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    Matthew Ingraham • Roth MKM

    Matthew Ingraham's questions to JinkoSolar Holding Co Ltd (JKS) leadership

    Matthew Ingraham's questions to JinkoSolar Holding Co Ltd (JKS) leadership • Q2 2024

    Question

    Matthew Ingraham, on behalf of Philip Shen, inquired about the outlook for module pricing and gross margins for the second half of 2024 and into 2025. He also asked about demand elasticity from low prices and the expected timeline for resolving the industry's oversupply situation.

    Answer

    Gener Miao, CMO, responded that module prices are expected to remain at a 'relatively low level for a while' due to industry oversupply. He noted that margin recovery depends on the pace of cost reduction, which is happening daily. Miao sees healthy year-over-year demand growth across major markets and noted that supply-side pressures are easing as some new entrants abandon plans and government policies aim to control capacity. He expressed hope that the market could return to a 'rational level' within 'several quarters'.

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    Matthew Ingraham's questions to Daqo New Energy Corp (DQ) leadership

    Matthew Ingraham's questions to Daqo New Energy Corp (DQ) leadership • Q2 2024

    Question

    Matthew Ingraham of Roth MKM inquired about Daqo New Energy's outlook on polysilicon pricing and cost structure for the remainder of the year and into the next, as well as the current state of channel inventory in the market.

    Answer

    CFO Ming Yang responded, noting a slight price recovery in August due to industry production cuts. He anticipates a continued gradual recovery through the end of the year, with prices potentially normalizing by mid-2025. On costs, he stated there is still room for reduction, expecting Q3 costs to be flat or slightly lower than Q2's $6.19/kg. Mr. Yang also confirmed that channel inventory has likely peaked and is now declining.

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