JinkoSolar Holding Co., Ltd. · NYSE:JKS
JinkoSolar — Q3 2019 Earnings Presentation
11 slides from JinkoSolar's earnings presentation, Nov 19, 2019
Slide 1: JinkoSolar Q3 2019 Earnings Call Presentation
JINKOSOLAR HOLDING CO., LTD. Q3 2019 EARNINGS CALL PRESENTATION NOV 19, 2019
Slide 2: Disclaimer
Disclaimer This presentation does not constitute an offer to sell or issue or the solicitation of an offer to buy or acquire securities of JinkoSolar Holding Co., Ltd. (the “Company”) in any jurisdiction or an inducement to enter into investment activity, nor may it or any part of it form the basis
Slide 3: Business highlights
Business highlights 1 Technology transformation largely complete – 18GW mono wafer capacity by 2Q 2020E 2 Mono based high efficiency products will make close to 100% of shipments in 2020E Record gross profit and income from operations in Q3 2019, despite push-out of China 3 demand Gross margin reset
Slide 4: Transition towards high efficiency mono largely complete
Transition towards high efficiency mono largely complete One of the largest mono wafer producer worldwide in a highly concentrated market (GW) Scheduled capacity expansion for mono wafer underway Top three players account for over 80% of global mono wafer capacity 18.0 1.5 Others 5.0 16% 11.5 39%(2)
Slide 5: To maintain its market leadership position with strong growth in mono wafer and module capacity
To maintain its market leadership position with strong growth in mono wafer and module capacity Mono products on track to account for nearly 100% of module shipments Module shipment breakdown by technology Multi 1% High High efficiency efficiency Multi mono mono 26% 44% 74% 2019E: 2020E: 2018A: 14.0
Slide 6: Gross margin improving driven by increasing shift towards integrated mono capacity and cost reduction
Gross margin improving driven by increasing shift towards integrated mono capacity and cost reduction 21.3% 18.5-20.5% 16.6% 16.5% 18.5% 14.9% 14.7% 14.4% 12.0% 13.8% 12.8% Q1 2018A Q2 2018A Q3 2018A Q4 2018A Q1 2019A Q2 2019A Q3 2019A Q4 2019E Gross profit margin Gross profit margin excluding the r
Slide 7: Quarterly financial highlights
Quarterly financial highlights Revenue and module shipments Gross profit and gross margin 3,618 3,386 3,326 21.3% 2,953 3,037 16.6% 16.5% 1,123 14.9% 14.7% 1,007 1,047 223 975 868 165 167 145 144 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Revenue (US$mn) Total mo
Slide 8: Income statement summary
Income statement summary (In US$mn) Change by RMB Q3 2018A Q2 2019A Q3 2019A QoQ change YoY change Total module shipments (MW) 2,953 3,386 3,326 (1.8%) 12.6% Revenue 975 1,007 1,047 8.2% 11.8% Gross profit 145 167 223 39.3% 59.8% Gross margin 14.9% 16.5% 21.3% 4.8ppt 6.4ppt EBITDA (1) 74 66 100 52.1
Slide 9: Balance sheet summary
Balance sheet summary (US$mn) Q2 2019A Q3 2019A Cash and restricted cash 701 580 Accounts receivable 809 694 Inventories 966 850 Net PPE 1,145 1,218 Total assets 6,372 6,299 Total debt 1,942 1,709 Short-term debt (1) 1,425 1,142 Long-term debt (2) 517 567 Total liabilities 4,955 4,731 Total sharehol
Slide 10: Operating and financial guidance
Operating and financial guidance (US$mn unless otherwise stated) Q4 2019E FY2019E FY2020E Total module shipments 4.2 – 4.4 GW 14.0 – 14.2 GW 18.0 – 20.0 GW Revenue $1,170 – $1,230 $4,060 – $4,120 N/A Gross margin 18.5% - 20.5% 18.4% – 19.0% N/A 9 9
Slide 11: www.jinkosolar.com
Building Your Trust in Solar www.jinkosolar.com iy are