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    Alan Lau • Jefferies LLC

    Alan Lau's questions to Canadian Solar Inc (CSIQ) leadership

    Alan Lau's questions to Canadian Solar Inc (CSIQ) leadership • Q1 2025

    Question

    Alan Lau from Jefferies sought confirmation that the Q2 margin benefit from a project deconsolidation is a one-off event. He also asked for clarification on Canadian Solar's potential classification as an FEOC, inquired about reported investment plans in Ethiopia, and questioned the primary driver for the reduced module shipment guidance.

    Answer

    Senior VP and CFO Xinbo Zhu confirmed the deconsolidation impact is a one-time event for Q2. Chairman and CEO Dr. Shawn Qu detailed the company's ownership structure, acknowledging that the current FEOC draft would require changes but expressed confidence in their ability to adapt and that the draft law will evolve. Dr. Qu also clarified there are no committed investments in Ethiopia and stated the module guidance was reduced to strategically exit less profitable markets.

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    Alan Lau's questions to Canadian Solar Inc (CSIQ) leadership • Q4 2024

    Question

    Alan Lau of Jefferies LLC asked about the confidence in achieving the full-year 11-13 GWh energy storage shipment guidance, including the extent of contracted volumes and fixed pricing. He also inquired about the U.S. module shipment mix for 2025 and the reason for elevated G&A expenses in Q4 2024.

    Answer

    Yan Zhuang, President of CSI Solar, confirmed that most of the 2025 energy storage volume is already under contract with decided pricing and includes change-of-law protections for tariffs. CEO Shawn Qu stated the U.S. module shipment mix would remain around 25% of the global total. CFO Xinbo Zhu clarified that the Q4 G&A increase was due to one-off impairments.

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    Alan Lau's questions to JinkoSolar Holding Co Ltd (JKS) leadership

    Alan Lau's questions to JinkoSolar Holding Co Ltd (JKS) leadership • Q4 2024

    Question

    Alan Lau of Jefferies asked about the margin outlook for the second half of 2025, the timing and details of the share buyback plan, the company's view on China's supply-side reforms, and the status of the Saudi Arabia factory project.

    Answer

    CFO Charlie Cao explained that H2 margins depend on market conditions and industry capacity phase-outs. He stated the $200M shareholder return plan is not linked to the GDR issuance and a buyback is likely to be considered after the Q1 earnings release. Regarding China's policies, he expects supply-side reforms to emerge. He also noted the Saudi factory is in early preparation, with groundbreaking targeted for Q2 2025 and full operations by the end of 2026.

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    Alan Lau's questions to JinkoSolar Holding Co Ltd (JKS) leadership • Q2 2024

    Question

    Alan Lau asked for details on U.S. shipment volumes and expectations for H2 2024, the company's view on U.S. policy risks like the critical circumstances filing, and the timeline and expected benefits of the new Saudi Arabia manufacturing facility. He also asked for clarification on a financial calculation and the current usage rate of FBR polysilicon.

    Answer

    Gener Miao (CMO) and Haiyun 'Charlie' Cao (CFO) provided responses. Miao stated U.S. shipments are expected to be 5-10% of the annual total. Cao addressed the policy risk, stating they have 'proactively managed the volume' and believe the risk to Jinko is low. Regarding the Saudi Arabia JV, Cao described it as a strategic move for global manufacturing, expecting operations to start in 2026 with a 'first-mover advantage' and premium pricing due to local content policies. He also confirmed the FBR polysilicon usage rate is typically 30% to 50%.

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    Alan Lau's questions to Daqo New Energy Corp (DQ) leadership

    Alan Lau's questions to Daqo New Energy Corp (DQ) leadership • Q3 2024

    Question

    Alan Lau of Jefferies asked for a breakdown of the Q3 inventory impairment, the reasons for the increase in production cost, the Q4 cost outlook, and the likelihood of energy control policies materializing. He also requested the company's specific energy consumption figures.

    Answer

    CFO Ming Yang explained that the company recorded an $80 million inventory write-down in Q3, with about two-thirds being finished goods. He confirmed the production cost increase to $6.61/kg was due to lower utilization, with $0.55/kg attributed to facility idle costs. For Q4, he expects cash costs to decrease but total production costs to rise due to even lower utilization. Mr. Yang provided specific energy consumption figures: ~55 kWh/kg for Xinjiang and low-to-mid 50s for Inner Mongolia, noting the need for standardized measurement.

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    Alan Lau's questions to Daqo New Energy Corp (DQ) leadership • Q2 2024

    Question

    Alan Lau from Jefferies asked for a detailed breakdown of the $108 million inventory impairment, the rationale for reducing Q3 production guidance, the liquidity of the company's $1.4 billion in investments, and the strategy for the ongoing share buyback program.

    Answer

    CFO Ming Yang explained the impairment charge was applied to finished goods (60%), work-in-process inventory, and raw materials to align their book value with market prices below RMB 40/kg. He confirmed the Q3 production cut to 43,000-46,000 metric tons is a prudent measure to minimize cash burn, with minimal impact on unit costs. He also clarified the $1.4 billion in investments are primarily 3-6 month fixed-term deposits held by a subsidiary. IR executive Anita Zhu added that the company will be opportunistic with its $100 million share repurchase program, viewing the stock as undervalued.

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