Daqo New Energy Corp · NYSE:DQ
Daqo New Energy — Q1 2024 Earnings Presentation
16 slides from Daqo New Energy's earnings presentation, Apr 29, 2024
Slide 1: Q1 2024 Results Presentation
April 29, 2024 Q1 2024 Results Presentation
Slide 2: Safe Harbor Statement
Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “antici
Slide 3: A leading manufacturer of high-purity polysilicon for the global solar PV industry
“A leading manufacturer of high-purity polysilicon for the global solar PV industry” 3
Slide 4: Management Remarks – Corporate Performance
Management Remarks – Corporate Performance Mr. Xiang Xu, CEO of Daqo New Energy, commented, “During the first quarter, we continued to optimize our manufacturing operations and made improvements in both yield and throughput at our two polysilicon facilities. Total production volume for the quarter w
Slide 5: Management Remarks – Industry Recap
Management Remarks – Industry Recap “During the first quarter, the solar market initially showed signs of strength as we headed into the Chinese New Year holiday in February. Despite production cuts and down time, as usual, during the holidays, polysilicon demand had been strong pre- holiday as wafe
Slide 6: Management Remarks – Future Outlook
Management Remarks – Future Outlook “2023 marked a step change for renewable power growth, with China’s newly installed solar PV capacity reaching a record high of 216.9GW, representing a 148% year-over-year growth. We continued to see strong growth in solar PV installations in China during the firs
Slide 7: Operational and Financial Highlights in Q1 2024
Operational and Financial Highlights in Q1 2024 • Polysilicon production volume was 62,278 MT in Q1 2024, compared to 61,014 MT in Q4 2023 • Polysilicon sales volume was 53,987 MT in Q1 2024 compared to 59,906 MT in Q4 2023 • Polysilicon average total production cost (1) was $6.37/kg in Q1 2024 comp
Slide 8: Polysilicon Facilities Update
Polysilicon Facilities Update Q1 2024 Key Figures Outlook Quarterly production volume: 62,278 MT Expected production volume in Q2 2024: Sales volume: 53,987 MT 60,000 ~ 63,000 MT Average selling prices: $7.66/kg Expected production volume in the full year of 2024: Average total productio
Slide 9: Polysilicon Manufacturing Overview
Polysilicon Manufacturing Overview Production Volume (MT) 61,014 62,278 57,664 45,306 35,326 33,401 33,702 33,848 31,383 23,616 19,777 21,008 20,185 21,102 21,684 18,097 18,406 16,204 8,764 9,437 7,150 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2019 2020 2021 2022 2023 2024 $14.1
Slide 10: Quarterly Polysilicon Sales Volume and ASPs
Quarterly Polysilicon Sales Volume and ASPs Polysilicon External Sales Volume 63,263 59,906 53,987 51,550 38,839 37,545 33,126 25,284 23,186 21,471 23,400 21,060 21,183 19,101 18,881 13,291 13,643 11,642 8,450 7,130 9,238 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2019 2020 2021
Slide 11: Income Statement Summary
Income Statement Summary Q1 2024 Q4 2023 Q1 2023 ($ in millions, unless otherwise stated) Revenues 415.3 476.3 709.8 Gross profit 72.1 87.2 506.7 Gross margin 17.4% 18.3% 71.4% SG&A (38.4) (39.0) （ 41.3 ） R&D expense (1.5) (3.3) （ 1.9 ） Income from operations 30.5 83.3 463.8 Net income attributable
Slide 12: Balance Sheet Summary
Balance Sheet Summary As of As of As of ($ in millions) 03/31/2024 12/31/2023 03/31/2023 Cash, cash equivalent and restricted cash 2,689.3 3,048.0 4,130.5 Note receivables 194.1 116.4 791.3 Short-term investments - - 5.8 Inventories 191.2 173.3 191.7 Prepaid land use rights 157.0 150.4 80.2 Property
Slide 13: Cash Flow Summary
Cash Flow Summary 3 months ended 3 months ended ($ in millions) 3/31/2024 3/31/2023 Net income 28.2 394.7 Adjustments to reconcile net income to net cash provided by operating 75.4 64.2 activities Changes in operating assets and liabilities (219.5) 348.2 Net cash (used in) / provided by operating ac
Slide 14: Non-GAAP Reconciliation
Non-GAAP Reconciliation $ in thousands Three months Ended Mar. 31, 2024 Dec. 31, 2023 Mar. 31, 2023 Net income 28,154 78,168 394,695 Income tax expense 14,356 18,352 81,067 Interest income (expense), net (12,269) (13,772) (11,947) Depreciation & Amortization 46,669 45,455 26,399 EBITDA (non-GAAP) 76
Slide 15: Use of Non-GAAP financial measures
Use of Non-GAAP financial measures To supplement Daqo New Energy’s consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles (“US GAAP”), the Company uses certain non-GAAP financial measures that are adjusted for certain items from the most di
Slide 16: Thank you!
@ DAQO NEW ENERGY Thank you!