晶科能源 - 因盈利改善及 ESS 业务上行空间上调至买入评级

Ac t i o n | 02 Nov 2025 22:09:41 ET │ 17 pages Jinko Solar (688223.SS) Upgrade to Buy on Earnings Improvement and Upside from ESS CITI'S TAKE We upgrade Jinko from Sell to Buy after seeing its reduced losses with improved cash flow in 3Q25, plus positive outlook delivered at the results call on 31 Oct, including: (i) Jinko expects further earnings improvement from module sales in 2026E on anti- involution measures and rising sales mix of high-efficiency products at premium prices; and (ii) margin rise from ...