[Performance Highlights](index=1&type=section&id=Performance%20Highlights) JinkoSolar achieved record 2023 module shipments and revenue, but Q4 gross margin compressed to 12.5% due to price declines [Fourth Quarter and Full Year 2023 Business Highlights](index=1&type=section&id=Fourth%20Quarter%20and%20Full%20Year%202023%20Business%20Highlights) The company achieved record 2023 module shipments, solidified its industry leadership with N-type technology, and improved its ESG rating - Full year 2023 module shipments increased **76.4%** year-over-year to **78.5 GW**, ranking **first** in the industry, driven by N-type technology and global operations[2](index=2&type=chunk) - Became the **first** manufacturer to deliver a cumulative total of **210 GW** of solar modules, with a presence in over **190 countries** and regions[2](index=2&type=chunk) - The company holds **330 TOPCon patents** and has achieved a mass production efficiency for N-type TOPCon cells exceeding **26%**[2](index=2&type=chunk) - MSCI ESG rating was upgraded two levels to **'BBB'**, placing it in a leading position among mainstream PV companies[2](index=2&type=chunk) [Fourth Quarter 2023 Operational and Financial Highlights](index=1&type=section&id=Fourth%20Quarter%202023%20Operational%20and%20Financial%20Highlights) This section presents key operational and financial metrics for the fourth quarter of 2023, highlighting revenue, profit, and margin performance Q4 2023 Key Metrics | Metric | Q4 2023 | Change (QoQ) | Change (YoY) | | :--- | :--- | :--- | :--- | | Total Shipments | 27,862 MW | +23.3% | +67.7% | | Total Revenues | RMB 32.83 Billion | +3.1% | +9.4% | | Gross Profit | RMB 4.09 Billion | -33.3% | -2.8% | | Gross Margin | 12.5% | from 19.3% | from 14.0% | | Income from Operations | RMB 352.5 Million | -88.2% | -42.6% | | Net Income (to shareholders) | RMB 29.3 Million | -97.8% | -95.6% | | Adjusted Net Income | RMB 462.7 Million | -65.7% | +72.8% | | Diluted EPS (per ADS) | US$0.08 | from US$4.62 | from US$1.25 | [Full Year 2023 Operational and Financial Highlights](index=1&type=section&id=Full%20Year%202023%20Operational%20and%20Financial%20Highlights) This section provides a summary of JinkoSolar's full-year 2023 operational and financial performance, including shipments, revenues, and profitability Full Year 2023 Key Metrics | Metric | Full Year 2023 | Change (YoY) | | :--- | :--- | :--- | | Total Shipments | 83,562 MW | +80.1% | | Total Revenues | RMB 118.68 Billion | +42.8% | | Gross Profit | RMB 19.05 Billion | +55.1% | | Gross Margin | 16.0% | from 14.8% | | Income from Operations | RMB 6.09 Billion | +1320% | | Net Income (to shareholders) | RMB 3.45 Billion | +456% | | Adjusted Net Income | RMB 4.07 Billion | +193% | | Diluted EPS (per ADS) | US$8.58 | from US$3.10 | [Management Commentary](index=1&type=section&id=Management%20Commentary) Management discusses Q4 margin compression, N-type technology leadership, reduced 2024 capacity expansion, and anticipates industry consolidation with increased market share - Q4 gross margin fell to **12.5%** from **19.3%** in Q3, attributed to unexpected module price drops and a sales mix with nearly **50%** of modules sold to the lower-priced Chinese market[5](index=5&type=chunk) - The integrated cost of N-type production is now almost **on par** with P-type, with mass-produced N-type cell efficiency exceeding **26%**[6](index=6&type=chunk) - The company is **reducing capital expenditures** for capacity expansion in 2024, focusing on advanced N-type capacity, including **28 GW** in Shanxi, China, and about **4 GW** in Vietnam[7](index=7&type=chunk) - Management predicts significant industry consolidation in 2024, with the market share of the top 10 module manufacturers expected to increase from approximately **70%** in 2023 to over **90%**[8](index=8&type=chunk) [Detailed Financial Results](index=3&type=section&id=Detailed%20Financial%20Results) This section provides a detailed overview of JinkoSolar's financial performance for Q4 and full year 2023, highlighting revenue, gross profit, and balance sheet changes [Fourth Quarter 2023 Financial Results](index=3&type=section&id=Fourth%20Quarter%202023%20Financial%20Results) This section details JinkoSolar's fourth quarter 2023 financial performance, including revenue, gross profit, and operating expenses, noting margin compression Q4 2023 Performance vs. Prior Periods (RMB) | Metric | Q4 2023 | Q3 2023 | Q4 2022 | | :--- | :--- | :--- | :--- | | Total Revenues | 32.83 Billion | 31.83 Billion | 30.00 Billion | | Gross Profit | 4.09 Billion | 6.13 Billion | 4.21 Billion | | Gross Margin | 12.5% | 19.3% | 14.0% | | Income from Operations | 352.5 Million | 2.99 Billion | 614.4 Million | | Net Income (to shareholders) | 29.3 Million | 1.32 Billion | 665.0 Million | - The sequential and year-over-year decreases in gross margin were mainly due to the decrease in the average selling price of solar modules[11](index=11&type=chunk) - Total operating expenses increased **18.9%** sequentially to **RMB 3.74 billion**, mainly due to a loss on disposal of property, plant and equipment, and expenses related to a customer dispute settlement[12](index=12&type=chunk) [Full Year 2023 Financial Results](index=5&type=section&id=Full%20Year%202023%20Financial%20Results) This