Years Solar Business Day 2017 January 25th, Driebergen, Netherlands PV Production Trends Frank Niendorf, General Manager Europe, Jinko Solar
Company Overview Largest PV Module Manufacturer Worldwide (2016) China Fortune 500 Company 15.000 Employees Listed at NYSE 34 Subsidiaries / Offices 6 Factories 6,5 GW 17 GW > 2,5 Billion USD Capacity Delivered Revenue 2015 Sales in over 70 Countries www.jinkosolar.com 2
Shipments MW Capacity MW Key Facts Wafer Cells Modules 6.500 4.500 4.500 3.700 3.200 3.000 2.500 2.500 2.000 2.0002.100 2.000 1.000 1.000 1.000 1.200 1.200 1.200 400 300 300 2010 2011 2012 2013 2014 2015 2016 Spalte1 Modules Spalte2 4.500 2.944 1.933 1.188 950 480 2010 2011 2012 2013 2014 2015 2016E 6.700 Fast Growth: 50% CAGR Qualitative Growth : No. 1 in Gross Margin Diversification: risk mitigation due to balanced deployment in several Regions Competitiveness:: Technology, Quality, Service, Brand www.jinkosolar.com 3
Global Supply / Demand (2016 & 2017) 75 GW global market in 2016 (34GW in China) Ca 70 GW of Tier 1 module capacity in 2016 (34GW in China) 2017 Trend: Global demand forecast for 2017: 73-79 GW Demand in China will remain high in H1 2017 (15-20 GW ) due to FiT cut June 30 th > stabilization of global ASP. In H2 2017 US demand will significantly increase. 4
Cost & Price Trends 2016 & 2017 - Module prices continued to drop in 2016, with a global ASP of $0.41 / Wp in 2016 Q4 - Along with ASPs, costs continue to drop Cost during H1 2017 expected to increase because of increase in wafer and cell cost, driven by the high demand in China for 2017 H1 Stabilisation of ASP price level thanks to booked out Tier 1 capacities 5
Product & Technology roadmap Power Roadmap for 60 Poly Cells 305 300 295 290 285 280 Year 2017 2018 2019 2020 Cell Eff. 18.5-18.8% 18.8-19.1% 19.1-19.4% 19.4-19.7% Main Power 270W 275-280W 280-285W 285-290W Max Power 280W 285-290W 290-295W 295-300W LRF/White EVA: +5W MCT: +2W 280W 5BB+LCR: +5W Half Cell: +5W 285W 290W 280W RIE+PERC: +5-10W 295W 285W 300W 290W 275 270 270W 275W means definite trend for Jinko roadmap represent potential technology that Jinko might focus on 265 260 17Q1 17Q2 17Q3 17Q4 18Q1 18Q2 18Q3 18Q4 19Q1 19Q2 19Q3 19Q4 20Q1 20Q2 20Q3 20Q4 Main Power Max Power 6
Product & Technology roadmap Power Roadmap for 60 PERC Mono Cells 330 325 320 315 310 305 300 295 290 285 280 Year 2017 2018 2019 2020 Cell Eff. 21% 21.1-21.4% 21.5-21.8% 21.9-22.2% Main Power 295W 300-305W 305-310W 310-315W Max Power 305W 310-315W 315-320W 320-325W Fine Line Metallization: +5- N-type Bifacial: +5-10W 10W 325W Improved PERC: +2W 5BB: +1W 305W 295W 5BB+LCR: +5W Half Cell: +5W 310W 300W 17Q1 17Q2 17Q3 17Q4 18Q1 18Q2 18Q3 18Q4 19Q1 19Q2 19Q3 19Q4 20Q1 20Q2 20Q3 20Q4 Main Power 315W 305W Max Power 320W 310W 315W means definite trend for Jinko roadmap represent potential technology that Jinko might focus on 7
Product Portfolios getting broader 2013 2014 Eagle PID Free Eagle+ 2014 2017 Smart Modules Dual-Glass Modules 1 500 V Module Black Poly Module PERC Mono and Poly etc www.jinkosolar.com 8
Optimized Modules Conventional Bypass Diode per 24 cells M X M X M X Jinko Eagle MX Optimizer per 24 cells Performance Simplicity Value Reliability Three MPPT per module for deepest performance optimization Embedded in module, no added system components or complexity Highly integrated IC enables the lowest cost optimizer Technology proven over 20 years in mission critical applications Within a conventional module Power output reduces when any type of mismatch happens caused by shading, micro-cracks, aging, temperature inconsistency, etc. www.jinkosolar.com 9 9
Residential System Design Flexibility Directly combine strings of different length i.e. 10 panels in parallel with 12: +5% energy increase 1 Series connect panels facing different directions i.e. East panels in series with West: +12% energy increase 1 Series connect panels of different tilts i.e. 10 panels in series with 25 panels: +1.6% energy increase 1 Parallel Mismatch Operation Series Mismatch Operation Multiple Mounting Planes Distributed MPPT enables flexible PV site design No performance penalty design; use the easiest installation 10
Thank You! 11
Jinko Solar - Company Milestones 2006 Jinko Solar Co., Ltd. is established 2007 Launching ingot manufacturing 2008 Launching wafer manufacturing 2009 Operates the 1 st fully automated PV module NPC production line in China 2010 Successful IPO and listed on NYSE 2012 World First company passing PID free test under 85 C/85% RH Ranked No. 2 in Photon Lab Test Ranked No. 4 in PV Sustainable index publishing by PwC 2013 The 4 th largest solar module manufacturer worldwide 2014 3.2 GW production capacity, 7 GW solar products globally 2015 6.5 GW capacity, 12 GW delivered 2016 No. 1 in 2016, shipment, revenue, gross margin, and net profit www.jinkosolar.com 12
Financial Performance Revenue USD Million Gross Margin USD Million 15.6% 4.8% 20.3% 22.4% 20.3% 21.3% 20.4% 22.1% 2480 1610 1200 1170 1610 847,8 896,1 855,3 2011 2012 2013 2014 2015 2016 Q1 Q2 Q3 Operation Income USD Million 503,44 360,64 187,2 237,51 180.8 182,4 188,6 360.64 2011 2012 2013 2014 2015 2016 Q1 Q2 Q3 Cash & Cash Equivalent USD Million 4.2% -25.7% 9.1% 9.3% 8.3% 10.5% 7.5% 10.5% 68.93 44.80 75.34 286.40 568.66 50,2 106,7 150,1 205,9 89 67 90,1 2011 2012 2013 2014 2015 2016 Q2 Q3 198 Q1 403,2 203,07 165,46 45,7 9,5 23,2 83.33 22,2 65,8 83,33 2011 2012 2013 2014 2015 13
Product & Technology roadmap Eagle MX Optimizer Power Roadmap Power Roadmap in 2017 Smart Module Eagle MX SolarEdge Backsheet White Black White Black 60c POLY 260-270W 250-260W 260-270W 250-260W 72c POLY 310-325W 310-325W 60c MONO 285-295W 275-285W 285-295W 275-285W 72c MONO 340-350W 340-350W 14