JinkoSolar Holding Co., Ltd. · NYSE:JKS
JinkoSolar — Q3 2020 Earnings Presentation
13 slides from JinkoSolar's earnings presentation, Dec 7, 2020
Slide 1: Q3 2020 Earnings Call Presentation
JINKOSOLAR HOLDING CO., LTD. Q3 2020 EARNINGS CALL PRESENTATION DEC 07, 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: Q3 2020 financial highlights
Q3 2020 financial highlights Quarterly shipments were 5,117MW, up 53.8% YoY Total revenues were US$1.29bn, up 17.2 % YoY Gross profit was US$220.2mn, up 8.2%YoY (1) Gross margin of 17.0%, compared with 17.9% in Q2 2020 and 18.5% (1) in Q3 2019 Quarterly EBITDA of US$144.1mn, up 36.8% YoY Income from
Slide 4: Business highlights
Business highlights Technological transformation towards high-efficiency product portfolio now complete: 1 • Mono wafer production capacity has been fully ramped up to 20GW • Mono based high efficiency products expected to account for c. 100% of solar module shipments in 2020, compared to c. 74% in
Slide 5: COVID-19 accelerates industry consolidation, with JinkoSolar being a key beneficiary
COVID-19 accelerates industry consolidation, with JinkoSolar being a key beneficiary Pandemic is accelerating the industry trend and strengthening competitiveness for top enterprises 1 Market share of the top 5 module 3 Technology excellence of JKS manufactures continues to improve Efficiency of N-t
Slide 6: Robust global solar demand – the solar train is going faster now
Robust global solar demand – the solar train is going faster now Policy support from major economies underpins strong future demand Global solar demand in 2020 (1) (GW) Global solar demand in 2020 far Oct 2020 exceeding market’s initial projection The Communist Party of China Full-year 2020 solar re
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: Ultra high efficiency modules are leading the industry to rapidly move towards grid parity
Ultra high efficiency modules are leading the industry to rapidly move 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 585Wp 22.30%
Slide 9: Quarterly financial highlights
Quarterly financial highlights Revenue and module shipments Gross profit and gross margin (2) (1) 5,117 21.3% (2) 19.5% 4,538 4,469 18.2% 17.9% 16.6% 16.5% 17.0% 1,369 3,411 3,326 (1) 1,292 3,386 1,198 1,196 (1) 248 3,037 1,007 1,047 223 234 220 214 868 167 144 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 202
Slide 10: Income statement summary
Income statement summary Quarterly (US$mn) Change by RMB Q3 2019 Q2 2020 Q3 2020 QoQ change YoY change Total module shipments 3,326 MW 4,469MW 5,517MW 14.5% 53.8% Revenue 1,047 1,196 1,292 3.8% 17.2% Gross profit 223 214 220 (1.2)% 8.0% (1) Gross margin 21.30% 17.90% 17.00% (0.9)ppt (4.3)ppt EBITDA
Slide 11: Balance sheet summary
Balance sheet summary (US$mn) Q3 2019 Q2 2020 Q3 2020 Cash and restricted cash (1) 580 970 943 Accounts and notes receivable 963 1198 1,143 Inventories 850 975 1,137 Net PPE 1,218 1,605 1,726 Total assets 6,299 7,021 7,366 Total debt 1,709 2,335 2,535 Short-term debt (2) 1,142 1,835 1,714 Long-term
Slide 12: Operating and financial guidance
Operating and financial guidance Q3 2020A Q4 2020E FY2020E Total module shipments 5.1GW 5.5GW-6.0GW 18.5GW-19.0GW Revenue US$1.29bn US$1.31bn-US$1.43bn N/A Gross margin 17.0% 13%-15% N/A Notes: Unaudited quarterly financials. 11 11
Slide 13: www.jinkosolar.com
Building Your Trust in Solar www.jinkosolar.com iy are