晶科能源 (JKS) 2022 Q4 法說會逐字稿

Hello, ladies and gentlemen, and thank you for standing by for JinkoSolar Holding Co., Ltd. Fourth Quarter 2022 Earnings Conference Call. (Operator Instructions). As a reminder, today's conference call is being recorded.

女士們，先生們，您好，感謝您耐心等待晶科能源2022年第四季度財報電話會議。 （操作員說明）。提醒一下，今天的電話會議正在錄製中。

I would now like to turn the meeting over to your host for today's call, Ms. Stella Wang, JinkoSolar's of Investor Relations. Please go ahead, Ms. Stella.

我現在想把今天的會議轉交給你們的主持人，晶科能源投資者關係部的 Stella Wang 女士。請繼續，斯特拉女士。

Thank you, operator. Thank you, everyone, for joining us today for JinkoSolar's Fourth Quarter 2022 earnings conference call. The company's results were released earlier today and available on the company's IR website at www.jinkosolar.com as well as on Newswire services. We have also provided a supplemental presentation for today's earnings call, which can also be found on the IR website.

謝謝你，運營商。感謝大家今天參加晶科能源 2022 年第四季度財報電話會議。公司的業績今天早些時候發布，可在公司的 IR 網站 www.jinkosolar.com 以及 Newswire 服務上查閱。我們還為今天的財報電話會議提供了補充介紹，也可以在 IR 網站上找到。

On the call today from JinkoSolar, Mr. Xiande, Chairman of the Board of Directors and the Chief Executive Officer of JinkoSolar Holding Co., Ltd.; Mr. Gener Miao; Chief Marketing Officer of JinkoSolar Holding Co., Ltd, Mr. Pan Li, Chief Financial Officer of JinkoSolar Holding Co., Ltd.; and Mr. Charlie Cao, Chief Financial Officer of JinkoSolar Co. Ltd.. Mr. Li will discuss JinkoSolar's business operations and company highlights followed by Mr. Miao, who will talk about the sales and marketing; and then Mr. Pan Li, who will go through the financials.

晶科能源董事長兼首席執行官先德先生今天接到晶科能源的電話；苗根兒先生；晶科能源首席營銷官潘力先生，晶科能源首席財務官；和晶科能源有限公司首席財務官曹查理先生。李先生將討論晶科能源的業務運營和公司亮點，隨後苗先生將討論銷售和營銷；然後是潘力先生，他將負責財務。

We will all be available to answer your questions during the Q&A session that follows. Please note that today's discussion will contain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties.

在接下來的問答環節中，我們都可以回答您的問題。請注意，今天的討論將包含根據 1995 年美國私人證券訴訟改革法案的安全港條款作出的前瞻性陳述。前瞻性陳述涉及固有的風險和不確定性。

As such, our future results may be materially different from the views expressed today. Further information regarding this and other risks is included in JinkoSolar's public filings with the Securities and Exchange Commission. JinkoSolar does not assume any obligation to update any forward-looking statements, except as required under the applicable law.

因此，我們未來的結果可能與今天表達的觀點存在重大差異。有關此風險和其他風險的更多信息包含在晶科能源向美國證券交易委員會提交的公開文件中。晶科能源不承擔任何更新任何前瞻性陳述的義務，適用法律要求的除外。

It's now my pleasure to introduce Mr. Xiande, Chairman and CEO of JinkoSolar Holding. Mr. Li will speak in Mandarin, and I will translate his comments into English. Please go ahead, Mr. Li.

現在我很高興向大家介紹晶科能源董事長兼首席執行官先德先生。李先生將用普通話發言，我會將他的評論翻譯成英文。請繼續，李先生。

(foreign language)

（外語）

[Interpreted] We closed our challenging 2022 with satisfactory results as we delivered strong operational and financial performance in the fourth quarter leveraging our outstanding global supply chain management and marketing network. Our total shipments and total revenue increased significantly year-over-year.

[解讀] 由於我們利用出色的全球供應鏈管理和營銷網絡，在第四季度實現了強勁的運營和財務業績，我們以令人滿意的成績結束了充滿挑戰的 2022 年。我們的總出貨量和總收入同比大幅增長。

At the end of 2022, we became the first in the industry to have delivered a total of 130 gigawatt solar modules. Throughout the year, as raw material costs continued to rise, we continue to optimize our cost structure through technical advancement and manufacturing process improvements, which partially relieved the pressure on our profitability, and new shipments of high-efficiency premium and type modules exceeded 10 gigawatts, further optimizing our product mix and gradually improving our profitability. Net income was approximately USD 102.9 million, up 29.1% sequentially and nearly triple year-over-year.

到 2022 年底，我們成為業內第一家交付總計 130 吉瓦太陽能組件的公司。全年，在原材料成本持續上漲的情況下，我們通過技術進步和製造工藝改進持續優化成本結構，部分緩解了盈利壓力，高效特優型組件新出貨量超過10吉瓦，產品結構進一步優化，盈利能力逐步提升。淨收入約為 1.029 億美元，環比增長 29.1%，同比增長近三倍。

(foreign language)

（外語）

[Interpreted] Throughout 2022, the increase in demand for solar products did not slow down despite compounded challenges such as the surge in raw material costs, pandemic disruption and macroeconomic uncertainties. In particular, the energy crisis caused by the Russia-Ukraine conflict caused prices of traditional energies to rise quickly and the PV remains the optimum solution countries to achieve energy transformation because of its low carbon footprint and economic advantage.

【解讀】縱觀2022年，儘管面臨原材料成本飆升、疫情干擾和宏觀經濟不確定性等複合挑戰，太陽能產品需求增長並未放緩。尤其是俄烏衝突引發的能源危機導致傳統能源價格快速上漲，光伏以低碳足跡和經濟優勢成為各國實現能源轉型的最佳方案。

Global PV demand in 2022 was approximately 320 to 330 gigawatt DC, up about 50% year-over-year, even in the more price-sensitive Chinese market, newly added installations grew 59.3% year-over-year to reach 87.4 gigawatts AC, approximately 105 gigawatts DC and distributed installations grew nearly 75% year-over-year.

2022年全球光伏需求約為直流320-330吉瓦，同比增長約50%，即使在對價格更為敏感的中國市場，新增裝機同比增長59.3%達到交流87.4吉瓦，大約 105 吉瓦的直流和分佈式裝置同比增長近 75%。

(foreign language)

（外語）

[Interpreted] At the end of December, the cost of a seasonal imbalance between polysilicon supply and demand combined with inventory adjustments across the supply chain, prices of polysilicon wafer sales and modules were adjusted to varying degrees. And this volatility led to some downstream customers to force orders.