section outlines JinkoSolar's full-year 2023 financial results, detailing revenue, gross profit, and operating expenses, highlighting improved profitability Full Year 2023 Performance vs. 2022 (RMB) | Metric | Full Year 2023 | Full Year 2022 | | :--- | :--- | :--- | | Total Revenues | 118.68 Billion | 83.13 Billion | | Gross Profit | 19.05 Billion | 12.28 Billion | | Gross Margin | 16.0% | 14.8% | | Income from Operations | 6.09 Billion | 429.2 Million | | Net Income (to shareholders) | 3.45 Billion | 620.5 Million | - The year-over-year increase in gross margin to **16.0%** was mainly attributable to the decrease in the material cost of solar modules[20](index=20&type=chunk) - Total operating expenses for 2023 were **RMB 12.96 billion**, representing **10.9%** of total revenues, an improvement from **14.3%** in 2022[21](index=21&type=chunk) [Financial Position as of December 31, 2023](index=5&type=section&id=Financial%20Position) This section summarizes JinkoSolar's financial position as of December 31, 2023, including cash, receivables, inventories, and interest-bearing debts Balance Sheet Highlights (as of Dec 31) | Account | 2023 | 2022 | | :--- | :--- | :--- | | Cash, Cash Equivalents & Restricted Cash | RMB 19.56 Billion | RMB 11.27 Billion | | Accounts Receivables (from third parties) | RMB 22.66 Billion | RMB 16.67 Billion | | Inventories | RMB 18.22 Billion | RMB 17.45 Billion | | Total Interest-bearing Debts | RMB 31.10 Billion | RMB 27.16 Billion | [Operational Highlights & Business Outlook](index=6&type=section&id=Operational%20Highlights%20%26%20Business%20Outlook) This section details JinkoSolar's 2023 operational performance and provides 2024 guidance for shipments and production capacity, emphasizing N-type technology adoption [Operational Highlights](index=6&type=section&id=Fourth%20Quarter%20and%20Full%20Year%202023%20Operational%20Highlights) This section presents JinkoSolar's detailed shipment volumes for the fourth quarter and full year 2023 across modules, cells, and wafers Shipment Volumes | Period | Total Shipments | Solar Module Shipments | Cell & Wafer Shipments | | :--- | :--- | :--- | :--- | | Q4 2023 | 27,862 MW | 26,335 MW | 1,528 MW | | FY 2023 | 83,562 MW | 78,520 MW | 5,043 MW | [Business Outlook and 2024 Guidance](index=7&type=section&id=First%20Quarter%20and%20Full%20Year%202024%20Guidance) This section outlines JinkoSolar's business outlook and guidance for 2024, including expected N-type module proportion, shipment targets, and production capacity plans - The proportion of N-type modules in total shipments is expected to reach nearly **90%** in 2024[27](index=27&type=chunk) 2024 Shipment and Capacity Guidance | Guidance | Q1 2024 | Full Year 2024 | | :--- | :--- | :--- | | Module Shipments | 18.0 - 20.0 GW | 100.0 - 110.0 GW | | **End of 2024 Capacity** | | | | Mono Wafer | - | 120.0 GW | | Solar Cell | - | 110.0 GW | | Solar Module | - | 130.0 GW | [Recent Business Developments](index=7&type=section&id=Recent%20Business%20Developments) JinkoSolar's recent developments include extending its share repurchase program, achieving SBTi Net-zero validation, and monetizing N-type TOPCon patent licenses - The board extended its share repurchase program through **June 30, 2025**[29](index=29&type=chunk) - Jiangxi Jinko's science-based emissions reduction targets were approved by SBTi, making JinkoSolar the **first PV company** globally to have its Net-zero targets validated[29](index=29&type=chunk) - Granted N-type TOPCon patent licenses to a top-ten module company and a top-five cell company, monetizing its intellectual property[29](index=29&type=chunk) [Unaudited Condensed Consolidated Financial Statements](index=10&type=section&id=Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for Q4 and full year 2023, including Statements of Operations, Comprehensive Income, and Balance Sheets [Statements of Operations](index=10&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) This section provides the unaudited condensed consolidated statements of operations for the fourth quarter and full year ended December 31, 2023 - Presents the unaudited condensed consolidated statements of operations for the fourth quarter and full year ended December 31, 2023, with comparative data for prior periods[37](index=37&type=chunk)[38](index=38&type=chunk) [Statement of Comprehensive Income](index=12&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20COMPREHENSIVE%20INCOME) This section details the unaudited condensed consolidated statement of comprehensive income for the fourth quarter and full year 2023 - Details the comprehensive income, including net income and other comprehensive income items like foreign currency translation adjustments, for the fourth quarter and full year 2023[42](index=42&type=chunk) [Balance Sheets](index=13&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) This section provides the unaudited condensed consolidated balance sheets, detailing the company's financial position as of December 31, 2023 - Provides the company's financial position as of December 31, 2023, detailing assets, liabilities, and shareholders' equity, with a comparison to the end of 2022[43](index=43&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk)

