JKS - Earnings call transcript Q1 2024 | JinkoSolar Holding Co., Ltd.

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Operator

Hello, ladies and gentlemen, and thank you for standing by for JinkoSolar Holding Co. Ltd.

First Quarter 2024 Earnings Conference Call. [Operator Instructions] As a reminder, today's conference call is being recorded. I would now like to turn the conference over to your host for today's call, Ms. Relations. Investor JinkoSolar's Wang, Stella Please proceed.

Stella Wang

today you, you, www.jinkosolar.com today company's as for the earlier us well as services. Thank JinkoSolar's Thank results IR First at released The everyone, for call. Quarter joining conference on Newswire operator. XXXX website available and on were company's earnings

a presentation today's on earnings IR have the which can We website. supplemental also call, provided found for also be

marketing. Miao, Company Limited; JinkoSolar CMO Company JinkoSolar Xiande, call JinkoSolar Li, Chairman who then are and Limited; today go and Mr. Mr. JinkoSolar of operations Holding Charlie followed Mr. the through Mr. of business Gener will by the On Mr. and Limited. Miao, Limited; CFO Mr. who discuss about Holding And of of Company JinkoSolar's Pan and from CEO company talk highlights CFO Cao, will JinkoSolar Pan the Li, will financials. Mr. Company Li sales the

Q&A answer under We follows. Please the to made of U.S. will provision today's be safe statements note Private available during harbor your Reform of session will forward-looking XXXX. Act Litigation that the that discussion contain Securities the questions

Forward-looking statements uncertainties. involve and inherent risks

to introduce Mr. and into will Chairman comments statements, required Li our future go law. It's Xiande, materially any the expressed and Exchange my update under Commission. different Further assume Mr. obligation as Please As may not views any public ahead, his except this pleasure CEO such, applicable English. included to other information the from translate regarding forward-looking mandarin Holding. in of the and is in speak Securities Mr. and results today. risks JinkoSolar's our with Li. JinkoSolar be filings JinkoSolar does now

Xiande Li

the shipments continued the the competitive announce XX% high ranking our quarter utilization XX% was first industry modules overseas utilization the XX.X% Over in happy to We've average N-type from grew nearly of while proportion at were in first leading first in rate layout maintained are module sharply. quarter, markets increased first in in our level. shipped of year-over-year in quarter, fall fourth the rates the quarter, in products, while the year, to the leading proportion of X.X% declined income Europe income net of USD U.S. We advantages of maintaining that shipments up to sequentially. TOPCon the nearly million, increased the to gigawatts XX.X%, million, to XX.X shipments Net margin our quarter Gross and sequentially. marketing Module manufacturing XX XX% significantly first USD global sequentially. XX.X technology, to flat sequentially. position The to and up prices [Interpreted] industry. last approximately N-type XX.Xx industry. was Adjusted thanks was

higher approximately as we continued and into a to global rate, XX% second prices expect the in PV added maintaining flight growth sectors to Coming gigawatts, The XXXX. XX% of totaled installations in increase first quarter, Module an XX.X one the the an China Newly year-over-year. XX.X XX.X% remains demand industry exports reached to the polysilicon decline of year-over-year. demand. XX% in over of expense increase quarter, PV grow gigawatts few

prices increasing On film the prices while materials the market other raw push drove and higher. as hand, commodity of macroeconomic glass such conditions higher demand

Yet, In performance to the low operating of expected stable the will a prices this combined to companies solar profitability at in keep is different difference. of factors module come capabilities, companies distinction have those larger All term, relatively level. integrated short pressure. the under

we technologies our leveraging profitability, the for competitive book players our adjusted market capabilities market maintain relative the to peers. In footprint global XXXX strategies visibility there to that and overall cells quarter, cost deploy through we industry mass-producing environment, and and product, to confident our enhancing that efficiency the the technology. to We our improve of continue iterate along shrink on while will a to our supply and first as and reducing upgrade continued flexibly and TOPCon production output ability production of weaker sustainable other elimination new and expect the competitiveness, in like to capacity Facing production are with order industrial pressure shipments module the initiatives changing is regularly first focus of optimization balance process. we will we challenges, currently better external chain, compared since sales tier chain exceeds such advantages various XX%. This competitiveness,

of We capacity. P-type are out also accelerating our the clearing

is N-type by lead capacity capacity to the to capacity advanced we the end our XXXX, continue industry. exceed total expected of Our structure expect XX% of to and