【解讀】12月底，受多晶矽供需季節性失衡的成本影響，加之全供應鏈庫存調整，多晶矽片銷售和組件價格均有不同程度的調整。而這種波動導致部分下游客戶強行下單。

Since February, polysilicon prices have rebounded and pricing gains between the upstream and downstream of the solar industrial chain have, to some extent, impacted market sentiment.

2月份以來，多晶矽價格回升，太陽能產業鏈上下游之間的價格上漲，一定程度上影響了市場情緒。

With polysilicon supply is sufficient to support module demand throughout the whole year 2023, we believe the short-term rise in polysilicon prices were not less. And instead, a decline in polysilicon prices will drive down module prices and improve the economics of PV projects. Global PV demand is expected to continue to grow in 2023, increase -- we are confident that we will further improve our competitiveness and profitability in the global market with our well-developed global industrial chain and the advantage of our N-type products.

由於多晶矽供應足以支撐2023年全年的組件需求，我們認為多晶矽價格的短期漲幅不小。相反，多晶矽價格的下跌將壓低組件價格並提高光伏項目的經濟性。預計2023年全球光伏需求將繼續增長，增加——我們有信心憑藉我們發達的全球產業鍊和我們N型產品的優勢，進一步提高我們在全球市場的競爭力和盈利能力。

(foreign language)

（外語）

[Interpreted] During the fourth quarter, as the industrial chain remained volatile, we continue to enhance operational management, including statically controlling inventories and flexible adjusting production scheduling and volumes. The second phase of 8 gigawatt to TOPCon capacity reached full production in the fourth quarter and the second phase of 11 gigawatts TOPCon cells capacity in Xinxiang is expected to reach full production in March 2023. This our 35 gigawatts of TOPCon cell capacity gradually reaching full production in the coming quarters. Our integrated capacity structure continued to rise, driving blended costs lower.

【解讀】四季度，在產業鏈波動較大的情況下，我們繼續加強經營管理，靜態控制庫存，靈活調整排產和產量。 2023年3月新鄉二期8吉瓦TOPCon產能達產，新鄉二期11吉瓦TOPCon電池產能有望達產，35吉瓦TOPCon電池產能逐步達產在未來幾個季度。我們的綜合產能結構繼續上升，推動混合成本下降。

(foreign language)

（外語）

In December, the lab efficiency of our f N-type TOPCon cells set a new record with maximum conversion efficiency of 26.4%, improving on our previous record of 26.1% set in October. At the end of 2022, the mass produced efficiency of our TOPCon cell capacity that has reached the full production reached 25.1%, and our integrated cost of N-type almost on par with C-type. We are confident we will maintain our leading position in terms of the R&D net produce efficiency and production capacity.

12 月，我們的 f N 型 TOPCon 電池的實驗室效率創下了 26.4% 的最高轉換效率的新記錄，比我們之前在 10 月份創下的 26.1% 的記錄有所提高。 2022年底，我們已達滿產的TOPCon電池產能量產效率達到25.1%，N型綜合成本與C型基本持平。我們有信心在研發淨生產效率和產能方面保持領先地位。

(foreign language)

（外語）

[Interpreted] At the end of 2022, we became the first model manufacturer in the world to ship over 10 gigawatts of N-type products. We are already a preferred supplier for global clients, thanks to our well-established global marketing footprint and the technological advantage of our N-type products.

【解讀】2022年底，我們成為全球首家N型產品出貨量超10吉瓦的機型廠商。由於我們完善的全球營銷足跡和我們 N 型產品的技術優勢，我們已經成為全球客戶的首選供應商。

With more and more industry players building up N-type capacity, our strategy to embrace and lead N-type technology is now becoming an industry trend. Effective supply of N-type TOPCon modules in the whole industry is expected to reach 120 to 130 gigawatts in 2023, accounting for about 30% of the total PV demand.

隨著越來越多的行業參與者建立N型產能，我們擁抱和引領N型技術的戰略正在成為行業趨勢。預計2023年全行業N型TOPCon組件有效供給量將達到120-130GW，約佔光伏總需求的30%。

Leveraging our accumulated experience in mass production and marketing, we expect our proportion of N-type shipments in 2023 to further increase with penetration of N-type products is far exceeding the industry average.

憑藉我們積累的量產和營銷經驗，我們預計2023年我們的N型出貨比例將進一步提升，N型產品的滲透率遠超行業平均水平。

(foreign language)

（外語）

[Interpreted] By the end of 2023, mass production efficiency of token sales is expected to reach 75.8%. We are optimistic on the growth potential for the PV market in the mid and long term, and we'll continue to invest in N-type capacity, which is now competitive in terms of technology and cost.

【解讀】到2023年底，代幣銷售量產效率有望達到75.8%。我們看好光伏市場中長期的增長潛力，我們將繼續投資於目前在技術和成本方面具有競爭力的N型產能。

By the end of 2023, we expect our annual production capacity for mono wafers, solar cells and solar modules to reach 75 gigawatts, 75 gigawatts and 90 gigawatts, respectively, we expect module shipments to be in the range of 11 gigawatts to 13 gigawatts for the first quarter of 2023 and 60 gigawatts to 70 gigawatts for the full year 2023. We will continue to maintain our leading position in N-type models through technology integration, improvement in mass production capability and cost optimization.

到2023年底，我們預計我們的單晶矽片、太陽能電池和太陽能組件的年產能將分別達到75吉瓦、75吉瓦和90吉瓦，我們預計組件出貨量將在11吉瓦到13吉瓦之間2023年第一季度和2023年全年60吉瓦到70吉瓦。我們將通過技術整合、量產能力提升和成本優化，繼續保持我們在N型機型上的領先地位。

We are pleased to announce that we have achieved a historically high shipment on a quarterly and annual basis. Thanks to our technology advantage and extensive global marketing network, the total shipment in fourth quarter of 2022 has approached to 16.8 gigawatts, where the module shipment was accounted for 95%, with a 78% increase year-over-year.

我們很高興地宣布，我們已經實現了季度和年度出貨量的歷史新高。得益於我們的技術優勢和廣泛的全球營銷網絡，2022年第四季度總出貨量已接近16.8吉瓦，其中組件出貨量佔比95%，同比增長78%。

The total annual module shipments were 44.5 gigawatts doubled year-over-year. Regarding our regional markets, the shipments in China and Europe markets were the top 2 highest in 2022, accounted for more than 65% of the total amount.

年度組件總出貨量為 44.5 吉瓦，同比翻了一番。區域市場方面，2022年中國和歐洲市場出貨量位居前2，佔總出貨量的65%以上。

In terms of absolute numbers, the annual module shipments year-over-year growth in China was more than triple. The annual module shipments to Europe were doubled, and our growth in emerging markets was nearly doubled as well.

