JinkoSolar Holding Co., Ltd. · NYSE:JKS
JinkoSolar — Q4 2022 Earnings Presentation
17 slides from JinkoSolar's earnings presentation, Mar 10, 2023
Slide 1: Q4 2022 Earnings Call Presentation
JINKOSOLAR HOLDING CO., LTD. Q4 2022 EARNINGS CALL PRESENTATION MAR 10, 2023
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 2022 financial highlights
Q4 2022 financial highlights Quarterly shipments were 16,802 MW (16,020 MW for solar modules, and 782 MW for cells and wafers),total shipments up 54.8% QoQ, and up 73.3% YoY. Total revenues were US$4.41 bn, up 55.8% QoQ and up 85.5% YoY. Gross profit was US$620.0 mn, up 39.2% QoQ and up 61.7% YoY. G
Slide 4: FY2022 financial highlights
FY2022 financial highlights Annual shipments were 46,580 MW(including 44,520 MW for solar modules), total shipments up 84.5% YoY Total revenues were US$12.11 bn, up 104.6% YoY Gross profit was US$1.79 bn, up 85.4% YoY Gross margin of 14.8%, compared with 16.3% in 2021 (1) Adjusted net income attribu
Slide 5: Business highlights
Business highlights 1 Demand for module shipments is strong globally, we record significant year-over-year growth of module shipments for the fourth quarter and full year 2022. 2 At the end of 2022, we became the first module manufacturer in the world to have delivered a total of 130GW solar modules
Slide 6: JinkoSolar leads the industry with cutting-edge N-type technology
JinkoSolar leads the industry with cutting-edge N-type technology One of the most innovative solar module manufacturers Long-term leading N-type technology advantage Lab efficiency of Mass-production The first in the industry to have delivered a total of 130 TOPCon cells efficiency of TOPCon up to 2
Slide 7: Integrated capacity increased steadily and global manufacturing capability further enhanced
Integrated capacity increased steadily and global manufacturing capability further enhanced Enhanced global manufacturing capability Cooperation with industry leaders to extend integration Long-term supply agreements with Upstream：To ensure U.S. and German polysilicon reliable and stable supply
Slide 8: Extensive global sales network with improving product and business structure
Extensive global sales network with improving product and business structure Product and business structure improving Growing global demand for premium Tiger Neo DG DG Adopting TOPCon cell technology 30~40% DG business accounted for 20~25Wp more than PERC >50% overall, improved 2021A 2022A compare
Slide 9: Consolidating our strengths to lead the industry
Consolidating our strengths to lead the industry Long-term R&D and Effective and efficient Global manufacturing and product leadership Management Capability sales network • Cutting-edge R&D. • Optimizing in-house manufacturing to • Extensive global marketing network • A highly collaborative and redu
Slide 10: Business Plan
Business Plan Mass production efficiency of N-type cells to reach 25.8%, by the end of 2023. Annual module shipments to reach 60~70GW in 2023. Proportion of N-type products expected to be 60% of total module shipments in 2023. Capacity for mono wafer, cell and module to reach 75GW, 75GWand 9
Slide 11: Quarterly financial highlights
Quarterly financial highlights Revenue and total shipments Gross profit and gross margin 16,802 16,020 16,000 14,000 16.1% 15.1% 14.7% 15.7% 14.1% 10,532 10,856 12,000 9,693 620 8,390 10,183 10,286 10,000 9,024 8,031 4,408 8,000 432 415 414 6,000 351 2,570 2,813 2,744 2,329 4,000 2,000 0 Q4 2021 Q1
Slide 12: Annual financial highlights
Annual financial highlights Revenue and module shipments Gross profit and gross margin 12,111 1,790 12,000 46.6 10,000 17.6% 16.3% 8,000 1,040 6,407 946 14.8% 6,000 25.2 4,000 2,000 – 2021 2022 2020 2021 2022 Revenue (US$mn) Total shipments (GW) Module shipments Gross margin Gross profit (US$mn) Adj
Slide 13: Income statement summary
Income statement summary Change by Quarterly (US$mn) Change by RMB Annually (US$mn) RMB Q4 2021 Q3 2022 Q4 2022 QoQ change YoY change FY2021A FY2022A YoY change Total shipments 9,693MW 10,856MW 16,802MW 54.8% 73.3% 25.2GW 46.6GW 84.5% Total module shipments 9,024MW 10,286MW 16,020MW 55.7% 77.5% 22.2
Slide 14: Balance sheet summary
Balance sheet summary (US$mn) Q4 2021 Q3 2022 Q4 2022 Cash and restricted cash (1) 1,400 2,101 1,641 Accounts and notes receivable 1,442 2,050 3,510 Inventories 2,080 3,013 2,477 Net PPE 3,134 4,246 4,682 Total assets 11,453 15,612 15,759 Total debt 3,957 4,162 3,937 Short-term debt (2) 2,134 1,835
Slide 15: Operating guidance
Operating guidance Q4 2022A Q1 2023E FY2023E Total module shipments 16.0 GW 11.0 GW to 13.0 GW 60.0 GW to 70.0 GW 14 14
Slide 16: Appendix—Adjusted net income reconciliation
Appendix—Adjusted net income reconciliation (RMB in thousands) 2022Q4 2022 Net income attributable to JinkoSolar Holding Co., Ltd.'s ordinary shareholders 709,670 665,157 Change in fair value of convertible senior notes and call option 396,794 -12,083 Change in fair value of Long-term Investment 101
Slide 17: www.jinkosolar.com
Building Your Trust in Solar www.jinkosolar.com hy are