JinkoSolar Holding Co., Ltd. · NYSE:JKS
JinkoSolar — Q1 2020 Earnings Presentation
15 slides from JinkoSolar's earnings presentation, Jun 15, 2020
Slide 1: JinkoSolar Holding Co., Ltd. Q1 2020 Earnings Call Presentation
JINKOSOLAR HOLDING CO., LTD. Q1 2020 EARNINGS CALL PRESENTATION JUNE 15, 2020
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: Q1 2020 financial highlights
Q1 2020 financial highlights Quarterly shipments were 3,411 MW, down 24.8% QoQ and up 12.3% YoY Total revenues (1) were US$1.20bn, down 11.0% QoQ and up 45.7 % YoY Gross profit (1) was US$234.0mn, down 4.2%QoQ and up 71.8% YoY Gross margin (1) of 19.5%, compared with 18.1% (2) in Q4 2019 and 16.6% i
Slide 4: Business highlights
Business highlights 1 Technological transformation towards high-efficiency portfolio of products now complete - mono wafer production capacity has been fully ramped up to 18GW in April 2020. Sale of two solar power plants with a combined capacity of 155MW in Mexico was closed in 2 March 2020, allowi
Slide 5: Transition towards high efficiency mono completed
Transition towards high efficiency mono completed 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 85% of global mono wafer production volume (2) 20.0 Others 13% 3.5 45% 11.5
Slide 6: Strong growth in mono wafer and module capacity
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% 2020E: 2018A: 2019A: 18.0 – 20.0 High 11.4 GW 14.3 GW GW efficiency Multi
Slide 7: Market leader in R&D and production of next-generation high efficiency products
Market leader in R&D and production of next- generation high efficiency products Module Power Flagship product series will Flagship next-generation products efficiency output account for more shipments (%) (Wp) Up to Max Multi Innovative light- 1% weight single- glass bifacial (1) module launched 41
Slide 8: Ultra high module output is leading the industry towards grid parity
Ultra high module output is leading the industry rapidly moving towards grid parity 2020 flagship product – Tiger Pro Series Industry-leading in-house developed TR technology Tiger Monofacial outperforms standard modules Comparison of conversion efficiency Power output: up to 580Wp 21.60% Module
Slide 9: Comparatively small impact from COVID-19 on JKS
Comparatively small impact from COVID-19 on JKS Strengthen long-term competitiveness of solar energy Pandemic is accelerating the industry trend and strengthening PV competitiveness 1 JKS annual shipment guidance re-iterated 3 Optimistic for installation demands in China Get timely feedback of mar
Slide 10: Gross margin improving driven by shift towards integrated mono capacity and cost reduction
Gross margin improving driven by increasing shift towards integrated mono capacity and cost reduction (1) 19.5% 18.5% 18.1% 16%-18% 16.6% 16.5% 14.4% 13.8% 12.8% 12.0% Q1 2018A Q2 2018A Q3 2018A Q4 2018A Q1 2019A Q2 2019A Q3 2019A Q4 2019A Q1 2020A Q2 2020E Notes: (1) Excluding the disposition of ov
Slide 11: Quarterly financial highlights
Quarterly financial highlights Revenue and module shipments Gross profit and gross margin 4,538 21.3% (1) 19.5% 18.2% 16.6% 16.5% 3,386 3,326 1,369 3,411(1) 3,037 1,198 (1) 248 1,007 1,047 223 234 868 167 144 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Gross profi
Slide 12: Income statement summary
Income statement summary Quarterly (US$mn) Change by RMB Q1 2019A Q4 2019A Q12020 QoQ change YoY change Total module shipments 3,037MW 4,538 MW 3,411MW (24.83)% 12.31% Revenue(1) 868 1,369 1,198 (11.0)% 45.7% Gross profit 144 248 234 (4.20)% 71.80% Gross margin(1) 16.60% 18.20% 19.50% 1.3ppt 2.9ppt
Slide 13: Balance sheet summary
Balance sheet summary (US$mn) Q1 2019 Q4 2019A Q1 2020 Cash and restricted cash (1) 650 895 670 Accounts and notes receivable 872 1,054 1058 Inventories 966 836 1,009 Net PPE 1,118 1,466 1,505 Total assets 5,914 6,872 6,671 Total debt 1,794 1,926 1,806 Short-term debt (2) 1,390 1,343 1,410 Long-term
Slide 14: Operating and financial guidance
Operating and financial guidance Q1 2020A Q2 2020E FY2020E Total module shipments 3.4GW 4.2GW-4.5GW 18.0GW-20.0 GW Revenue(1) US$1.20bn US$1.10bn-US$1.18bn N/A Gross margin(1) 19.5% 16%-18% N/A Notes: Unaudited quarterly financials. (1) Excluding the disposition of overseas solar power plants, reven
Slide 15: www.jinkosolar.com
Building Your Trust in Solar www.jinkosolar.com iy are