就絕對數量而言，中國年度組件出貨量同比增長超過三倍。每年對歐洲的組件出貨量翻了一番，我們在新興市場的增長也幾乎翻了一番。

In China market, due to COVID and cost concerns mainly brought by upstream supply, some projects that have not been connected to the grid last year have been delayed to 2023.

在中國市場，由於COVID和主要由上游供應帶來的成本擔憂，一些去年沒有並網的項目被推遲到2023年。

Considering the cost for supply chain is dropping towards a more reasonable level, we expect our installations will increase in 2023.

考慮到供應鏈的成本正在下降到一個更合理的水平，我們預計我們的安裝量將在 2023 年增加。

Europe will continue to expand PV installations due to energy crisis and increasing electricity costs. As for U.S. market, with the policy incentives brought by IRA and third-party institutions high expectations of U.S. market demand. We believe the project pipeline is sufficient there. In addition, we have seen the energy transformation accelerating in Latin America, Asia Pacific, Middle East and more regions and the countries in the world bringing more opportunities.

由於能源危機和電力成本增加，歐洲將繼續擴大光伏裝置。美國市場方面，隨著IRA和第三方機構帶來的政策利好，對美國市場需求的預期很高。我們相信那裡的項目管道是足夠的。此外，我們看到拉美、亞太、中東等更多地區和世界各國能源轉型加速，帶來更多機遇。

In 2023, we will continue to pursue our global expansion strategy with Europe and China markets continue to be our major ones, where the shipment would be accounted for over 50% of total amount and the shipments to the U.S. market were expected to recover gradually.

2023年，我們將繼續推進全球擴張戰略，歐洲和中國市場繼續是我們的主要市場，出貨量將佔總出貨量的50%以上，對美國市場的出貨量有望逐步恢復。

Our shipment structure continues to optimize. Distribution generation business accounted for over 50% for the full year improved compared to 2021. In terms of the products, our competitive N-type Tiger Neo module shipments were around 7 gigawatts with a premium remained within reasonable range. Until the year end of 2022, we have become the first module manufacturer in the world shipped over 10 gigawatts N-type module. We expect our proportion of N-type module shipments in 2023 to further increase to about 60%, which could further strengthen our leading position in N-type technology in the industry.

我們的出貨結構持續優化。全年配電業務佔比超過50%，較2021年有所提升。產品方面，我們有競爭力的N型Tiger Neo組件出貨量在7GW左右，溢價保持在合理區間。到2022年底，我們已經成為全球第一家出貨量超過10吉瓦N型組件的組件製造商。我們預計 2023 年我們的 N 型模塊出貨量佔比將進一步提升至 60% 左右，這將進一步鞏固我們在 N 型技術的行業領先地位。

Moreover, the global clean energy transition has started a new growth cycle for solar plus energy storage business. So far, we have already signed a framework agreement and distribution agreement with multiple power developers and the distributors around the world.

此外，全球清潔能源轉型開啟了太陽能+儲能業務的新增長周期。到目前為止，我們已經與全球多家電力開發商和分銷商簽署了框架協議和分銷協議。

In 2023, we will continue to expand the investment on cultivating our storage business to bring our client safer and more sustainable solar plus storage system solutions. In terms of price and orders, our order book visibility in 2023 has already achieved over 50% with overseas orders as the major contributor. Proportion of the high efficient and high premium anti target new will be significantly higher than 2022.

2023年，我們將繼續加大對儲能業務的投資，為客戶帶來更安全、更可持續的光儲系統解決方案。在價格和訂單方面，我們2023年的訂單可見度已經達到50%以上，海外訂單是主要貢獻者。高效、高溢價反靶新品佔比將明顯高於2022年。

All this will keep our products competitive in this industry. By working through various challenges, our PV enterprise can grow up to be more resilient under this background.

所有這些將使我們的產品在這個行業中保持競爭力。通過克服各種挑戰，我們的光伏企業才能在這種背景下成長起來更有韌性。

We JinkoSolar, are also continuously enhancing our capacities to handle risks and strengthen our marketing network and the client relationship. We are committed to provide more reliable and high-quality products and services to our clients, bringing them more economic value, and this will also help us to further improve our global market share.

我們晶科能源也在不斷提升我們的風險應對能力，加強我們的營銷網絡和客戶關係。我們致力於為我們的客戶提供更可靠、更優質的產品和服務，為他們帶來更多的經濟價值，這也將有助於我們進一步提高我們的全球市場份額。

With that, I will turn the call to Pan.

有了這個，我會把電話轉給潘。

Thank you, Gener. We are pleased to have achieved strong fourth quarter results based on our solid operation and management strategy. Against the backdrop of strong demand in the global market, both solar shipments and total revenues increased significantly year-over-year. Shipments of N-type modules which are premium and cost advantages more than doubled sequentially in the fourth quarter, partially contributing to our improved profitability.

謝謝你，根。我們很高興基於我們穩健的運營和管理策略取得了強勁的第四季度業績。在全球市場需求旺盛的背景下，太陽能出貨量和總收入均同比大幅增長。具有溢價和成本優勢的 N 型模塊的出貨量在第四季度環比增長了一倍多，部分有助於我們提高盈利能力。

In addition, we continue to enhance control over our operating expenses. Total operating expenses accounted for about 12 percentage of total revenues in the fourth quarter, a significant decrease from over 15 percentage last quarter.

此外，我們繼續加強對營運開支的控制。第四季度總運營費用約佔總收入的 12%，較上一季度的 15% 以上大幅下降。

Operating margin was more than 9x higher sequentially, increasing to 2.1 percentage from 0.3% in last quarter. As 35 gigawatt cell capacity put into production in 2022 reaches full production in the coming quarters, our integrated capacity structure is expected to improve further. As shipments of our competitive N-type products increased, we hope to gradually improve our profitability.

營業利潤率環比增長 9 倍以上，從上一季度的 0.3% 增至 2.1%。隨著2022年投產的35吉瓦電池產能在未來幾個季度達到滿產，我們的綜合產能結構有望進一步改善。隨著我們競爭性N型產品出貨量的增加，我們希望逐步提高我們的盈利能力。

Let me go into more details now. Total revenue was $4.4 billion, an increase of about 56 percentage sequentially and 85 percentage year-over-year. Gross margin was 14.1 percentage compared with 15.7 in the third quarter this year and 16.1 percentage in the fourth quarter last year. The sequential and year-over-year decreases were mainly due to an increase in the cost of solar module raw materials.

現在讓我詳細介紹一下。總收入為 44 億美元，環比增長約 56%，同比增長 85%。毛利率為 14.1 個百分點，而今年第三季度為 15.7 個百分點，去年第四季度為 16.1 個百分點。環比和同比下降主要是由於太陽能組件原材料成本的增加。

Total operating expenses were $526 million, up 21% sequentially and up 68% year-over-year. The increases were mainly attributed to an increase in shipping costs for solar modules and an increase in impairment loss on property, plant and equipment.