JinkoSolar Holding Co., Ltd. (NYSE:JKS) Q4 2023 Earnings Call Transcript March 20, 2024 8:00 AM ET Company Participants Stella Wang - IR Li Xiande - Chairman and CEO Gener Miao - CMO Pan Li - CFO Charlie Cao - CFO Conference Call Participants Philip Shen - ROTH MKM Alan Lau - Jefferies William Grippin - UBS Operator Hello ladies and gentlemen and thank you for standing by for JinkoSolar Holdings Co. Limited Fourth Quarter 2023 Earnings Conference Call. At this time all participants are in listen-only mode. ...

Shares of Chinese solar module manufacturer JinkoSolar Holding Co. (JKS -7.56%) sank 7.7% through 10:30 a.m. ET Wednesday after missing earnings badly in its fourth-quarter financial report.Analysts had high hopes for Jinko, expecting the company to report $2.50 per share in profit on $4.3 billion in sales for the quarter. Jinko exceeded expectations for sales, reporting $4.6 billion, but profits came in way short of estimates at $0.02 per share. Jinko's no good, very bad Q4 earningsThis was a good news, ba ...

JINKOSOLAR HOLDING CO., LTD. Q4 2023 EARNINGS CALL PRESENTATION Disclaimer ThispresentationdoesnotconstituteanoffertosellorissueorthesolicitationofanoffertobuyoracquiresecuritiesofJinkoSolarHoldingCo., 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 of or be reliedoninconnectionwithanycontractorcommitmentwhatsoever. The information herein has been prepared by the Company solely for use in this presentation. The informat ...

SHANGRAO, China, March 20, 2024 /PRNewswire/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, today announced its unaudited financial results for the fourth quarter and fully year ended December 31, 2023. Fourth Quarter and Full Year 2023 Business Highlights Leveraging our outstanding N-type technology, extensive global operation network, and advanced integrated capacity structure, our module shipment ...

SHANGRAO, China, March 13, 2024 /PRNewswire/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, today announced that it plans to release its unaudited financial results for the fourth quarter and full year ended December 31, 2023 before the open of U.S. markets on Wednesday, March 20, 2024.JinkoSolar's management will host an earnings conference call on Wednesday, March 20, 2024 at 8:00 a.m. U.S. Easter ...

Core Viewpoint - JinkoSolar has announced a premium sponsorship collaboration with Gresini Racing for the MotoE World Championship 2024, emphasizing their shared commitment to sustainability and innovation in promoting solar energy applications beyond traditional sectors [1][2]. Company Overview - JinkoSolar is one of the largest and most innovative solar module manufacturers globally, recognized for its leadership in solar technology and sustainability [3]. - The company distributes solar products and services to a diverse international customer base across multiple countries, including the United States, Germany, Japan, and Brazil [3]. Global Presence - As of September 30, 2023, JinkoSolar operates 14 production facilities worldwide and has 24 overseas subsidiaries in countries such as Japan, South Korea, and the United States [4]. - The company has established global sales teams in various regions, including China, Canada, and the United Arab Emirates, enhancing its international reach [4].

