Rajiv Chaudhri: I see. Okay. My next question is on market share. Your market share in 2023 was in excess of 15%, closer to 16% for the year as a whole. And in the first quarter, it’s already in the 17% kind of range. Do you think that as the capacity comes off-line, as for the rest of the year that your market share will continue to increase, especially if you hit the 110-gigawatt kind of number for the year?
Pan Li : Well, we never take market share as our let’s say, our target, right? So that’s why we — it’s hard to say and also because of the different definitions, there are different ways to calculate it, right? It’s difficult to really define, let’s say, a fair well-accepted market share definition. But anyway, we appreciate your calculations on these numbers. Based on my perception, I think it’s roughly around 17%, 18% market share is where — how we are looking at ourselves today. Whether that number could go up or go down, it depends on the competition. It depends on the whole industry. So it depends on our peer strategy as well. So that’s why it’s difficult to say that right now, but definitely, we are doing our best to make sure we delivered the good results from the financial statement wise. Meanwhile, we are doing our best to serve our customers in the long term to keep the long-term partnership momentum. Thank you.
Rajiv Chaudhri: But is the market share that you have combined with the brand name that you are developing as well. Is that giving you a price premium or an increasing price premium relative to other brands?
Gener Miao: Definitely, we believe our brand give us a lot of strength and the market acceptance or awareness for sure. But how — whether it’s created a market premium, it depends on what numbers you are comparing with, right? If you compare with nobodies in the market definitely brands work quite a lot. But if you compare it with the top two or top three the definition of the acceptance of the customers across the different top brand might not be that much as people imagine. So, and also the brand premium in the different market sector in different countries will vary a lot as well.
Rajiv Chaudhri: I see. A question on the N-type products. What do you think the industry’s shipments of N-type products will be in 2024?
Gener Miao: Roughly, we believe the market will finish the transition from P-type to N-type by end of this year. So technically, it might start from, I’d say, roughly 35% to 40% range and to year-end, 90% even 95% range, that’s what we believe.
Rajiv Chaudhri: So you think the other — the competitors will also get up to the 90% range by the end of the year?
Gener Miao: I mean the whole industry, right? So someone might take action faster. Someone may be slower. But as the industry, we believe that the whole industry will look like that.
Rajiv Chaudhri: Now you have been ahead in terms of putting your cost of N-type down and now your N-type costs are comparable to P-type. What kind of margin premium does that give you over Tier 2 and Tier 3 companies, who are behind the cost curve relative to you guys?
Gener Miao: So let’s take this as the last question. Thank you for your question. Sorry. We believe if you look into some third-party marketing, for example, there’s, let’s say, PV Infolink, right? So if you compare the P-type, N-type for price, the gap is roughly $1 sales per watt for P. So if you — you can roughly calculate how much it will reflect the — in the margin wise, right? So it’s roughly like 9%, 10% of the margin difference, right? That’s the way we are looking to it. I see.
Rajiv Chaudhri: Okay. Just one last question.
Stella Wang: Sorry, because of the time limit, we need to connect with the next investors. For more questions, you can – we can negotiate after the call. Okay. Operator, please connect to the next question.
Operator: Okay. The last question comes from Leo Ho with Daiwa Capital Markets. Please go ahead.
Leo Ho: Okay. Thanks management. Just a question on the AD/CVD situation. I just wonder for our U.S. capacity, are we using like our own solar cell from Southeast Asia. And we’ve been hearing some industry feedback suggesting that probably there may be the cancellation of the Wafer-plus-three rules which means that we cannot use solar cell from Southeast Asia anymore? So do you have any view on that? Thank you.
Charlie Cao: I’m not quite sure what policies you are referring to. But based on Jinko situation, we are fully vertically integrated in outside China. It means polyethylene in the wafer cell module are not all from non-China sources, right? So that’s what we have built in the last two years’ time under the US RTA (ph). So that gives us a lot of advantage and trusting in the U.S. market.
Leo Ho: Okay. Just one more question, if I may. I would like to ask about the EU situation. Aside from, I think, publicly announced situation regarding [indiscernible] and also Shanghai Electric. Are we hearing any like troubles regarding Chinese players exporting to Europe, especially we’ve been hearing some weird news suggesting that probably that’s one of the major module maker with EU headquarter being rate. I’m not sure if you guys are hearing the same situation. Thank you.
Charlie Cao: Not — just not something I’m aware of right now. So if I have anything, I definitely will let you know.
Leo Ho: Okay. Thanks so much.
Charlie Cao: Thank you.
Operator: This concludes the conference call. Please disconnect your lines.