總運營費用為 5.26 億美元，環比增長 21%，同比增長 68%。增加主要由於太陽能組件運輸成本增加及物業、廠房及設備減值虧損增加所致。

Net income attributable to the JinkoSolar Holdings ordinary shareholders was about $103 million in the fourth quarter excluding the impact from a change in fair value of the notes long-term investments and the share-based compensation expenses, adjusted net income was $45 million up 33 percentage year-over-year.

第四季度歸屬於晶科能源普通股股東的淨利潤約為1.03億美元，剔除票據長期投資公允價值變動和股權激勵費用的影響，調整後淨利潤為4500萬美元，增長33%一年又一年。

Now I'll brief you on our 2022 full year financial results. Total module shipments were 44.5 gigawatts doubled year-over-year, and total revenues were $12 billion also doubled. For the full year of 2022, gross profit was $1.8 billion, an increase of 85% year-on-year. Gross margin was 14.8 percentage compared to 16.3 percentage last year. The decrease was mainly attributed to an increase in the cost of solar module raw materials.

現在我將向您介紹我們 2022 年全年的財務業績。模塊總出貨量為 44.5 吉瓦，同比翻了一番，總收入為 120 億美元，也翻了一番。 2022年全年，毛利為18億美元，同比增長85%。毛利率為 14.8%，而去年為 16.3%。減少主要由於太陽能組件原材料成本增加所致。

Total operating expenses were $1.7 billion increased year-over-year, increase was mainly attributed to an increase in shipping cost for solar modules, an increase in impairment loss and disposal of PPE, an increase in share-based compensation expenses.

總運營費用同比增加 17 億美元，增加的主要原因是太陽能組件的運輸成本增加、減值損失和 PPE 處置增加、股權補償費用增加。

Net income attributed to the JinkoSolar Holdings ordinary shareholders was about $96 million in the fourth quarter excluding the impacts from a change in fair value of the notes, long-term investments and share-based compensation expenses, adjusted net income was and $208 million up 1.7x year-over-year.

第四季度歸屬於晶科能源普通股股東的淨收入約為 9600 萬美元，剔除票據公允價值變動、長期投資和股權激勵費用的影響，調整後的淨收入為 2.08 億美元，增長 1.7 x 同比。

Moving to the balance sheet. At the end of the fourth quarter, our cash and cash equivalents were USD 1.6 billion compared with $2.1 billion at the end of the third quarter and $1.4 billion at the end of the fourth quarter last year. AR turnover days were 73 days in the fourth quarter compared with 69 days in the third quarter this year.

轉到資產負債表。第四季度末，我們的現金和現金等價物為 16 億美元，而第三季度末為 21 億美元，去年第四季度末為 14 億美元。第四季度應收賬款周轉天數為 73 天，而今年第三季度為 69 天。

Inventory turnover days were reduced to 59 days in the fourth quarter compared to 117 days in the third quarter. Total debt was about USD 4 billion, and net debt was $2.3 billion at the end of 2022.

庫存周轉天數從第三季度的 117 天減少到第四季度的 59 天。截至 2022 年底，總債務約為 40 億美元，淨債務為 23 億美元。

This concludes our prepared remarks. We're now happy to take your questions. Operator, please proceed.

我們準備好的發言到此結束。我們現在很樂意回答您的問題。接線員，請繼續。

(Operator Instructions). The first question will come from Brian Lee with Goldman Sachs & Company.

（操作員說明）。第一個問題將來自高盛公司的 Brian Lee。

This is Miguel on for Brian. My first question was just on the capacity expectations for 2023. You're guiding to the very strong growth in capacity for the year. What are your CapEx requirements for 2023 to support this growth?

這是布賴恩的米格爾。我的第一個問題只是關於 2023 年的產能預期。你正在指導今年產能的強勁增長。您對 2023 年的資本支出要求是什麼來支持這種增長？

Yes. Miguel, I think we are in the middle of a calculation right now. I think our team will follow up with you after the call for the further details of CapEx numbers, Right?

是的。 Miguel，我想我們現在正在進行計算。我想我們的團隊會在電話會議後與您跟進，了解資本支出數字的更多細節，對嗎？

Okay. I appreciate that. And then my follow-up question was just on margins during the fourth quarter. Given the overall decline in the market prices for polysilicon was observed in the fourth quarter. Could you just give more color on what drove the lower quarter-on-quarter gross margins? And then what are your expectations for polysilicon prices and then also on margins through the first quarter of '23 and through the rest of the year.

好的。我很感激。然後我的後續問題只是關於第四季度的利潤率。鑑於四季度多晶矽市場價格整體下滑。您能否就導致季度環比毛利率下降的原因提供更多顏色？然後您對多晶矽價格的預期是什麼，然後是對 23 年第一季度和今年剩餘時間的利潤率的預期。

Yes. For the polysilicon, I think overall, we are observing oversupply of polysilicon in the long run. So we believe the recent turbulence is just the start of the market trend. But in general, we believe the polysilicon will go back to the market-based pricing. So that's what we believe in the long term.

是的。對於多晶矽，我認為總體而言，從長遠來看，我們觀察到多晶矽供應過剩。因此，我們認為近期的動盪只是市場趨勢的開始。但總的來說，我們認為多晶矽將回歸市場定價。所以從長遠來看，這就是我們的信念。

In short term, for sure, because of the different seasonalities and the behavior of, let's say, top players in the polysilicon industry, we still believe there might be some short-term challenge or turbulence, that's what we see.

短期內，可以肯定的是，由於不同的季節性和多晶矽行業頂級企業的行為，我們仍然認為可能存在一些短期挑戰或動盪，這就是我們所看到的。

For the margin wise, we still believe with more and more capacity online, especially the N-type-based, high-end capacity online. With the premium and competitive cost structure we have, the margin will gradually improve quarter by quarter if there's no big surprises in the market. Hope I answered your question.

就利潤率而言，我們仍然相信隨著越來越多的產能上線，尤其是基於 N 型的高端產能上線。憑藉我們擁有的溢價和有競爭力的成本結構，如果市場上沒有大的意外，利潤率將逐季度逐步提高。希望我回答了你的問題。

Yes. If I could just squeeze in a follow-up on that. Just on the 4Q margins, I guess what -- if the -- were you able to realize any of the lower market prices for polysilicon that we saw in the fourth quarter? Or I guess, what drove the -- specifically in the fourth quarter, what drove the lower gross margins?

