Investor Presentaiton
Income statement summary
Quarterly (US$mn)
Change by RMB
Annually (US$mn)
Solar
Jinko
Building Your Trust in Solar
Change by
RMB
Q4 2019A
Q3 2020
Q4 2020
QoQ change YoY change
FY2019A
FY2020A
YoY change
1.0%
27.2%
14.3 GW
18.8GW
31.4%
Total module shipments
4,538 MW
5,517MW
5,774MW
Revenue
1,369
1,292
1,444
7.5%
(1.1)%
4,273
5,384
18.1%
Gross profit
248
220
231
0.8%
(12.9)%
780
946
13.6%
Gross margin
18.2%(1)
17.0%
16.0%(1)
(1.0)pct
(2.2)pct
18.3%
17.6%
(0.7)pct
EBITDA
161
144
100
(33.6)%
(43.0)%
376
464
20.6%
EBITDA margin
11.70%
11.2%
6.9%
(4.3)pct
(4.8)pct
8.8%
8.6%
(0.2)pct
Operating income
85
80
11
(86.9)%
(88.0)%
248
274
3.2%
Operating margin
6.2%
6.2%
0.8%
(5.4)pct
(5.4)pct
5.8%
5.1%
(0.7)pct
Non-GAAP net income (2)
62
47
5.1
(89.6)%
(92.3)%
139
147
(1.2)%
Non-GAAP net margin
4.5%
3.7%
0.4%
(3.4)pct
(4.1)pct
3.3%
2.7%
(0.6)pct
Net debt / LTM EBITDA (3)
2.7x
2.7x
3.9X
2.7x
3.4X
(1)
Notes: Unaudited quarterly financials. YoY and QoQ changes calculated on the RMB basis.
Including the reversal benefit of AD/CVD
(2)
Attributable to the Company's ordinary shareholders.
(3)
Please refer to the next slide for the calculation of net debt.
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