trade generation costs renewable wind fossil fuel will share continuously gigawatt premium with latest capacity in year. X module and to generation risk in the management, continue we experience international X from By our start is alternatives. benefiting quarter integrated production another in and the than As operation Energy the global double to will solar IEA, in PV the by International global the solar expected and and in to the to respond This to expansion, of PV wind nonfossil expand and both a for our production global and and second account to changes clients. According a largest global of advantage long services work accumulated XXXX, of this confident Agency, are capacity products industry to XX%. overseas global started has lower the electricity gigawatt provide U.S. N-type we company to of the predictions industry, chain XX%

stimulate for declining projects PV storage Meanwhile, demand Solar PV cost growth of improve projects. plus potential continue has of solar will to still storage storage economics the growth into enormous and investing

in plus industry generation high-efficiency confident continue to growth the bullish major to future become storage solar with lead are and will electricity and for technologies the are premium we model that advanced We products.

over I reach we to XX.X%. By the over end our it of the like go produce quarter N-type guidance efficiency to cell of expect turning Before year full of for second to Gener, and would XXXX. XXXX, mass

reach XXX gigawatts, end modules and XXX the XXX by XXXX. production solar mono respectively, We expect for wafers, our annual of and -- capacity cells solar to

expect and with the between XXX XXX XX to XXXX We N-type shipments. year for nearly modules and XXXX to shipments module between for XX% accounting the gigawatts for gigawatts second module of be XX total of quarter full

Gener Miao

Mr. XX%, module stressful you, accounting shipments Total and modules gigawatts first prices the sequentially, XX%, in inventories future markets. to were in evidence to Over the relatively with markets, emerging nearly first while especially market ranking Asia Europe the geographic the for shifted to we the increased over Shipments Pacific were for U.S. XX.X mix. again. of stable were shipment XX% to of with our quarter in shipments reduction. Li. quarter, overseas adjusted first Thank industry the flatly for And

some the and in low-carbon We On installation the others. unchanged despite global expect issues in transformation general relatively problems positive trend side, the demand XXXX. demand to connection a rapid in for in related and continuously global growth regions was

service [indiscernible] and network rooted local customer demand to will reliable, to and for the and more and intensive us Our compliant deeply PV respond products. low-carbon sales shifts infrastructure market flexibly help timely. adjust

Shipments towards Europe to expect proportion In of value by overall high-efficiency markets, Tiger XX% full emerging we as penetration customers. further the year. the Neo U.S. N-type rate -- the exceeding Neo European year, the far Tiger nearly for to increasingly Neo is XX%. and Tiger average to industry the recognized Looking exceeds last modules accounted the compared of competitive and increase of shipments the

report, recognition our the capabilities by we products Europe in first an energy outstanding regulation because very providing focus I distribution XXXX strong trend, effective outstanding Tier timely storage leadership, Energy the and building will storage, AAA received market to activity, the and due manufacturing and once commitment the release quarter. We as reliable trust over strongly delivery recognized Finance in solutions during provider were In in long-term deployment in energy the Bloomberg turn terms customers X performance technology the gaining capabilities. brand to financial storage clients. reflecting quarter. brand of Recently, our and we innovation. our energy call for ModuleTech the leadership demonstrates of to safe distribution on in by our following key bankability a the Pacific China, reliable Asia again we of to which and as that, Closely Besides, With is quality QX our New of demand segment rating market from raised share to was sound Pan. and markets XX% ratio the PV-Tech's approximately

Mengmeng Li

Gener. you, Thank

margin We where are quarter time, that by module report sequentially. increased we'll to modules solar growth and enhanced slightly profit manufacturing confident improved At continue and flat net network. first control our solar same adjusted and sequentially, pleased we our net was our about leveraging our and efforts in cash shipment to working Gross in the advantages growth thanks in in the expenses. declined, improve prospects flow XX our over costs achieving resilience income and our risks. price sales sustainable debt efficiency management, global the improved operating very to capital, We're and of in N-type to technology enhance our debt percentage