是的。如果我能擠進去跟進一下就好了。就第四季度的利潤率而言，我猜 - 如果 - 你能夠實現我們在第四季度看到的任何較低的多晶矽市場價格嗎？或者我猜，是什麼推動了——特別是在第四季度，是什麼推動了較低的毛利率？

I think if you look into financial figures, I see the turbulence happened in the polysilicon prices in early Q1 this year will not be helpful for the Q4 margins. And if you look into the Q1 margins, we have to look into the overall polysilicon cost instead of short term, let's say, 1 week or 2 weeks a low price of polysilicon. So in my opinion, that will not significantly change the margin expectations. Again, we will gradually improve the margins.

我認為，如果你查看財務數據，我會發現今年第一季度初多晶矽價格的動盪對第四季度的利潤率沒有幫助。而且，如果您查看第一季度的利潤率，我們必須查看整體多晶矽成本，而不是短期，比方說，1 週或 2 週的多晶矽低價。所以在我看來，這不會顯著改變利潤率預期。同樣，我們將逐步提高利潤率。

But most of them is due to our internal, let's say, management improvement and the cost structure improvement instead of polysilicon turbulence. Because you have to think about the polysilicon inventory numbers, right? So that number is a very important impact factor to the cost of the polysilicon.

但其中大部分是由於我們內部，比方說，管理改進和成本結構改善，而不是多晶矽動盪。因為你必須考慮多晶矽庫存數字，對嗎？所以這個數字是影響多晶矽成本的一個非常重要的因素。

The next question will come from Philip Shen with ROTH MKM.

下一個問題將來自 ROTH MKM 的 Philip Shen。

First, I'd like to address the U.S. market and the U.S. LPA situation. So I was wondering if you could share how things are improving. So specifically, you expect to -- have you ramped up manufacturing in Southeast Asia for fresh shipments to the U.S. When do you expect those new shipments to reach the U.S.? And what is the utilization of the Southeast Asia capacity set aside for the U.S.

首先，我想談談美國市場和美國 LPA 的情況。所以我想知道你是否可以分享事情是如何改善的。所以具體來說，你希望 - 你是否增加了東南亞的製造業以向美國運送新貨物。你預計這些新貨物甚麼時候到達美國？留給美國的東南亞產能利用率如何？

Thanks for the question. For the U.S. market, especially regarding the UFLPA inspections, we are -- let's say, we have seen the light at end of the tunnel and we see the improvement, the efficiencies, the turnover days, et cetera, is gradually improving. While the official -- CBP officials are becoming more and more professional. in that perspective. We have seen the hopes, but it's still not 100% smooth transactional, let's say, customer clearance yet, but we are hoping that could happen soon.

謝謝你的問題。對於美國市場，尤其是關於 UFLPA 檢查，我們——可以說，我們已經看到了隧道盡頭的曙光，我們看到了改善、效率、周轉天數等正在逐漸改善。而官方——CBP 官員正變得越來越專業。從那個角度來看。我們已經看到了希望，但它仍然不是 100% 順利的交易，比方說，還沒有客戶清關，但我們希望這能很快發生。

So regarding the question of the Southeast Asia factories of Jinko and our factory is as high utilization rates, not only because of U.S. market, I think mainly fact the other markets who are -- also have a strong demand for capacities or productions outside China. So our capacity is up and running almost in full speed even by end of last year. So we will -- we are hoping to allocate more capacity and the shipments to U.S. once all the customer clearance is back to a normal status, which we believe could happen soon.

因此，關於晶科的東南亞工廠和我們工廠的高利用率問題，不僅是因為美國市場，我認為主要是因為其他市場對中國以外的產能或生產也有強烈需求。因此，即使到去年年底，我們的產能也幾乎全速運行。所以我們將 - 我們希望在所有客戶清關恢復正常狀態後分配更多產能和運往美國，我們相信這很快就會發生。

Thanks, Gener. So when you say soon, are we talking about a couple of months? Or are we talking about maybe 6 to 9 months?

謝謝，將軍。所以當你說很快的時候，我們是在談論幾個月嗎？或者我們說的可能是 6 到 9 個月？

Well, my perspective, I hope it could happen tomorrow, but it's not something I can handle or I can decide. So we are working closely with CBP officers to make it happen as soon as possible.

好吧，我的觀點是，我希望它能在明天發生，但這不是我可以處理或決定的事情。因此，我們正在與 CBP 官員密切合作，以盡快實現這一目標。

Okay. And then you mentioned the -- your almost 100% utilization in your Southeast Asia facilities serving other countries. Can you share which countries those might be and how they might be impacted once the U.S. market opens up for you? Which markets would decline, if you will?

好的。然後你提到了——你在為其他國家服務的東南亞設施中幾乎 100% 的利用率。您能否分享一下這些國家可能是哪些國家以及一旦美國市場對您開放後它們會受到怎樣的影響？如果願意，哪些市場會下跌？

One of the important sorts is there are many names on the list, but one of the big market is India market. You know that the Indian market has strong demand as well while they have a high tariff against Chinese products or they have a strong appetite for the Southeast Asia products.

其中一個重要的類別是名單上有很多名字，但最大的市場之一是印度市場。你知道，印度市場的需求也很旺盛，而他們對中國產品的關稅很高，或者對東南亞產品的胃口很大。

Got it. That makes sense. And then shifting to your comments that the order book visibility in '23 has already achieved over 50% in large part from international markets. Can you talk to us about what your current contracting activity looks like for the U.S.? Are you taking new orders yet? Or do you have to get through -- remind us how much backlog you have to get through before -- backlog created by the trade situation before you can maybe take new orders?

知道了。這就說得通了。然後轉向您的評論，即 23 年的訂單簿可見性已經在很大程度上來自國際市場，達到 50% 以上。你能和我們談談你目前在美國的承包活動嗎？你還在接受新訂單嗎？或者你是否必須完成 - 提醒我們你之前必須完成多少積壓 - 在你可以接受新訂單之前貿易情況造成的積壓？

Based on what we have right now, we are not capable to take new orders because we have a lot of backlog, which is big enough for us to -- for the factory running under the current status of the CBP approval rates. However, we have a face that everything will get better because once the approval rate and efficiency is back to normal, I think we are hoping to allocate more capacities to U.S. market, which will help us to solve the backlog pipelines and the commitment to our clients and starting to pick up new orders. So that is, (inaudible) at question is really difficult to give an expectation of time line, but we are working hard on it.

