Daqo New Energy Corp · NYSE:DQ
Daqo New Energy — Q1 2021 Earnings Presentation
15 slides from Daqo New Energy's earnings presentation, May 18, 2021
Slide 1: Q1 2021 Financial Results Presentation
May 18, 2021 Q1 2021 Financial 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” 2
Slide 4: Management remarks I
Management remarks I Mr. Longgen Zhang, CEO of Daqo New Energy, commented, “During the quarter, we continued to see strong momentum in customer demand for high-purity polysilicon, which led to a significant shortage of polysilicon and higher polysilicon ASPs. Our ASP in the first quarter of 2021 was
Slide 5: Management remarks II
Management remarks II “On the business development front, we have already sold out our production volume of this year through the long-term supply agreements with customers that span all the major mono-wafer manufactures as well as major integrated solar manufacturers. More importantly, in connectio
Slide 6: Operational and financial highlights in Q1 2021
Operational and financial highlights in Q1 2021 • Polysilicon production volume was 20,185 MT in Q1 2021, compared to 21,008 MT in Q4 2020 • Polysilicon sales volume was 21,471 MT in Q1 2021, compared to 23,186 MT in Q4 2020 • Polysilicon average total production cost (1) was $6.29/kg in Q1 2021, co
Slide 7: Xinjiang polysilicon facilities update
Xinjiang polysilicon facilities update Q1 2021 key facts Outlook ▪ Quarterly production volume: 20,185 MT ▪ Expected production volume in Q2 2021: ▪ External sales volume: 21,471 MT 20,000 ~ 21,000 MT ▪ Average total production cost : $6.29/kg ▪ Expected external sales volume in Q2 2021: ▪ Average c
Slide 8: Polysilicon manufacturing overview
Polysilicon manufacturing overview 20,185 19,777 21,008 Production Volume (MT) 18,097 18,406 16,204 9,437 8,764 7,301 7,150 5,339 4,993 4,940 5,657 5,659 3,636 4,927 4,734 3,547 3,4053,570 2,689 2,456 1,748 1,791 1,801 1,734 1,517 1,504 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Slide 9: Historical sales volume and Q2 2021 guidance
Historical sales volume and Q2 2021 guidance Polysilicon external sales volume and ASPs Polysilicon external sales volume (MT) ASP ($/kg) 25,000 23,186 $19.09 21,471 20,000 $17.68 ~ 21,000 $16.66 $16.19 $16.22 20,000 19,101 18,881 $13.58 $11.90 15,000 $10.79 13,643 $10.79 13,291 $9.69 $9.55 $9.10 $9
Slide 10: Income statement summary
Income statement summary ($ in millions, unless otherwise stated) Q1 2021 Q4 2020 Q1 2020 Revenues 256.1 247.7 168.8 Cost of revenues (137.2) （138.2） (112.3) Gross profit 118.9 109.5 56.6 Gross margin 46.4% 44.2% 33.5% SG&A (9.0) (11.2) (8.9) R&D expense (1.2) (1.5) (1.7) Other operating income / (e
Slide 11: Balance sheet summary
Balance sheet summary As of As of As of ($ in millions) 3/31/2021 12/31/2020 3/31/2020 Cash and cash equivalent 167.0 76.6 63.2 Restricted cash 60.8 41.8 57.6 Accounts receivable 0.02 - 0.2 Note receivables 38.5 0.2 4.4 Inventories 34.1 42.2 33.2 Prepaid land use rights 30.5 30.8 28.9 Net PP&E 1,084
Slide 12: Cash flow summary
Cash flow summary 3 months ended 3 months ended ($ in millions) 3/31/ 2021 3/31/ 2020 Net cash provided by operating activities – continuing operations 159.2 31.1 Net cash provided by operating activities – discontinued operations - 0.02 Net cash provided by operating activities 159.2 31.1 Net cash
Slide 13: Non-GAAP reconciliation
Non-GAAP reconciliation US$ in millions Q1 2021 Q4 2020 Q1 2020 Net income from continuing operations 87.2 76.3 33.3 Income tax expenses 14.5 13.6 6.3 Interest expense 7.8 8.3 6.3 Interest income (0.3) (0.2) (0.2) Depreciation & amortization 18.9 17.1 17.3 EBITDA (1) 128.1 115.1 63.1 EBITDA margin (
Slide 14: 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 15: Thank you
@ DAQO NEW ENERGY Hit Ht | Thank you