margin down about the down Let for of customers. of quarter down the decrease compared $XXX in revenues shipments modules. for Total selling The me of dispute to was mainly expenses to fourth was the modules to decrease in expenses the $XX.X operating decreases modules was The were and The percentage income modules. solar sequential in details our to shareholders solar was of in quarter slightly attributed 'XX. Net decrease accounted in Total into go ordinary XX year-over-year. the revenues decrease of decreases the in the compared lower the and sequentially. sequentially. million, mainly average Holding attributed XX due XX.X relation last the more segment of and the average $X.X sequentially percentage sequential XX up in Gross XX.X attributed now. Total one in price JinkoSolar of mainly of billion, a mainly to solar year-over-year shipments total quarter XX to was fourth million, XXx percentage with with selling were percentage expense nearly decrease due and year. decrease price with first operating

fair of long-term investments income change up impact adjusted and value expenses, sequentially. net the share-based change from a fair million, in note, about Excluding slightly a was $ value the of compensation XX in

'XX in billion the balance billion compared equivalents to with X.XX $X.XX billion Moving the of in slightly cash were fourth in days quarter in improved cash fourth the quarter first improvement quarter of quarter, end from our $X.XX our billion sheet. in the $ the billion and our were first of XX in in of and of happy structure. $X.XX and year. $X.XX the was first At days billion quarter with days AR debt XXX We're the XX debt $X.XX of were days quarter last This your remarks. turnover 'XX. of total days the of first please XX quarter the the quarter in XXX with 'XX, concludes the turnover billion debt year. end continuous and days take compared now compared to was fourth questions. the $X.XX Inventory compared fourth quarter, days to quarter Operator, to fourth days last 'XX. first the proceed. in XX At compared a Net prepared

Operator

[Operator question Instructions] first Brian comes Lee. from The

Brian Lee

half guys in here, more ASP the we like mid-teens well down, embedded ASP I QX? out guidance down are cell flat? if the pricing we results to seems just the be what's anymore. providing up, to XQ the But to you know margin a off can of fluctuations XQ degradation and not expect margin guide? of of the you wafer It specific recovery low And kind in the And expect the views the us and per pricing if in expect then of cadence Should modules revenue back was in environment, here the of you we a back then as practice should sense, maybe watt more down? there's in sort quarter, kind there? give ASP the like given

Haiyun Cao

long Brian, this have recent your in different to Yes, the fact. short down we is price different questions. module arrangements, versus term X a Charlie. the ratings, And back term. quarters, is And that's and

bit. QX. little and we are are trying you is the technology this materials. At average, thing the we in a expecting cost adopting be for our in fully top stable it's profitability, States And margin gross And and second more year, we're the QX, strongly on for our new relatively Shanxi quarter very as ASP European shipments that, important believe a margin. to If operational relatively the first particularly expect quarter-by-quarter, of the in factory, position the And are the the Middle Super focus for bottom. improving good it's is this are the the most the markets. gross But in best. the half in top we same And of half it the East we well the half we year, that, year, expect -- reached are year. time, second about And talking And year, margin the up the ramping gross versus the we for on market. of on the down helps United we for to as second

which to the well technology-competitive may overall answer the and Tier particularly half -- help the rate year. This industry be that's for addition, phased versus will the and suffering we expecting in X, so in -- for capacities we are X And Tier second capacity competitions, not out the able the throughout situation, the particularly even are is year. demand supply the be price, this

Brian Lee

helpful. Okay. That's

the I bit the summarize, Are the guess, margins half know pricing still of in where said quoting 'XX I your outlook about is XQ how and XQ XQ Are is already you're I seeing into the sounds and seeing second then improved ASPs? like sounds for a half, what's in it like-for-like you you volumes backlog, down? actually QX ASPs level. in dynamic said pricing? and activity? but more Or it in you down like, pricing you what's seeing going XX% covered of little the mix if stable actually So versus QX shipment back

Gener Miao

Yes.

the believe is under industry, bottom, follow are right, players Brian, of peers pricing, structures water already leading will reaching to now. the market to we the which or the pricing, versus cost it market, most the say, For rock even the let's is we right compared prices for the believe continue the, industry the the --

So believe that's price why reaching out. we the is

level in does look keep fast and However, whole start as market-wise, last it once even ASPs, beginning struggle but improvement X, cost into the least not competitive their of the the year, as the the the match structure cost the wise, the why to even the or goes ones the believe the X of months' company reach healthy your we Hope margin it believe as the the possible. of of question. definitely, industry, will will when force leading to improve the we That's we X, structure price at that level answers ASPs at as time.