根據我們目前的情況，我們無法接受新訂單，因為我們有很多積壓訂單，這對我們來說已經足夠大了——對於在 CBP 批准率的當前狀態下運行的工廠來說。但是，我們有一張一切都會好起來的臉，因為一旦批准率和效率恢復正常，我認為我們希望將更多的產能分配給美國市場，這將有助於我們解決積壓的管道和對我們的承諾。客戶並開始接新訂單。也就是說，（聽不清）確實很難給出時間表的預期，但我們正在為此努力。

Yes, that all makes sense. One last question on the U.S. As it relates to pricing in the U.S. Can you talk about how you expect panel pricing to trend through the -- not just this year, but also in the future years, I know you're not contracting fresh, but I know you guys probably are very much in touch with your customers. With the ramp-up of IRA manufacturing capacity in the U.S., how much do you think panel prices decline as we get through 2024, 2025, 2026, 2027, but you also have the other forces of UFLPA and other trade actions. So what's your view on module pricing in the coming years? -- in the U.S.

是的，這一切都是有道理的。關於美國的最後一個問題，因為它與美國的定價有關。你能談談你對面板定價的預期趨勢嗎 - 不僅是今年，而且在未來幾年，我知道你不會簽訂新合同，但我知道你們可能與客戶保持著密切聯繫。隨著美國 IRA 製造能力的提升，您認為面板價格在 2024 年、2025 年、2026 年、2027 年會下降多少，但您還有 UFLPA 和其他貿易行動的其他力量。那麼您對未來幾年的組件定價有何看法？ - 在美國。

Well, Phil, you know that we are not picking new deals at the current stage in U.S. market. So I'm not in the right position to discuss fair market numbers. But I can confirm there are many rumors in the market that U.S. market price is big enough or, let's say, high enough for many, let's say, middle small-sized suppliers who has not suffered or experienced the USLPA inspections. So we believe there are big room to correct the right market price in the future. Given the USLPA inspection complexity of the UFLPA and also the IR rate bring additional returns to the both investor side and the manufacturer side.

好吧，菲爾，你知道我們在美國市場的現階段沒有選擇新的交易。所以我不適合討論公平市場數據。但我可以確認市場上有很多傳言說美國市場價格足夠高，或者說，對於許多沒有遭受或經歷過 USLPA 檢查的中小型供應商來說，價格已經足夠高了。因此，我們認為未來市場價格調整空間較大。鑑於 UFLPA 的 USLPA 檢查復雜性以及 IR 率為投資者方和製造商方帶來額外回報。

(Operator Instructions) our next question will come from Rajiv Chaudhri with Sunsara Capital.

（操作員說明）我們的下一個問題將來自 Sunsara Capital 的 Rajiv Chaudhri。

Yes. I have a few questions. The first question is on the cost of polysilicon. You mentioned that was the primary reason why gross margin went down from Q4 -- from Q3 to Q1. I'm wondering if you can give us an idea of what your polysilicon cost was -- the cost embedded in the Q4 earnings results versus Q3, either in renminbi or in terms of the percentage increase from Q3 to Q1? That's my first question -- sorry Q3 to Q4.

是的。我有幾個問題。第一個問題是關於多晶矽的成本。你提到這是毛利率從第四季度下降的主要原因——從第三季度下降到第一季度。我想知道你是否可以告訴我們你的多晶矽成本是多少——第四季度收益結果中嵌入的成本與第三季度相比，以人民幣或從第三季度到第一季度的百分比增長？這是我的第一個問題——抱歉，Q3 到 Q4。

Rajiv, we are talking about the polysilicon appliance cost components, right?

Rajiv，我們談論的是多晶矽設備成本構成，對嗎？

Yes, yes. If you can give us more granularity on the -- on how much it went up from Q3 to Q4 and what the gross margin mice have been if the polysilicon costs had been flat, for example. That would give us an idea of how the cost numbers are playing out.

是的是的。例如，如果你能給我們更多的細節——從第三季度到第四季度它上升了多少，以及如果多晶矽成本持平，毛利率是多少。這將使我們了解成本數字如何發揮作用。

Yes. I think our trend is likely -- it's like the public the polysilicon appliance from the poly supplier like the PV Infolink or other poly supplier available online side. And if you look at the trend of the polysilicon, it's reached to the peak during -- from October to November. And in December because of destock and the China and Russia as poly is down dramatically. But because of the production shipments the positive impact is going to be reflected in the first quarter. So it's really -- the poly reached the peak from the cost perspective in Q4. And I think it's roughly I think, 10% to 15% quarter-by-quarter increase if we look at the change.

是的。我認為我們的趨勢很可能——就像公眾從 PV Infolink 或其他在線多晶矽供應商等多晶矽供應商那裡獲得的多晶矽設備一樣。如果你看一下多晶矽的趨勢，它會在 10 月到 11 月期間達到頂峰。而在 12 月由於去庫存和中俄視保利大幅下跌。但由於生產出貨量，積極影響將在第一季度體現出來。所以它真的 - 從第四季度的成本角度來看，保利達到了頂峰。如果我們看一下變化，我認為大致是按季度增長 10% 到 15%。

Okay. So you are saying that -- or you're implying that to ship product modules in November, December, you had to buy poly in October, November when the prices were very high. And so the benefit of the lower price of poly in December to the extent that you are going to get a benefit will be felt much more in Q1 because that's when the -- that product gets stripped out. So 10% to 15% increase in the cost of poly from Q3 to Q4 would mean that the gross margin would have gone up from Q3 to Q4 if the cost of poly had stayed flat?

好的。所以你是說 - 或者你暗示要在 11 月、12 月發貨產品模塊，你必須在 10 月、11 月價格非常高的時候購買多晶矽。因此，在 12 月份較低的多邊形價格所帶來的好處，你將在第一季度感受到更多的好處，因為那是該產品被剝離的時候。那麼從第 3 季度到第 4 季度多晶矽成本增加 10% 到 15% 是否意味著如果多晶矽成本保持不變，從第 3 季度到第 4 季度毛利率會上升？

You're right, you're right. The polysilicon price assumption is stable. And I think the gross margin is up in Q4 versus Q3. And poly is significant up and drive down the gross margin in Q4. I think the most important for the company business is we are doing investments in time, starting at the beginning of 2022, and we reached to 35 gigawatts N-type capacity by the end of last year and with more N-type shipments and polysilicon now the supply is sufficient on this downward trend and we have significant sales order pipeline in 2023, and we think we are in a good position to drive the company's growth including the revenue gross margin net profitability.

你是對的，你是對的。多晶矽價格假設是穩定的。而且我認為第四季度的毛利率高於第三季度。而保利大幅上漲並拉低了第四季度的毛利率。我認為對公司業務最重要的是我們正在及時進行投資，從 2022 年初開始，到去年年底我們達到了 35 吉瓦的 N 型產能，現在 N 型出貨量和多晶矽更多在這種下降趨勢下供應充足，我們在 2023 年有大量銷售訂單管道，我們認為我們處於推動公司增長的有利位置，包括收入毛利率和淨利潤率。

So would you say that from here onwards, if the price of polysilicon continues to come down, whether it comes down slowly or rapidly, we don't know. But if it keeps on coming down every quarter, that we should expect improvement in gross margin on a steady basis quarter-by-quarter?