Core Insights - JinkoSolar has launched Neo Green panels, which are N-type TOPCon Tiger Neo panels produced in "Zero Carbon Factory" certified facilities, marking a significant step towards sustainability and environmental responsibility [1][2][3] Group 1: Product and Innovation - The initial capacity of Neo Green panels is 5GW, achieved through extensive R&D and environmentally conscious practices across the supply chain [2] - JinkoSolar is the first in the industry to receive "Zero Carbon Factory" certification for multiple manufacturing processes, including Silicon Ingot Manufacturing and Solar Module Manufacturing [1][2] Group 2: Environmental Commitment - The company aims to achieve 100% renewable electricity for its manufacturing processes and plans to increase the use of recycled materials and electric transportation [2] - JinkoSolar is also targeting a gradual reduction in plastic usage in its packaging [2] Group 3: Company Overview - JinkoSolar is one of the largest solar module manufacturers globally, with a diverse international customer base across multiple countries [4][5] - As of September 30, 2023, the company operates 14 production facilities and has 24 overseas subsidiaries [5]

Core Viewpoint - JinkoSolar is experiencing impressive revenue growth and technological advancements, yet its stock value is under pressure due to economic challenges in China, negative market sentiment in the renewable energy sector, and negative cash flows, leading to a "Hold" rating with a target price of $32 [2][4]. Company Overview - JinkoSolar Holdings Limited is a leading solar module manufacturer based in Shanghai, specializing in the design, production, and distribution of solar modules, with a global presence across major regions including China, Europe, Asia Pacific, and the United States [3]. - The company has achieved a compounded annual revenue growth of 27.1% and gross profit growth of 28.4% over the past five years, positioning itself as a top player in the Chinese solar module manufacturing industry [3]. Financial Performance - As of February 16, 2024, JinkoSolar's share price is $27.17, reflecting a significant decline of 47.80% from the previous year [4]. - In Q3 2023, JinkoSolar reported total revenues of RMB31.83 billion (US$4.36 billion), a 63.1% increase year-over-year, with a gross profit of RMB6.13 billion (US$840.6 million) and a gross margin of 19.3% [16]. - The company has seen a downward trend in cash flow from operations and investing, with net cash outflows reaching RMB5.8 billion and RMB12.3 billion respectively in 2022 [18]. Market Dynamics - JinkoSolar's revenue growth in China has been robust, with a compounded annual growth rate of 76.1% over the past three years, while the U.S. market has faced challenges due to regulatory issues [5]. - The Chinese solar industry is projected to continue growing, with solar energy expected to surpass coal in installed capacity by 2035 [5]. Technological Position - JinkoSolar leads in multicrystalline silicon cell efficiency at 23.3%, outperforming competitors like Canadian Solar and Trina Solar [9]. - The company maintains in-house R&D across its entire production value chain, enhancing its technological edge and efficiency [10][11]. Economic Environment - The broader Chinese economy is recovering slowly, with GDP growth at 5.2% in 2023, impacted by credit risks in the property sector [14]. - Weak demand and contracting factory activity have contributed to negative sentiment towards JinkoSolar and the renewable energy sector [15]. Valuation Insights - JinkoSolar's blended forward P/E ratio is 4.4, compared to the industry average of 6.4, indicating a negative premium that justifies a target price of $32 per share [22][23]. - The company's financial ratios are generally below industry averages, reflecting the challenges it faces despite strong revenue growth [22].

Core Viewpoint - JinkoSolar has signed a TOPCon patent license agreement with a leading solar cell company, enhancing its position in N-type TOPCon technology and demonstrating its commitment to innovation and industry collaboration [1][2]. Group 1: Patent Licensing Agreement - JinkoSolar's affiliated company has entered into a patent license agreement with one of the world's top five solar cell companies, allowing the Licensee to utilize certain JinkoSolar's N-type TOPCon related patents for a fee [1]. - This agreement follows a similar arrangement with a top ten solar module company announced on January 5, 2024, indicating JinkoSolar's proactive approach in leveraging its intellectual property [1]. Group 2: Technological Leadership - JinkoSolar holds one of the largest numbers of granted N-type TOPCon patents, establishing itself as a leader in this technology [1]. - The company emphasizes its ongoing investment in R&D and innovation to maintain its competitive edge in the solar industry [2]. Group 3: Industry Collaboration and Call to Action - The company encourages the entire solar industry to respect and protect technology, which is essential for the maturation of China's photovoltaic industry [2]. - JinkoSolar's patent licensing agreement is seen as a step towards fostering collaboration among industry players to develop new technologies and products [2]. Group 4: Global Presence - JinkoSolar operates 14 production facilities and has 24 overseas subsidiaries across various countries, including Japan, South Korea, and the United States, showcasing its extensive global footprint [4]. - The company serves a diverse international customer base, including utility, commercial, and residential sectors in multiple regions [3].