JACKSONVILLE - JinkoSolar (NYSE:JKS) Holding Co., Ltd. (NYSE: JKS), a global solar module manufacturer, has completed its delivery of over 1,000 photovoltaic (PV) modules to Ohana Hope Village (OHV) in Kahului, Maui. The project is part of a rapid response to provide sustainable housing for families displaced by the August 2023 Maui fire. The donation, which began in September 2023, aims to aid in the construction of an off-grid housing community designed for carbon-neutral living.
The Ohana Hope Village, designed by Hawaii Off Grid Architecture & Engineering in collaboration with Family Life Center, features 16 pods with a total of 88 modular units to accommodate multi-generational families. These pods will function as a distributed microgrid, incorporating solar power, energy storage, and a central biodiesel backup generator to create a net-zero energy community.
General Manager of JinkoSolar U.S., Nigel Cockroft, expressed support for the initiative, stating, "We applaud Ohana Hope Village for its swift and effective response in providing sustainable housing for families affected by the Maui fires." He added that JinkoSolar hopes its contribution will offer comfort to the families as they rebuild their lives.
David Sellers, Principal Architect at Hawaii Off Grid Architecture & Engineering, thanked JinkoSolar for the prompt and generous donation. He highlighted that the solar panels provide free, clean electricity, allowing more resources to be directed towards supporting the recovery of fire survivors.
JinkoSolar, listed on the New York Stock Exchange, is recognized as one of the leading solar module manufacturers worldwide, with a broad international presence. The company boasts over 10 production facilities globally and more than 20 overseas subsidiaries. Their products and services cater to a diverse clientele, including utility-scale, commercial, and residential sectors across various countries.
This delivery to Ohana Hope Village underscores JinkoSolar's commitment to supporting communities in need and promoting sustainable energy solutions. The information for this report is based on a press release statement from JinkoSolar Holding Co., Ltd.
In other recent news, JinkoSolar Holding Co., Ltd. reported substantial growth in module shipments for the second quarter of 2024, despite facing industry-wide challenges. The company's earnings call revealed a steady gross margin of 11.1% and an adjusted net income of $52.1 million. The company's total revenue for the quarter was $3.3 billion, indicating a year-over-year decline due to lower average selling prices.
In the midst of these developments, JinkoSolar announced a strategic partnership to produce 10 gigawatts of high-efficiency solar cells and modules in Saudi Arabia. The company also anticipates a full-year 2024 module shipment forecast between 100 and 110 gigawatts.
Goldman Sachs (NYSE:GS) reiterated its Sell rating on JinkoSolar with a steady price target of $18.00, following the release of the company's second-quarter 2024 financial results. Despite a reported net loss of $13.9 million for the quarter, JinkoSolar remains optimistic about cost reductions and gradual market improvements. These recent developments highlight JinkoSolar's commitment to growth and efficiency amidst challenging industry conditions.
InvestingPro Insights
As JinkoSolar Holding Co., Ltd. (NYSE: JKS) demonstrates its commitment to sustainability by providing PV modules for disaster relief in Maui, the company's financial metrics present a mixed picture that is important for investors to consider. According to InvestingPro data, JinkoSolar has a market capitalization of $1.02 billion, which speaks to the size and stability of the company within the solar module manufacturing industry. Notably, the company is trading at a low Price / Book multiple of 0.35, suggesting that the stock may be undervalued compared to the company's book value.
InvestingPro Tips highlight that JinkoSolar is trading at a low earnings multiple, with a P/E ratio of 5.07, which could indicate that the company's earnings are higher relative to its share price, potentially making it an attractive investment opportunity. Additionally, the company offers a significant dividend to shareholders, boasting a dividend yield of 15.46%, which is substantial compared to the average dividend yield in the market.
However, analysts anticipate a sales decline in the current year, and the company also suffers from weak gross profit margins, with a margin of 13.99% over the last twelve months as of Q2 2024. This could signal challenges in maintaining profitability and may be a concern for investors looking for long-term growth. Yet, it's worth noting that JinkoSolar has been profitable over the last twelve months, and analysts predict the company will remain profitable this year. For more detailed analysis and additional InvestingPro Tips, investors can visit InvestingPro for JinkoSolar at https://www.investing.com/pro/JKS, where 10 more tips are available to help guide investment decisions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.