JinkoSolar Holding Co., Ltd. · NYSE:JKS
JinkoSolar — Q2 2020 Earnings Presentation
14 slides from JinkoSolar's earnings presentation, Sep 23, 2020
Slide 1: Q2 2020 Earnings Call Presentation
JINKOSOLAR HOLDING CO., LTD. Q2 2020 EARNINGS CALL PRESENTATION SEP 23, 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: Q2 2020 financial highlights
Q2 2020 financial highlights Quarterly shipments were 4,469MW, up 31.0% QoQ and up 32.0% YoY Total revenues were US$1.20bn, down 0.4% QoQ (1) and up 22.2 % YoY Gross profit was US$214.1mn, down 8.7% QoQ (1) and up 32.3% YoY Gross margin of 17.9%, compared with 19.5% (1) (2) in Q1 2020 and 16.5% in Q
Slide 4: Business highlights
Business highlights 1 Module shipments in the second quarter increased significantly compared with the first quarter, despite the negative impact caused by the global pandemic. Large-area N-Type monocrystalline silicon solar cell reaches record high efficiency of 2 24.79%. Demand and deployment of l
Slide 5: 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 6: 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 Power Flagship product series will Flagship next-generation products efficiency output account for more shipments (%) (Wp) Up to Max Multi Innovative light- 1% weight single- glass bifacial (1) module launched 41
Slide 7: Ultra high module output is leading the industry rapidly moving towards grid parity
Ultra high module output is leading the industry rapidly moving 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% Module
Slide 8: COVID-19 accelerates industry consolidation
COVID-19 accelerates industry consolidation 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 Large-area N-Type Efficiency of monocrystalline 80% Effici
Slide 9: Gross margin improving driven by increasing shift towards integrated mono capacity
Gross margin improving driven by increasing shift towards integrated mono capacity and cost reduction (1) 19.5% 17%-19% 18.5% 18.1% 17.9% 16.6% 16.5% 13.8% 12.8% 12.0% Q2 2018A Q3 2018A Q4 2018A Q1 2019A Q2 2019A Q3 2019A Q4 2019A Q1 2020A Q2 2020A Q3 2020E Notes: (1) Excluding the disposition of ov
Slide 10: Quarterly financial highlights
Quarterly financial highlights Revenue and module shipments Gross profit and gross margin (1) 4,538 4,469 21.3% 19.5% 18.2% 17.9% 16.5% 3,386 3,326 1,369 3,411(1) 1,198 1,196 (1) 248 1,007 1,047 223 234 214 167 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Gross pro
Slide 11: Income statement summary
Income statement summary Quarterly (US$mn) Change by RMB Q2 2019 Q1 2020 Q2 2020 QoQ change YoY change Total module shipments 3,386MW 3,411MW 4,469MW 31.0% 32.0% Revenue 1,007 1,198(1) 1,196 （0.4)% 22.2% Gross profit 167 234 214 (8.7)% 32.3% Gross margin 16.50% 19.50%(1) 17.90% (1.6)ppt 1.4ppt EBITD
Slide 12: Balance sheet summary
Balance sheet summary (US$mn) Q2 2019 Q1 2020 Q2 2020 Cash and restricted cash (1) 701 670 970 Accounts and notes receivable 809 1058 1198 Inventories 966 1,009 975 Net PPE 1,145 1,505 1,605 Total assets 6,372 6,671 7,021 Total debt 1,943 1,806 2,335 Short-term debt (2) 1,425 1,410 1,835 Long-term d
Slide 13: Operating and financial guidance
Operating and financial guidance Q2 2020A Q3 2020E FY2020E Total module shipments 4.5GW 5.0GW-5.3GW 18.0GW-20.0 GW Revenue US$1.20bn US$1.22bn -US$1.30bn N/A Gross margin 17.9% 17%-19% N/A Notes: Unaudited quarterly financials. 12 12
Slide 14: www.jinkosolar.com
Building Your Trust in Solar www.jinkosolar.com iy are