Chinese Solar Manufacturers: Depressed Product Prices Led to Significant Quarterly Losses

Based on their preliminary 2024 results, the four solar manufacturers—Jinko Solar, JA Solar, Trina Solar, and TCL Zhonghuan—experienced significant losses in the fourth quarter amid depressed product prices. We have revised our 2024 earnings estimates for these companies to reflect the preliminary numbers but kept our forecasts for 2025-28, awaiting the release of their full results at the end of April. Our fair value estimates remain at CNY 11.00 for Jinko Solar, CNY 22.00 for JA Solar, CNY 30.90 for Trina Solar, and CNY 10.50 for TCL Zhonghuan. Despite all four being undervalued, we prefer CSI Solar for its better earnings outlook.