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JKS - STRONG BUY

|Includes: JinkoSolar Holding Co., Ltd. (JKS)

JKS  is aSTRONG BUY BECOUSE : (i) Higher Shipments

~54.3MW modules in the quarter, above our prior estimates of 31.9/5/35 MW. Higher

Module shipments in the quarter resulted in upside to estimates. Company has also

guided higher than expected shipments in Q3 ~105MW at midpoint compared to our

prior est. of 85.8MW and Q4 shipments of ~117MW at midpoint compared to our prior

est. of 102.8MW.

capacity. Company guided vertically integrated capacity of ~500MW by 4Q10, up

~233% y/y compared to ~150MW in 4Q09. Capital expenditure for expansion in 2H is

~$111mm

5% q/q, compared to ~86$c/watt in 1Q10. Company guided cost target of ~79$c/watt

by 4Q09.

. Company shipped ~29.6MW wafer, ~16MW cell and(ii) Higher Capacity. JKS achieved 300MW fully vertically integrated. (iii) Lower cost/watt. Non-si cost/watt in the quarter was ~83$c/watt, down


Disclosure: 6000 STOCK