That's exactly right. FSLR is currently fully priced expecting great results in the next year. If those results come in as expected, great, but I don't see the share price rising much more, BECAUSE those results are already priced in. (Or at least if it rises, it will be due to momentum, not fundamentals.) If, on the other hand, those results are less than expected, the share price will certainly decrease, perhaps crater. But that cash in the bank provides FSLR investors a certain safety net--even with continued poor profits for a few more quarters, the financial viability of the company is not in question. Without it, FSLR is the risk equivalent of TSLA.
The criticism of JKS and CSIQ misses my point, however. No matter what the motivation of company leadership, their RESULTS have indeed been better than FSLR the past couple of quarters. That is simply undeniable. So if you want to criticize them, management intention is one avenue, although if memory serves, FSLR has done its share of misleading investors in the past--but poo-pooing their results simply invites the obvious comparison I made.
All IMHO as well, of course.