Brian Lee

for queue. And helpful. Very absolutely. Yes, one I'll and jump then the back maybe in last me,

the been mentioned back potential it that also week of year, you're AD/CVD or half U.S. pretty dumping volume deemed fall in I was not I of you? year, sounds like know the last You have on petitioned fliers. guys last the this the investigation by this of positive fresh, trends were know growing of U.S. for inception one companies countervailing. to you the is some

entire duties. opening And this that It so is back subject you weren't any potentially. to sounds petition case like

week? customer anticipate Just more as any what that And through few navigating now next kind or seeing you update how last happened any are are are you what feedback the it? do there's move thoughts suggests right given you -- then latest So uncertainty policy for trade your on of the you here quarters? you

Gener Miao

the geopolitical fair more industry challenge. help greener a PV It or could is more government been it's what world lot With to but no more and drive what prefer whole could right, the the a early perspective, which even doing LCOE can definitely, market of footprint. cost. a tariff and less energy itself, benefit Jinko that's current of adapt also where the trade decades, as But best environmental-friendly side, the and it issue, from the still company we carbon or our work, last become whole whole to big the which try the X industry but we as have But increased AD/CVD a what Well, choice of driving Jinko's see wants. to petitions. has only the the towards competitive, still we the can result this not to trade be definitely, upcoming in

trying So the out with too best could to it's the very working find But with U.S. be what speaking, right that's market. now, hard right pros now. that and cons early still solutions customers, why the we our honestly for to lawyers, our are in see

say, we be even to could downside we what see -- So let's the, another, will might say, need months X, and upside that. X let's on

Brian Lee

the Okay. in U.S. Fair the percent was, And in watt in us housekeeping for what quarter What on I'll what the the ASP Last per cents what in was Charlie, dollar was after was sales one also, Charlie. CapEx promise this. of the and you could D&A enough. I pass then U.S. it quarter? range this quarter? quarter? tell

Haiyun Cao

will The revenue about dramatically the higher, total XX%, And expansion. billion this $XX -- right, And year, cash ]. delivered QX ] than in operating XX% U.S. percentage this flow we $XX prices you billion be And look last roughly lower terms target average cash XX% -- $XX share will billion. roughly of CapEx, if at be it price. of will year, we -- shipment because larger year, shipments. total the billion $XX the spent the capacity operating higher last always year -- we were flow. be we [ And in over market [ the for our And

is CapEx billion, $X.X the roughly operating cash was QX, for -- that's So $X the billion.

Operator

Philip from comes with Roth question next MKM. Shen The

Philip Shen

on Asia later this question that follow-up a tariffs AD/CVD Southeast coming be is regarding year. one First Brian's could

talk about the you So how on plan managing I was you risk. if wondering could tariff retroactive

that much as how then managing early how of the volume U.S. increasing talked 'XX risk to you to you shipments to plan XXXX. you retroactive U.S. or go market, on could be U.S.? mix high as your that do think your more a having could the certainly share about in the And I So July? Can guys May through shipment

Gener Miao

Yes.

For shipments because or firstly, the stick the plan our the U.S. previous we AD/CVD still increase that for petitions. in are volume-wise, of -- intentionally our we to decrease not recent

already within within plan our that's of year. So the this

So last the as that's Jinko, so what's the saying why be ratio And question, retroactive of U.S. see number-wise, higher That's to shipment I could customer we of Brian's years than to will I now. last market the still -- solutions answered why definitely the the are because or best aware that. -- lawyers why on it we're what have mature to in the That's risk definitely just happening now, you year's X don't know least any U.S. still just and solutions. in solutions this are talking is right total be for this at year. or that. we Right good numbers am we not

Philip Shen

you have Got structured? the may that may contracts in this that risk of so all in the tariffs? your that it. cover the there's do the law do you the Or on provision U.S. your provisions it camp? the so change fall on into a customer? And are your of risk risk to retroactive tariffs case, contracts But is how And put does customer. oftentimes, Meaning, believe

Gener Miao

I feel we can don't the think customers disclose the as but definitely, well. of contract, risk the details

their lawyers -- through to X why the as mutual customer for even financing, go and there find happen for easy basic not cash languish, right? does it some providers this details case out with the threshold, customers, not risk all to beyond then That's customer all. X go project financing to But definitely, the project to It's even the the have side that planned. are the solution our all So end. the best certain their those take definitely, will a of solution parties. economics If give has we which with