那麼你說從現在開始，多晶矽的價格如果繼續往下走，是慢下來還是快下來，我們不知道。但如果它每個季度都持續下降，我們應該期望毛利率逐季穩定增長嗎？

Yes. It's a year basis, in this industry, we are optimistic on our profitability and it's not only the polysilicon. It's -- our competitor is improving a lot. We have good products. We have very strong R&D teams, and we have branding global sales and marketing, and we have a very solid supply chain teams and drive up the overall performance.

是的。這是一年的基礎，在這個行業，我們對我們的盈利能力持樂觀態度，而且不僅僅是多晶矽。這是 - 我們的競爭對手正在改進很多。我們有好的產品。我們有非常強大的研發團隊，我們有品牌化的全球銷售和營銷，我們有非常穩固的供應鏈團隊，推動了整體業績。

Can you also talk about the capacity that you had for wafer, cells and modules at the end of 2022?

能否再談談2022年底你們在矽片、電池、組件方面的產能？

It's -- I think we disclosed in the presentation side and the 65 gigawatts, 55 gigawatts by the end of last year and we continue to expand our untied capacity. And total capacity will reach to I think 75 gigawatts, 75 gigiawatts, 90 gigawatts by the end of this year.

這是 - 我認為我們在演示方面披露了 65 吉瓦，到去年年底達到 55 吉瓦，我們將繼續擴大我們的未綁定容量。我認為到今年年底，總容量將達到 75 吉瓦、75 吉瓦、90 吉瓦。

Right. Can you also talk about the trends that we should expect in operating expenses in 2023, versus the fourth quarter of 2022. For example, you should incur less cost or no cost related to the product coming out of Xinjiang and you should also incur less shipping costs. So should we be expecting a 100 to 200 basis point improvement in operating expenses in 2023 versus the fourth quarter?

正確的。您能否也談談我們預計 2023 年運營費用的趨勢，與 2022 年第四季度相比。例如，您應該減少與來自新疆的產品相關的成本或沒有成本，您也應該減少運費費用。那麼，與第四季度相比，我們是否應該預期 2023 年的運營支出會增加 100 到 200 個基點？

I think the operating expenses in the U.S. cap composed a lot of key components. One of the most important is the shipping cost, which is going to improve a lot. The global economy is -- the impact to the shipping logistics is not so significant. And we expect the shipment costs will improve a lot.

我認為美國上限的運營費用由很多關鍵組成部分組成。最重要的因素之一是運輸成本，這將大大改善。全球經濟——對航運物流的影響並不那麼顯著。我們預計裝運成本將大大提高。

On top of that, our U.S. LPA improve step by step, and we have incurred significant unexpected storage costs for the shipments to the U.S. markets. And that will -- we expect a significant improvement as well as we -- even in our management teams, internal meetings, we are expecting our overall, let's say, the labor efficiencies will expect to increase 20% to 30% and -- so that's going to be, I think, with expanding 60 gigawatts to 70 gigawatts versus 45 gigawatts, roughly a 50% increase on the top line and shipment cost improvement and efficiency continue to improve, we expect the operating expenses will be in a downward trend quarter-over-quarter.

最重要的是，我們的美國 LPA 逐步改善，並且我們為運往美國市場的貨物產生了意想不到的巨大存儲成本。這將——我們和我們一樣預計會有顯著改善——即使在我們的管理團隊、內部會議中，我們預計我們的整體，比方說，勞動力效率預計將提高 20% 到 30%，而且——所以我認為，隨著 60 吉瓦從 45 吉瓦擴大到 70 吉瓦，收入增長大約 50%，運輸成本改善和效率繼續提高，我們預計運營費用將處於下降趨勢的季度-超過季度。

Also, can you talk a little bit about what trend do you see in the G&A in the general and administrative expenses? They went up a lot in 2022 compared to '21. What sort of growth do you see in those expenses going forward?

另外，您能否談談您在一般和行政費用中看到的 G&A 趨勢？與 21 年相比，他們在 2022 年上升了很多。您認為這些支出未來會有什麼樣的增長？

Well, we have some obsolete let's say, one-off items like we dispose of obsolete equipment and for the small size, the equipment to produce small size modules. And we granted stock options, we have one-off stock option based compensation changes. So that is the key reasons for the our G&A expenses increased year-over-year.

好吧，我們有一些過時的東西，比如我們處理過時的設備和小尺寸的一次性物品，用於生產小尺寸模塊的設備。我們授予股票期權，我們有一次性的基於股票期權的薪酬變化。因此，這是我們的 G&A 費用同比增長的主要原因。

(Operator Instructions) Our next question will come from Alex Liu with Jefferies.

（操作員說明）我們的下一個問題將來自 Jefferies 的 Alex Liu。

So I would like to ask again about on the 4Q results. Because the share results actually show a very strong quarter-over-quarter earnings growth almost doubled where is the U.S. level the net adjusted net income actually declined. So how should we reconcile the difference between these 2? And is there any further share-based expenses in there? Or just what is the difference between the 2 levels?

所以我想再問一下第四季度的結果。由於股票結果實際上顯示出非常強勁的季度收益增長，幾乎翻了一番，而美國水平的淨調整後淨收入實際上下降了。那麼我們應該如何調和這兩者之間的差異呢？那裡還有其他基於股份的費用嗎？或者這兩個級別之間有什麼區別？

First, the accounting is under the PRC GAAP and the under U.S. GAAP and the consolidation base is different. The U.S. entity holds only 58% of the equity of the Asia under that, under U.S. GAAP, and we have -- for the 2022, we have significant difference on the income tax expenses relating to deferred tax assets. Because of the USFL and PPA, we have significant loss on the oversea capacity overseas entities. And on the U.S. can, we did not recognize the cumulative losses under the deferred tax assets and under the PRC GAAP from the beginning, we did not recognize. So there is a significant difference on the income tax expenses.

首先，中國會計準則與美國會計準則會計核算，合併基礎不同。美國實體僅持有亞洲 58% 的股權，根據美國公認會計原則，我們在 2022 年與遞延稅項資產相關的所得稅費用方面存在重大差異。由於 USFL 和 PPA，我們在海外實體的海外產能上有重大損失。而在美國方面，我們從一開始就沒有確認遞延所得稅資產下的累計虧損，而根據中國公認會計原則，我們沒有確認。因此，所得稅費用存在顯著差異。

Additionally, we have some difference on the accounting for the welfare benefits for the employees and it's based on the different accounting policies. And under U.S. GAAP, we have separate items like the change value or fair value of convertible bonds and for the long-term equity investment, we both for the ecosystem investment, we recorded under the fair value gains and the adjusted net income, excluding that (inaudible) as well.

