连亏三季后，盈利拐点何在？晶澳科技回应反内卷及赴港上市进展

Core Viewpoint - The solar integrated leader, JA Solar Technology (002459.SZ), indicates signs of price recovery in the supply chain amidst industry efforts to avoid excessive competition, suggesting that demand in the solar industry will continue to grow as it transitions to high-quality, orderly development [1] Group 1: Financial Performance - In the first half of the year, JA Solar reported operating revenue of 23.905 billion yuan, a year-on-year decline of 36.01%, and a net loss attributable to shareholders of 2.58 billion yuan, which represents an increase in losses compared to the previous year [2] - The company has experienced three consecutive quarters of losses, attributed to an imbalance in supply and demand due to concentrated capacity release in the solar supply chain, leading to intensified competition and declining prices [2] - The average selling price of solar modules has halved compared to the peak in 2023, resulting in a collective loss of 10.976 billion yuan among major integrated solar manufacturers [2] Group 2: Cash Flow and Management - JA Solar noted a discrepancy between revenue growth and profit decline, attributing it to non-cash costs like depreciation being added back in cash flow calculations and improved management of operating capital [3] - The company has initiated a share buyback program, primarily for employee stock ownership plans, while maintaining healthy cash flow and sufficient monetary reserves [3] Group 3: Future Outlook and Strategic Moves - JA Solar has disclosed expectations for a return to profitability by 2026 through its employee stock ownership plan, with specific performance targets set for 2025 and 2026 [1] - The company is actively responding to feedback from the China Securities Regulatory Commission and the Hong Kong Stock Exchange regarding its plans for an overseas listing, aiming to attract international capital for overseas capacity expansion [4] - Credit rating agency Oriental Jincheng has maintained a stable outlook for JA Solar's credit rating, highlighting the company's strong shipment volume and plans to improve profitability through better operational management and cost control [5][6]