JinkoSolar Holding Co., Ltd. · NYSE:JKS
JinkoSolar — Q4 2019 Earnings Presentation
17 slides from JinkoSolar's earnings presentation, Mar 13, 2020
Slide 1: Q4 2019 Earnings Call Presentation
JINKOSOLAR HOLDING CO., LTD. Q4 2019 EARNINGS CALL PRESENTATION MAR 13, 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: Q4 2019 financial highlights
Q4 2019 financial highlights Record quarterly shipments of 4,538 MW, up 36.4% QoQ and up 25.4% YoY Record quarterly revenue of US$1.37bn, up 27.4% QoQ and up 23.4% YoY Record quarterly gross profit of US$248.5mn, up 8.5% QoQ and up 52.7% YoY Gross margin of 18.1%, compared with 18.5% in Q3 2019 and
Slide 4: FY2019 financial highlights
FY2019 financial highlights Record full-year shipments of 14.3 GW, up 25.6% YoY Record full-year revenues of US$4.27bn for 2019, up 18.8% YoY Record full-year gross profit of US$780.2mn for 2019, up 54.6% YoY Gross margin of 18.3% for 2019, compared with 14.0% for 2018 Record full-year EBITDA of US$
Slide 5: Business highlights
Business highlights Technology transformation towards high efficiency portfolio completed – mono wafer capacity 1 to fully ramp up to 18GW by April 2020 Benefit of technology transformation reflected in gross margin reset 2 – 18.3% in FY2019 14.0% in FY2018 11.3% in FY2017 3 Mono-based high efficien
Slide 6: 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 c. 80% of (2) global mono wafer capacity 19.0 2.5 Others 21% 5.0 39% 11.5 0.8 201
Slide 7: 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 8: 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 Cell Power Flagship product series will Flagship next-generation products efficiency efficiency output account for more shipments (%) (%) (Wp) Up to Up to Max Multi Innovative light- 1% weight single- glass bifac
Slide 9: Earlier auction in China expected to bring forward PV installation in 2020
Earlier auction in China expected to bring forward PV installation in 2020 Earlier auction allows timely project completion in 2020 China solar demand (1) (GW) China solar demand in 2020 expected to bounce back to the normal level May 30, 2019 NEA announced solar subsidy for 2019 March 10, 2020 ~10
Slide 10: Minimum impact from COVID-19 on JKS
Minimum impact from COVID-19 on JKS JKS responded quickly and has minimized the impact from COVID-19 to the extent possible 1 Temporary logistics delay & supply shortage 3 JKS annual guidance re-iterated Breakout of the virus starting from January led to Annual shipment guidance of 18.0-20.0 GW
Slide 11: Gross margin improving driven by shift towards integrated mono capacity
Gross margin improving driven by increasing shift towards integrated mono capacity and cost reduction 19%-21% 18.5% 18.1% 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 2020E Gross profit margin excluding the reversal benefit of anti-du
Slide 12: Annual financial highlights
Annual financial highlights Revenue and module shipments Gross profit and gross margin 4,273 780 4,069 3,642 14.3 18.3% 511 11.4 460 9.8 14.0% 11.3% 2017 2018 2019 2017 2018 2019 Revenue (US$mn) Total module shipments (GW) Gross margin Gross profit (US$mn) Operating profit and operating margin Non-G
Slide 13: Quarterly financial highlights
Quarterly financial highlights Revenue and module shipments Gross profit and gross margin 4,538 21.3% 18.2% 16.6% 16.5% 3,386 3,326 1,369 18.5% 18.1% 3,037 248 1,007 1,047 223 868 167 144 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Gross profit (US$mn) Gross margin Revenue (US$mn
Slide 14: Income statement summary
Income statement summary Change by Quarterly (US$mn) Change by RMB Annually (US$mn) RMB Q4 2018A Q3 2019A Q4 2019A QoQ change YoY change FY2018A FY2019A YoY change Total module shipments 3,618 MW 3,326 MW 4,538 MW 36.4% 25.4% 11.4 GW 14.3 GW 25.6% Revenue 1,123 1,047 1,369 27.4% 23.4% 3,642 4,273 18
Slide 15: Balance sheet summary
Balance sheet summary (US$mn) Q4 2018A Q3 2019A Q4 2019A Cash and restricted cash (1) 506 580 895 Accounts and notes receivable 1,036 963 1,054 Inventories 835 850 836 Net PPE 1,204 1,218 1,466 Total assets 5,215 6,299 6,872 Total debt 1,412 1,709 1,926 Short-term debt (2) 1,035 1,142 1,343 Long-ter
Slide 16: Operating and financial guidance
Operating and financial guidance 2019A Q1 2020E FY2020E Total module shipments 14.3 GW 3.4GW-3.7GW 18.0GW-20.0 GW Revenue US$4,273mn US$1.00bn-1.08bn N/A Gross margin 18.3% 19%-21% N/A 15 15
Slide 17: www.jinkosolar.com
Building Your Trust in Solar www.jinkosolar.com iy are