此外，我們對員工福利的會計處理存在一些差異，這是基於不同的會計政策。而在美國通用會計準則下，我們有單獨的項目，如可轉換債券的變動價值或公允價值，對於長期股權投資，我們對於生態系統投資，我們記錄在公允價值收益和調整後的淨收益中，不包括（聽不清）。

So back to your question, I think that it's a one-off income tax accounting difference for the Q4 as well as some employee benefit welfare accounted.

所以回到你的問題，我認為這是第四季度的一次性所得稅會計差異以及一些員工福利福利。

Understood. So there's quite a significant increase in the CapEx. And also, I would like to ask another relative detailed question on FX gain because the company has made significant FX gain in 3Q and actually RMB has depreciated in 4Q, but it seems there's an FX loss. So is it because of the hedging issue? Or why is that?

明白了。所以資本支出有相當大的增加。另外，我想問另一個關於外匯收益的相對詳細的問題，因為公司在第三季度取得了顯著的外匯收益，實際上人民幣在第四季度已經貶值，但似乎有外匯損失。那麼是因為對沖問題嗎？或者為什麼會這樣？

So why are talking about or which line items on the...

那麼，為什麼要談論或...上的哪些訂單項？

Foreign exchange loss.

匯兌損失。

For the 2022, overall, I think we did very good on foreign exchange heads. We -- on a net basis, we repriced, I think the net gain and there are some saturations quarter by quarter. And I think Q4, the net gains is relatively smaller versus the Q3 because RMB depreciated a lot in Q3 last year.

對於 2022 年，總體而言，我認為我們在外匯頭上做得很好。我們 - 在淨基礎上，我們重新定價，我認為淨收益和逐季飽和。而且我認為第四季度的淨收益與第三季度相比相對較小，因為去年第三季度人民幣大幅貶值。

Understood. And switching the topic to the technology. So what would you expect the unit net profit or the ASP premium of TOPCon versus PERC coming into first Q because the shipment percentage is higher at the N-type shipments should have even higher contribution to the net profit. So can you share with that?

明白了。並將話題切換到技術上。那麼，您預計第一季度 TOPCon 與 PERC 的單位淨利潤或 ASP 溢價是多少，因為 N 型出貨量的出貨百分比更高，應該對淨利潤有更高的貢獻。那你能分享一下嗎？

The premium is roughly [$0.015] and our efficiency is pretty good, leading the industries and the products provide additional value to the customers. We think it's the USD 0.01 to USD 0.015 premium is (inaudible), the price and mechanism.

溢價約為 [0.015 美元]，我們的效率非常好，領先於行業，產品為客戶提供額外價值。我們認為這是 0.01 美元至 0.015 美元的溢價（聽不清），價格和機制。

Understood. So is it fair to say the accounting issues will be -- will not exist going forward, and we have decline in freight cost, living cost and also the ASP premium is also high, then we should expect a strong first quarter in terms of the gross margin?

明白了。所以可以公平地說會計問題將是——未來將不存在，而且我們的運費、生活成本和平均售價溢價都在下降，那麼我們應該期待第一季度的強勁表現毛利率？

We expect the gross margin expansion in the first quarter. And we have more integrated levels and then the percentage are expected to reach to 50% and the polysilicon is downward trends. And so, it's -- you're right, we expect it in the first half year, the gross margin is in the expansion stage.

我們預計第一季度毛利率將擴大。而且我們有更多的集成水平，然後百分比預計將達到50％，多晶矽呈下降趨勢。所以，它是 - 你是對的，我們預計在上半年，毛利率處於擴張階段。

And then my last question is what is JinkoSolar's plan in the U.S. because it has 400-megawatt already and some of the Chinese peers have already started construction for expansion in poly capacity. So what are the plans for JinkoSolar for now in the U.S.?

然後我的最後一個問題是晶科能源在美國的計劃是什麼，因為它已經有 400 兆瓦，並且一些中國同行已經開始建設以擴大多晶矽產能。那麼晶科能源目前在美國有什麼計劃呢？

We're doing very solid analysis evaluation for expansion in the U.S. and we're optimistic because the IRA is going to be -- I think it's a very attractive scheme. And as well as the U.S. market is expected strong demand, so we are in the final evaluation stage. But we have already 400 megawatts capacity. And we reexpand -- and we will expand very quickly.

我們正在對美國的擴張進行非常可靠的分析評估，我們很樂觀，因為 IRA 將會——我認為這是一個非常有吸引力的計劃。以及美國市場預計需求旺盛，所以我們處於最後的評估階段。但我們已經擁有 400 兆瓦的容量。我們重新擴張——我們將擴張得非常快。

The next question will come from Irma with Citigroup.

下一個問題將來自花旗集團的 Irma。

Thank you management for taking up my call. So I have 2 follow-up questions regarding on the product capacity. So my first question is about the current -- what is the current unit product cost level of your N-type TOPCon modules compared to the PERC ones? And what is the target level by end of this year?

感謝管理層接聽我的電話。所以我有 2 個關於產品容量的後續問題。所以我的第一個問題是關於當前——與 PERC 模塊相比，你們的 N 型 TOPCon 模塊當前的單位產品成本水平是多少？今年年底的目標水平是多少？

And my second question is about the capacity. So how many new N-type capacity that you would like to build this year? And so adding in addition to the 35 gigawatts by end of 2022.

我的第二個問題是關於容量。那麼今年你想建設多少新的N型產能？因此，到 2022 年底將增加 35 吉瓦。

Thanks. In terms of the N-type modules integrated PERC which is P-type, and we have reached the parity, let's say, the same cost for the N-type versus C-type by the end of last year. And this year, because the polysilicon is in a downward trend, which will have some negative impacts, but we continue to improve the efficiencies and implement new process materials, and we expect we will maintain the same cost structure and by the end of this year for the entire (inaudible) versus the (inaudible) time. Well, the N-type but in the last year, we have 35 N-type right, the sale capacity. And by the end of this year, and we will have, I think, 55 gigawatts N-type top capacity. So expenses is roughly.....

謝謝。就集成P型PERC的N型組件而言，我們已經達到了平價，比方說，到去年年底，N型與C型的成本相同。而今年，因為多晶矽處於下降趨勢，這會產生一些負面影響，但我們繼續提高效率並實施新工藝材料，我們預計我們將在今年年底之前保持相同的成本結構整個（聽不清）與（聽不清）時間。嗯，N 型，但在去年，我們有 35 個 N 型的銷售能力。到今年年底，我認為我們將擁有 55 吉瓦的 N 型頂級容量。所以費用大概是.......

This concludes our question-and-answer session as well as our conference call for today. Thank you for your participation. You may now disconnect.

我們的問答環節和今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。