JinkoSolar Holding Co., Ltd. · NYSE:JKS
JinkoSolar — Q4 2020 Earnings Presentation
15 slides from JinkoSolar's earnings presentation, Apr 9, 2021
Slide 1: Q4 2020 Earnings Call Presentation
JINKOSOLAR HOLDING CO., LTD. Q4 2020 EARNINGS CALL PRESENTATION APRIL 09, 2021
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: Q4 2020 financial highlights
Q4 2020 financial highlights Quarterly shipments were 5,774MW, up 27.2% YoY Total revenues were US$1.44bn, down 1.1% YoY Gross profit (1) was US$230.9mn, down 12.9%YoY Gross margin of 16.0%, compared with 17.0% in Q3 2020 and 18.2% in Q4 2019 Quarterly EBITDA of US$100.0mn, down 43.0% YoY Income fro
Slide 4: FY2020 financial highlights
FY2020 financial highlights Record full-year shipments of 18.8GW, up 31.4% YoY Record full-year revenues of US$5.38bn for 2020, up 18.1% YoY Record full-year gross profit (1) of US$945.8mn for 2020, up 13.6% YoY Gross margin of 17.6% for 2020 compared with 18.3% for 2019 Record full-year EBITDA of U
Slide 5: Business highlights
Business highlights 1 Despite extreme challenges, we experienced significant growth in both revenues and shipments for the full year compared with 2019. As of the end of 2020, JinkoSolar became the world’s largest PV manufacturer, with aggregate 2 module of 70GW. We expect shipments to sustain a gro
Slide 6: Industry consolidation continues to strengthen and highlights key competitiveness for top enterprise
Industry consolidation continues to strengthen and highlights key competitiveness for top enterprise Optimized supply chain management enhances risk resistance, while technical and brand advantages build long-term barriers 1 Market share of JKS continues to improve 3 Technology excellence of JKS 14%
Slide 7: Robust global solar demand – the solar train is going faster now
Robust global solar demand – the solar train is going faster now Policy support from major economies underpins strong future demand Global solar demand 2020-2023 (1) (GW) We remain optimistic about global Oct 2020 installation levels in 2021 The Communist Party of China released its proposal for for
Slide 8: Integrated capacity which supports high efficiency products has increased steadily
Integrated capacity which supports high efficiency products has increased steadily Mono products on track to account for nearly 100% of module shipments Shipment breakdown by technology Multi High 2% efficiency High mono efficiency Multi ~100% mono 26% 74% 2019A: 2020A: 2021E: 14.3 GW 18.8 High 25.0
Slide 9: Ultra high efficiency modules are leading the industry to rapidly move towards grid parity
Ultra high efficiency modules are leading the industry to rapidly move towards grid parity 2020 flagship product – Tiger Pro Series continue to innovate New Tiger Pro modules for the distribution market “PV+” diversified scenarios to enhance customer value More user-friendly module size &weight desi
Slide 10: Quarterly financial highlights
Quarterly financial highlights Revenue and module shipments Gross profit and gross margin (2) (1) 5,774 6,000 21.3% (2) 19.5% 5,117 18.2% 17.9% (2) 16.6% 16.5% 17.0% 16.0% 4,538 4,469 5,000 3,411 3,326 1,444 (1) 3,386 1,369 4,000 248 (1) 1,292 223 234 220 231 3,037 1,198 1,196 214 1,007 1,047 3,000
Slide 11: Annual financial highlights
Annual financial highlights Revenue and module shipments Gross profit and gross margin 5,384 946 5,000 4,273 18.8 780 (1) (1) 4,000 3,642 18.3% 17.6% 14.3 511 3,000 460 11.4 14.0% 2,000 11.3% 1,000 – 2018 2019 2020 2017 2018 2019 2020 Revenue (US$mn) Total module shipments (GW) Gross margin Gross pr
Slide 12: Income statement summary
Income statement summary Change by Quarterly (US$mn) Change by RMB Annually (US$mn) RMB Q4 2019A Q3 2020 Q4 2020 QoQ change YoY change FY2019A FY2020A YoY change Total module shipments 4,538 MW 5,517MW 5,774MW 1.0% 27.2% 14.3 GW 18.8GW 31.4% Revenue 1,369 1,292 1,444 7.5% (1.1)% 4,273 5,384 18.1% Gr
Slide 13: Balance sheet summary
Balance sheet summary (US$mn) Q4 2019A Q3 2020 Q4 2020 Cash and restricted cash (1) 895 943 1,240 Accounts and notes receivable 1,054 1,143 924 Inventories 836 1,137 1,284 Net PPE 1,466 1,726 1,909 Total assets 6,872 7,366 8,158 Total debt 1,926 2,535 2,802 Short-term debt (2) 1,343 1,714 1,593 Long
Slide 14: Operating and financial guidance
Operating and financial guidance 2020A Q1 2021E FY2021E Total shipments 18.8GW 4.5GW-5.0GW 25.0GW-30.0GW Revenue US$5.38bn US$1.18bn-US$1.30bn N/A Gross margin 17.6% 12%-15% N/A Notes: Unaudited quarterly financials. 13 13
Slide 15: www.jinkosolar.com
Building Your Trust in Solar www.jinkosolar.com iy are