Philip Shen

help of inventory of X.X the the market. last you X past you the What do lot think think U.S. of there's you One you to do in U.S.? gigawatts amount you as U.S. what us Or much the the about see. over in coming the lower? question module tune to think We've year. Okay. Do years a it's U.S. channel is a Can of shipments seen inventory understand much as on the month

Gener Miao

that that's right you seen saying that get from downstream our been peers numbers same now But let's into any AD/CVD, more we end, big we right, -- question of upstream oversupply not say, the shipped grid so or from undeserved, it connection have now. the number analyst We or market. not But look number. in U.S. from have solar not a reasons before either as able of directly have the our the market definitely, just some that there's, but have reasonable. players, available But might but massive market right now. We try to modules customers the or been heard some U.S. to support modules numbers Even or circa. before, some product have if has the in we we to Definitely, reports, verify

Philip Shen

in on over question right? impact Last me margin, disclosed you did part you online? Okay. Can in here there weekend. the the key an Can you come the the quantify 'XX. fire of destructive back would that say your So for be facility impact you that -- think Shanxi was a When do supposedly you could way? guys fire? talk any How about that

Haiyun Cao

we our another in talking be the cell II cell middle But operation is will operational XX second the impact this and of end plan expect Remember, the And year. original the X of I. year. capacity by fire start XX Shanxi capacity, original this II the is I factory. the expected Phase QX QX early the will Phase the in the still to the Phase this fully for by and Phase gigawatts, plan Phase phases. to we is do is has evaluated. phase, the Philip, are operational is about XX end I, year. on we Phase But gigawatts, and being stick And this the fully impact Super the year, II gigawatts.

estimated and it's So have kind going to X quarters some X gigawatts. X to impact, roughly of

-- impact the is cell. significant. not impact significant for the very not It's So

throughout to side, we productions have side impact think for global customers. significant. not the our it's we impact facilities cost and operational the adjusted to the minimize for the our And the of the operation, so And

the for equipment it. is However, but evaluating, the and companies insurance big we're in losses the on fire of fully insurance the -- China, is still working from the

Operator

from Jefferies. comes question Wade Wu [ Next with ]

Alan Lau

Alan is from This Jefferies.

follow-up So on -- question you how the signed AD/CVD? of background a penalties what a would the passing they that least of Philip liability of the even I to of -- the pay from languish procured ask shipment, the the -- basically, they delays percentage first suffered in The all, as this later contracts the question the contracts. on, at have many is because per like year through polysilicon. peers have the to those or deliver then potential failed last have is of high-priced when And they some have is when lot to

in So already delivering is a obligations? potential your And matter the there liability if And is I any solve clients languish it's the problem? there. of those only wonder with to working

Gener Miao

Yes.

got think are I from level working last market in disclose time. as in we customers always that what But lot we right? AD/CVD happened on So we risk of we've don't X So with detail. again, the case-by-case customers definitely, U.S. support can has years' the the a of regarding do, this

our So to with love long-term we are future up support, end carrying why for of want definitely, we most never we and with appreciate a loss-loss That's partnership the the solution. customers. that

ahead our markets, we That's definitely many maintain to solutions we look into the go leadership in risk, customer can if why right? even there's with the So together. a

Alan Lau

Okay. Understood.

of next the one-off regarding to So appears income in some is the question -- to this quarter. be

actually surged So like quarter-by-quarter. income the other is

Xinjiang related that? if I to how So that wonder And of that's is much a related our to gain capacity? disposal in

Haiyun Cao

to So facilities. to $XXX Xinjiang we transaction And net sell roughly QX, completed of in impact. we have million retained, think, equity million our I XXX% a $XXX income

Alan Lau

Understood.

kind recall also performance is in guarantee the the next couple -- a So is performance transaction in years. of of like further I

that $XXX this factored into that been separated? $XXX has Or million is completely So million? to

Haiyun Cao

from or the -- equity. of the variable obligation of performance sale We record didn't considerations that, kind performance

on So recorded we We transaction. not for did just portion account a the book. fixed the

Alan Lau

Understood.

is not quite of another thing -- do impairment have peers say, any to So your assets. -- actually and lot a I is compared would impressive think that you quite I that on

if here? forward, foresee a or wonder any think from you majority year so because super any your going this you you have TOPCon already, in risk have capacities So going not impairment risk you will of forward do

