To be very specific on gross profit margin: management noted that their cost of polysilicon was up about 10% to 15% quarter over quarter. That would take the cost of polysilicon to about $41 per kg in Q4. We know that some spot prices were that high in October and November. However, this price is about 10% higher than what DQ realized in the quarter and remember DQ sold most of its product in October and November. So JKS’s purchasing of polysilicon was sloppy to say the least. The difference between what their cost was and what it should have been was about 1 cent per watt. That is equal to 3.7% of gross margin. Instead of 14.1%, gross margin could have been almost 18%.

Could have been, would have been, should have been :( $JinkoSolar(JKS)$