JA Solar Announces Third Quarter 2014 Results

公開日 2014/11/21
JA Solar 
JA Solar Holdings Co., Ltd. today announced its unaudited financial results for its third quarter ended September 30, 2014.

Third Quarter 2014 Highlights

- Total shipments were 785.4MW, increases of +57.0% y/y and +15.2% sequentially

- Shipments of modules and module tolling were 693.5MW, increases of +127.4% y/y and +55.6% sequentially

- Shipments of cells and cell tolling were 91.9MW, decreases of 52.9% y/y and 61.1% sequentially

- Net revenue was RMB 3.0 billion ($492.2 million), an increase of +71.8% y/y and +24.7% sequentially

- Gross margin was 15.0%, an increase of 370 basis points y/y but a decrease of 20 basis points sequentially

- Operating profit was RMB 189.6 million ($30.9 million), compared to an operating loss of RMB 31.6 million ($5.2 million) in the third quarter of 2013, and an operating profit of RMB 89.7 million ($14.6 million) in the second quarter of 2014

- Net income was RMB 155.4 million ($25.3 million), compared to a net loss of RMB 227.0 million ($37.0 million) in the third quarter of 2013, and a net income of RMB 40.1 million ($6.5 million) in the second quarter of 2014

- Earnings per diluted ADS were RMB 2.55 ($0.42), compared to a loss per diluted ADS of RMB 6.77 ($1.10) in the third quarter of 2013, and an earnings per diluted ADS of RMB 0.59 ($0.10) in the second quarter of 2014

- Cash and cash equivalents were RMB 1.7 billion ($279.5 million), a decrease of RMB 312.8 million ($51.0 million) during the quarter

- Operating cash flow was negative RMB 184.1 million ($30.0 million), compared to negative RMB 84.0 million ($13.7 million) in the second quarter of 2014

- Non-GAAP earnings per diluted ADS were RMB 1.30 ($0.21), compared to Non-GAAP loss per diluted ADS of RMB 2.24 ($0.36) in the third quarter of 2013, and Non-GAAP earnings per diluted ADS of RMB 0.87 ($0.14) in the second quarter of 2014.

Mr. Baofang Jin, chairman and CEO of JA Solar, commented, "JA Solar delivered strong results in the third quarter, as our strategic shift from cells to modules started to come to fruition. While we remain a leader in cell technology and cell manufacturing, higher margin module sales has become one of the key results drivers at JA. Module sales more than doubled year over year and were up 52% sequentially, mainly due to robust growth in sales to Japan and China. In fact, our capacity is fully booked for the fourth quarter, resulting in some of the best visibility we have had in some time."

Mr. Jin continued, "We are confident in our guidance for the whole year, as well as our ability to sustain our current margin structure into Q4. We remain committed to tight expense control, and are optimistic about our growing penetration of the downstream project business."

Third Quarter 2014 Financial Results

All shipment and financial figures refer to the quarter ended September 30, 2014, unless otherwise specified. All "year over year" or "y/y" comparisons are against the quarter ended September 30, 2013. All "sequential" comparisons are against the quarter ended June 30, 2014.

Total shipments were 785.4MW, above the high end of the previously announced guidance of 730 to 760MW. Shipments grew 15.2% sequentially and 57.0% year over year. In addition, the Company shipped 27.1MW of modules to its downstream projects.


Net revenue was RMB 3.0 billion ($492.2 million), an increase of 71.8% y/y and 24.7% sequentially. Growth was driven by the ongoing shift in sales to modules, which were 88.3% of shipments, as well as penetration of our key geographies, most notably China and Japan.

Gross profit of RMB 454.2 million ($74.0 million) increased 128.5% y/y and 23.5% sequentially. Gross margin was 15.0%, which compares to 11.3% in the year-ago quarter, and 15.2% in the second quarter of 2014. The gross margin increase y/y was due to better fixed cost absorption against higher shipment volumes. Gross margin was essentially flat sequentially, due to lower wafer pricing and better product mix, which offset a slight decline in ASP.

Total operating expenses of RMB 264.6 million ($43.1 million) were 8.8% of revenue. This compares to operating expenses of 13.1% of revenue in the year-ago quarter, and 11.5% of revenue in the second quarter of 2014. The sequential decrease in operating expense was primarily due to tight control of expenses.

Operating profit was RMB 189.6 million ($30.9 million), compared to an operating loss of RMB 31.6 million ($5.2 million) in the year-ago quarter, and operating profit of RMB 89.7 million ($14.6 million) in the second quarter of 2014. The sequential increase in operating profit was primarily due to tight expense controls and the increased revenue.

Interest expense was RMB 56.7 million ($9.2 million), compared to RMB 56.9 million ($9.3 million) in the year-ago quarter, and RMB 54.8 million ($8.9 million) in the second quarter of 2014. 

The change in fair value of warrant derivatives was positive RMB 75.3 million ($12.3 million), compared with negative RMB 16.4 million ($2.7 million) in the second quarter of 2014, and negative RMB 138.3 million ($22.5 million) in the year-ago quarter. The warrants were issued on August 16, 2013 in conjunction with the Company's $96 million registered direct offering. The positive change in fair value, which was a non-cash gain, was mainly due to the decrease in the Company's stock price during the quarter.

Earnings per diluted ADS were RMB 2.55 ($0.42), compared to a loss per diluted ADS of RMB 6.77 ($1.10) in the year-ago quarter, and earnings per diluted ADS of RMB 0.59 ($0.10) in the second quarter of 2014.

Operating cash flow was negative RMB 184.1 million ($30.0 million). Cash usage principally reflected an increase in accounts receivable, as the Company shipped substantially higher volumes sequentially to meet ramping demand.

Liquidity

As of Sep 30, 2014, the Company had cash and cash equivalents of RMB 1.7 billion ($279.5 million), and total working capital of RMB 2.0 billion ($325.5 million). Total short-term borrowings were RMB 2.1 billion ($340.0 million). Total long-term borrowings were RMB 1.9 billion ($306.0 million), of which RMB 172.0 million ($28.0 million) were due in one year.

Share Buyback

The board of directors of the Company approved a share repurchase program that authorizes the Company's management to repurchase up to US$90 million worth of its issued and outstanding American Depositary Shares prior to Nov 17, 2015.

The program permits the Company to purchase ADSs from time to time on the open market at prevailing market prices, in accordance with applicable securities laws and subject to restrictions relating to volume, price and timing.

Business Outlook

For the fourth quarter of 2014, the Company expects total cell and module shipments to be in the range of 850MW to 900MW. This results in full year 2014 shipments expected to be in the range of 3.1GW to 3.2GW. The Company now expects to ship 160MW of modules to its downstream projects, compared with the previously guided 200MW.


出所: JA Solar
この記事で言及した企業のENFプロフィール

JA Solar (ソーラー素材): https://jp.enfsolar.com/ja-solar
JA Solar (ソーラーパネル): https://jp.enfsolar.com/ja-solar
JA Solar (販売会社): https://jp.enfsolar.com/ja-solar
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