Haiyun Cao

right. And we last years and have we not net X depreciation small value accelerated throughout over you're significant. X years very and capacity, the Yes, book the is

Alan Lau

That's positive. impressive. mentioned was in you cash actually quarter also, flow the have And the first

So taken initiative one also concerns to the to that's quarter-over-quarter I investors the wonder because company operating if flow the of cash has flow. improve as of the cash

Haiyun Cao

cash Efficiency capitals Efficiencies, Super flow, logistics costs conversion whole production and still improves and our Shanxi working cycles the lead conversion and minimize is time, are delivery and minimize the the focus, our cash timing. the the building factory, operational improves of we and logistics considerations, time, is warehouse one the cycle key

Alan Lau

around buyback. that? And any would a be on blackout end wonder company I've quarter the the the on there there's on announcement noticed lot pace before buy announcement the that of if any after I Finally, the wonder and you Because guidance that. guidance results? of I if back the any provide But buyback? of in would has the of

Haiyun Cao

declare Our plan repurchase we can roughly see, spent And to USD is million. ADS. roughly pool, the is USD price, preliminary is shareholder that, of on this have XX broader year. XXX which USD subject to plan the million XX we million XXX to released the news, USD back, roughly And million dividend we top return you to

So together with our million. plan, preliminary plan, this XXX year's roughly shareholder return USD is

Operator

Rajiv with comes ] Chaudhri question Edge. [Operator [ Instructions] Intrinsic from The next

Unknown Analyst

I industry. the to question the very as have were is, first can roughly like one, were idea my for achieve you quarter down costs but Congratulations well. down a gross the an in in the cost the per margin. not about watt on margin tough modules decline follow-up give quarter. as It how first is XX% number of seems to the that And a on strong you as for watt us were quarter then significant. performance per well a fourth first able My given polysilicon from a question And cost your dramatic gross such

Haiyun Cao

[indiscernible]. technologies supply TOPCon [indiscernible] the Yes. improve lot sales upgraded cut while efficiencies a R&D technology consumption of significantly new a combination our teams, the chain, of improve consumption It's capacity and we materials. our of our of And adopting the and -- the lower the

relatively And step, reductions. cost so will we relative very it quarter-by-quarter, we quicker. now But And by industry a the internally, but kind -- stabilized a to again, be we be -- best And we to -- the time. lot module the have dropped try And cost take a target of of expect are be cost doing we situation step that. is will have structure. cost the solid think improve and we will efforts lot, for prices improvement our with

Unknown Analyst

think QX can fair we QX and improve QX, it is Charlie, So that to X% with improvements all quarters, in quarter. expect that making, are every the to X% to that the you coming by cost

Haiyun Cao

It depends.

some things things control, but things of are out can -- we of Some of the of the the control. most

the quarter-by-quarter, minimize the at the months, definitely today. year, at in lot we're it's of the end -- be price, commodity to the throughout cost but severe you impact. If the trying But than year, will if this as recent look you of at look -- a is cost the lower up

Unknown Analyst

to X% a are make a sequential change, Right. cost? in terms is that on assumption the quarter reducing of reasonable per material you the the how But costs assuming basis, don't

Haiyun Cao

-- lot dramatically X to significant. think the And is X will internally all quarter a that, very next the again, improvement But targets same. be at done cost we for -- it's but because bigger of depending we so And the a to a be price I the have lower things the assuming of now cost we improved. quarters. lower, commodity percentage if the cost be the lot even not believe than cost, level in on and But next lower and X slightly overall keep in quarters, considering it's have but will going don't We looks overall things. at high be the think material

Unknown Analyst

you'll selling fourth that in be more ASPs, So the quarter. combined States product with the United fact by that the

QX kind be in costs say, are X% possible XX%, range It to to to down looks you actually quarter. Is that margin let's fourth somewhat XX% reasonable? of by, gross be like by should QX from it's able quarter-over-quarter. and that get so up coming ASPs the the the And are your sequentially even

Haiyun Cao

It's difficult to estimate.

