary

  • I am downgrading JinkoSolar from a STRONG BUY to a HOLD. Q2 2026 revenue was $1.82Bn, 14% below consensus, while adjusted loss per ADS widened to $2.54. Gross margin fell to 4.2% from 8.3% in Q1.


  • The structural margin-recovery thesis is broken for now. Management cut 2026 module guidance from 75–85 GW to 60–70 GW, and the premium-product ramp itself added cost.


  • ESS is the bright spot. H1 proof-of-delivery shipments reached 3.1 GWh, over 1.5 GWh was recognized as revenue, and signed plus high-potential orders exceeded 11 GWh.

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Solar panels stretching toward a glowing sunrise under dramatic clouds, reflecting blue light across a rooftop.
Source:magnific

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