As the rational of one second we of think the top will in a the come factory. think to be more year, we we out things the capacity clients that, key capacity, Shanxi relatively level. phase some with have -- On Super half

the of premium is some recovery, it in our of margins, things. even shipments and do think, doing lot helps control. internal U.S. now have can some what we We are It but do the on one, We we things, we we market. more of level a and depends

Unknown Analyst

I see.

on Okay. My next is market question share.

the will of of Your rest range. Do continue the for market year increase, closer you off-line share comes excess the for year? XXX-gigawatt of was to especially number And capacity the in year, of in as share a XX%, it's the your XX% as the market in hit XXXX kind that first you in the kind that to the XX% already whole. if quarter, think for

Gener Miao

we XX%, are where the right? number your whole really share perception, Whether on that's depends to down? appreciate difficult are industry. on calculate looking we target, anyway, Well, never go -- around calculations define, or why we So ourselves these the And I XX% market It's that It it, at fair, ways market competition. to It up roughly is depends our But right? the because on as share -- say. our say, also different could numbers. of definitions, today. we a definition. say, let's -- let's my different go well-accepted take harder Based on it's share to it's market think how there

it So on depends peer strategy as well. our

it's to to our to now, momentum. why are that's serve our that the we difficult definitely, the from So keep doing our best we customers make sure the we partnership long-term term in Meanwhile, delivered statement results the wise. are but good long right best to doing say financial

Unknown Analyst

an share that brands? the with premium price you premium relative have brand or other you that that well. are developing market Is name giving combined to increasing Is the a price as you

Gener Miao

it are But of you people what whether the different and that market brand -- acceptance the the a compare the of depends believe us definitely But market, across imagine. be it Definitely, in brand a If might awareness quite give how we lot. with, the not much as a comparing of itself for you or or top customers if sure. numbers market X, works on top compare lot strength top X acceptance with the right? our creates the brand with the definition premium, you nobodies it

in different countries market the also lot different a vary well. brand premium as will and the sector So in

Unknown Analyst

of see. I What products be N-type shipments the N-type think you A will in on do the products. industry's question XXXX?

Gener Miao

the transition end P-type market we to by from believe N-type the of finish year. this will Roughly,

So XX% what That's I'd XX% technically, believe. say, from, even start might range XX% XX% roughly to to year-end, it we and range.

Unknown Analyst

the the other the -- also to year? So you range will the think competitors of get end up by the XX%

Gener Miao

I mean action the whole industry, right? Someone faster. take might

industry be as whole like believe may that slower. industry, we the But Someone that. will look an

Unknown Analyst

who Now and you your cost that putting of X X companies costs down terms Tier are does margin to curve are kind have you been behind of P-type. your Tier comparable N-type N-type over ahead give now and premium relative the of cost guys? What to you in

Gener Miao

right? PV last into price, let's N-type example, USD InfoLink, take questions. roughly So for X say, per market gap there's, Thank the third-party question. believe some look We as let's the you for if P-type, the your watt. if compare you is you this So intel,

to right? see. X%, reflect looking way So if can margin the like So in difference, XX% much roughly of margin-wise, the roughly how we you it the I right? -- it. are That's it's calculate will you

Operator

Leo Daiwa The Ho comes last question Markets. from Capital with

Leo Ho

situation. U.S. there Asia? Just capacity, solar we and which a industry Wafer-Plus-Three of from been be cannot our that means some using solar we've just own may I use Asia the the suggesting Southeast And on for that feedback cancellation wonder hearing question rules, AD/CVD probably are the more. like our we cell cell Southeast from

you any that? on do So have view

Gener Miao

polysilicon based module from years' have in what sources, [indiscernible]. cell quite to. integrated policies you So all in I'm outside that's U.S. the fully vertically not Jinko built are right? in the wafer non-China situation, are not are means X under referring in what But time the on China, we last we sure

trust that us U.S. of So market. and gives lot the in a advantage

Leo Ho

Okay.

Just situation. one more question, if I the may. I would about like to EU ask

Shanghai exporting hearing one think, EU publicly Europe? same regarding you Especially some situation. Aside hearing players Longxi not that's we've also major hearing sure suggesting the probably Chinese that I the weird any been with raided. module being news announced from, regarding Electric. we and of to headquarter if like are troubles Are situation maker I'm guys

Gener Miao

something I'm -- aware not Not right now. of just

if have I like know. would to you So definitely anything,

Operator

disconnect your concludes This the call. Please lines. conference

JinkoSolar Holding (JKS) 29 Apr 242024 Q1 Earnings call transcript